(JEC) TSX
CALGARY, Feb. 13 /CNW/ - Jura Energy Corporation ("Jura") announces that Nigel McCue has been appointed to the position of Chairman of the Board of Directors of Jura effective May 12, 2008. He will relinquish his current role as President and Chief Executive Officer of the Company on that date, but will remain active in Jura's business in an active advisory capacity thereafter. Following the completion of the transition period, Mr. McCue will be joining Lamprell plc (AIM: LAM) as Chief Operating Officer. Lamprell, based in the United Arab Emirates, is the world's largest refurbisher of offshore jackup drilling rigs and provides other specialized services to the oil industry. It has a market capitalization of $ 1.5 billion and employs over 6,000 people.
The Board of Directors will immediately commence a search process for a replacement.
"Nigel has played a pivotal role in acquiring and advancing Jura's projects in Pakistan," said Norm Holton, Jura's Chairman. "Under Nigel's leadership, we have completed a 1200 km seismic program, drilled two successful production wells in Block 22, and completed a Letter of Intent with the Government of Pakistan for the refurbishment of the Sukkur Power Station. The detailed engineering work for the power station is in progress and we plan to commence our exploratory drilling program this summer."
"Peter Whitbread, Lamprell's Chief Executive Officer is a director of Jura and both Mr. Whitbread and Steven Lamprell are large long term shareholders of Jura. We look forward to this relationship continuing and deepening. Jura also offers Nigel its congratulations on the appointment, and best wishes in this new challenge. Lamprell has also confirmed that following the transition, Nigel will remain available on an ongoing basis to ensure that the long-term best interests of Jura are maintained."
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 conducts its operations in Pakistan through its subsidiaries, Frontier Holdings Limited, the Kandra Power Company (Pvt.) Limited, and Pyramid Energy International Inc.
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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