(JEC) TSX
CALGARY, Aug. 7 /CNW/ - Jura Energy Corporation ("Jura") is pleased to announce the following:
Earlier this year, Jura announced that Petroleum Exploration (Pvt) Limited, the Operator of its concessions in Pakistan, had entered into a long-term contract with Weatherford Drilling International for the provision of a National Oilwell Varco 1500hp Ideal Drilling Rig.
The rig is currently being rigged up and tested after having been successfully relocated to Pakistan. Jura anticipates that drilling of its first exploration well, Kandra 4D, will commence in the latter half of August once the drilling rig has been commissioned. The target depth of the Kandra 4D well is 2,350 meters, which will allow for the evaluation of three separate geological horizons that have been identified as prospective hydrocarbon bearing formations.
The Kandra 4D well is the first of nine committed exploration wells in the joint venture's exploration program. Following the Kandra 4D well, it is expected that the rig will be mobilized to the Badin IV North block for the drilling of the Jamali Deep target. Multiple leads have also been identified in the Badin IV South, Salam, and Mirpur Mathelo Blocks, with plans to finalize drilling locations and drill an additional two wells in Badin IV North, four wells in Badin IV South, one well in Salam, and one well in Mirpur Mathelo.
About Jura:
Jura Energy Corporation is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties with activities conducted exclusively in Pakistan. Jura is based in Calgary, Alberta, and listed on the Toronto Stock Exchange trading under the symbol JEC. Jura Energy Corporation conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Pyramid Energy International Inc., as well as through its 50% interest in the Kandra Power Company (Pvt) Limited.
Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Corporation's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.
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information contained herein.