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Proprietary Industries and Loon Energy announce governmental approval for acquisition of oil and gas interests in Pakistan
Proprietary Industries and Loon Energy announce governmental approval for acquisition of oil and gas interests in Pakistan.
About this update from Jura Energy Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, June 2 /CNW/ - Proprietary Industries Inc. (\"Proprietary or the\nCompany\") and Loon Energy Inc. (\"Loon\") announced today that Proprietary's\nwholly owned subsidiary Frontier Holdings Limited (\"Frontier\") has received\nfinal approval from the Ministry of Petroleum and Natural Resources, of the\nGovernment of Pakistan, to seven assignments of working interests in six\nExploration Licences and one Development and Production Lease from Petroleum\nExploration (Pvt.) Limited (\"PEL\"). These acquisitions were previously\nannounced by Proprietary and Loon on April 18, 2006.\nThe Assignment Agreements were executed today in Islamabad by officials\nof the Government of Pakistan. Nigel McCue, President & CEO of Frontier, and\nGraham Garner, President & CEO of Proprietary, met with Mr. Amanullah Khan\nJadoon, Minister of Petroleum & Natural Resources and Mr. Ahmad Wagar,\nSecretary of Petroleum. \"We were very pleased with the welcome we received\nfrom the Government of Pakistan,\" said Mr. McCue, \"the Minister assured us\nthat we can count on the Government's full support.\"\nThe seven assignments cover a total area of 1,845,723 acres, with four\ninterests being located in the prolific Central Gas Basin, two interests in\nthe Lower Indus Gas and Oil Basin and one in the northern oil bearing Potwar\nBasin. The work programme associated with these interests calls for the\nshooting of an estimated 800 kms of 2D seismic and 100 km(2) of 3D seismic and\nthe drilling of 10 exploration wells and 14 development wells over a period of\napproximately 36 months.\nFurther details of the exploration and development interests acquired\nfrom PEL, who is the Operator for each block, are as follows:\n\nCentral Gas Basin:\n\nThe Central Gas Basin (\"CGB\") is a prolific gas producing area located\nwithin the onshore Middle Indus Basin of Pakistan. Several multi-tcf gas\nfields have been discovered in the CGB some as recently as in the early\n1990's. The main producing gas reservoirs are Palaeogene carbonates, e.g. the\nSui Main Limestone, plus the deeper, more recently discovered Lower Cretaceous\nLower Goru Sandstones. The Mari gas field (7.9 tcf of gas) and the Qadirpur\ngas field (5.4 tcf of gas) are immediately adjacent to Frontier's interests.\n\n>\n\nLower Indus Basin:\n\nThe Badin North and South Blocks are situ...