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Jura Provides Disclosure Regarding Shareholder Claim by PEL's CEO
CALGARY, Alberta, Feb. 27, 2026 (GLOBE NEWSWIRE) -- Jura Energy Corporation (TSXV: JEC) (“...
About this update from Jura Energy Corporation
[{"type":"text","content":"Jura Provides Disclosure Regarding Shareholder Claim by PEL’s CEO\nCALGARY, Alberta, Feb. 27, 2026 (GLOBE NEWSWIRE) -- Jura Energy Corporation (TSXV: JEC) (“Jura” or the “Company”) updates its shareholders that it is aware that Mr. Shahzad Zaheer, a minority shareholder of the Company, has filed a Statement of Claim in the Ontario Superior Court of Justice against the Company and its directors (the “Claim”). Jura is aware that Mr. Zaheer is the owner and Chief Executive Officer of Petroleum Exploration (Private) Limited (“PEL”). As previously announced by the Company, PEL has lost a multi-million US dollar international arbitration initiated by Jura’s subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited (the “Jura Subsidiaries”). Enforcement efforts in respect of that award are ongoing. Mr. Zaheer’s Claim contains a number of allegations, including that the acquisition by IDL Investments Limited (“IDL”) of Jura shares from Phoenix Exploration effective March 6, 2025 (the “Transaction”) breached certain statutory and regulatory requirements, including the Pakistan Petroleum (Exploration and Production) Rules. Jura disputes those allegations and maintains that no prior governmental consent was required in respect of the Transaction. In July 2025, Pakistan’s Directorate General Petroleum Concessions (“DGPC”) issued a show cause notice requesting clarification about the Transaction. Jura responded in detail to that notice and continues to cooperate fully with the relevant authorities. Mr. Zaheer further alleges that the Company was required to disclose that regulatory correspondence and did not do so. As of the date of this release, no petroleum right held by the Jura Subsidiaries has been revoked, suspended, or otherwise impaired in connection with the Transaction. Mr. Zaheer previously commenced a proceeding in the Islamabad High Court challenging the validity of the Transaction, which resulted in the issuance of an interim order by that Court. That proceeding has since been dismissed and no interim relief remains in force or effect. Notwithstanding that dismissal, Mr. Zaheer’s Claim seeks, among other relief, recognition and enforcement in Canada of that prior interim or...