CALGARY, Dec. 3 /CNW/ - Jura Energy Corporation ("Jura" or the "Company") is pleased to announce the spudding of the Khanpur 2 well on December 1st, 2007. The Khanpur 2 well is located in Block 22 in the Central Gas Basin of Pakistan and has been designed as a development well to target the Sui Main Limestone Reservoir at a depth of approximately 1162 meters; the well is expected to take 30 days to drill and will be tied-in to the existing gas processing facilities after a 4 day testing program. The rig will be moved to the Sadiq field immediately thereafter where an additional well will be drilled. The drilling contractor is the Sichuan Petroleum Administration drilling company of China; Khanpur 2 and Sadiq 2 are the second and third wells of a three well program. The first well of the program, Hasan 3, was successfully drilled in October. Hasan 3 is scheduled to be tied-in to the processing facilities at Block 22 during the month of December.
Further work is also being considered in the Hamza Appraisal Area where reservoir studies indicate that two wells currently shut-in may be commercially viable with some remedial work.
Jura has a 10.5% participating interest in Block 22 and a 13.3% participating interest in the Hamza Appraisal area held through its subsidiary Pyramid Energy International Inc.
As previously advised, five seismic programs have now been completed in the Pakistan Central Gas Basin; Mirpur Mathelo (254 kilometers), Salam (88 kilometers), Kandra - upper and lower reservoirs (361 kilometers), Block 22 (62 kilometers) and the Hamza Appraisal Area (134 kilometers). The seismic crew has now also completed a 295 kilometer survey at the Badin IV North block in southern Pakistan. The crew subsequently moved to the Badin IV South block where a 300 kilometer seismic survey is underway. The Company has a 37.5% to 50% participating interest in each of the Blocks. A separate seismic crew has been contracted to shoot 110 kilometers of seismic in the northern Karsal Block; the survey is expected to commence during the month of December. Seismic processing is currently taking place at Spectrum Geopex in Cairo and CGG in Tunisia.
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.
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.