CALGARY, June 11 /CNW/ -
Drilling Schedule
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Jura Energy Corporation ("Jura") is pleased to advise that the Operator of its licence interests in Pakistan has entered into a contract with the Oil & Gas Engineering Company of Sichuan Petroleum Administration ("SPA") to drill three wells back-to-back commencing in September 2007. Negotiations are also currently taking place with another rig owner to contract a second rig for a one to two well program commencing in August 2007. These rigs will be assigned to Block 22 and the Kandra field development project to drill targets of up to 1500m.
Jura's management together with the Operator is also actively pursuing a two well contract on a third rig to drill targets of up to 3500m. This rig would be assigned to drill two of the Company's exploration targets early this fall.
Additional details on specific wells and drilling dates will be issued as they become available.
Status of Seismic Acquisition
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Earlier this year, a seismic crew was contracted from SPA. The crew commenced seismic acquisition in the Mirpur Mathelo block on February 8, 2007. A total of 253.7 surface km of 2D seismic data was acquired over a period of 44 days, representing an acquisition rate of 5.76 km/day. Brute stack processing carried out in the field indicates that the quality of the seismic data at both the Sui Main Limestone ("SML") and Lower Goru Basal Sand ("LG") targets is very good.
Seismic acquisition continued in the Salam block on March 12, 2007 where a total of 88.425 surface km of 2D seismic data was acquired over a period of 26 days, representing an acquisition rate of 3.4 km/day. Data quality in Salam, as indicated by brute stack processing, is also very good.
The seismic crew subsequently moved south and commenced seismic acquisition in the Kandra field on May 20, 2007. 85.5 km of the 300+ km program of full-fold 2D surface seismic data has been acquired to date. This represents an acquisition rate of 5.7 surface km/day. Data quality acquired so far is very good.
The field seismic data for both the Mirpur Mathelo and Salam blocks has now been shipped to the seismic processing contractor, Spectrum-Geoplex, in Cairo for full processing with results expected for the Mirpur Mathelo block in approximately 12 weeks.
A second seismic crew has been mobilized to Block 22 and has commenced a seismic acquisition program over the Hamza appraisal area. Consequently, the SPA crew can be mobilized to Badin IV North and Badin IV South immediately following completion of the program in the Kandra field.
The seismic program over each block has been designed to image targets at both the SML (shallow) and LG (deep) levels.
Power Project
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The Kandra Power Company Limited ("KPC"), which is owned 50:50 with Jura's partner Petroleum Exploration (Pvt) Limited, was established earlier this year. On May 28, 2007, management met with senior officials at the Private Power Infrastructure Board of Pakistan ("PPIB") concerning the status of the Kandra gas-to-power project. The PPIB is responsible for implementing the Government's polices on private sector investment in power generation projects in Pakistan. The PPIB is anxious to see the Kandra field and Sukkur power facility developed as soon as possible, and is offering its full support going forward. KPC recently engaged a firm of industry consultants to perform the front-end engineering and design study on the field development and the results are anticipated within a period of three months.
Financing
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As previously reported, the Company completed a $30 million bought deal financing on June 6, 2007; as a result Jura is now well funded through a significant portion of its drilling program.
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.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.