2022-05-30 | TSXV: JEC | Press release

CALGARY, Alberta, May 30, 2022 (GLOBE NEWSWIRE) — Jura Energy Corporation (“Jura”) today announced the filing on SEDAR of its condensed interim consolidated financial statements as at March 31, 2022 and 2021 and for the three months ended March 31, 2022 and 2021, and its management report for the first quarter of fiscal 2022.

Operational update

Jura further announces that its share of average daily production during the three-month period ended March 31, 2022 was approximately 9.71 MMcf/d, compared to an average daily production of 13.75 MMcf/d during the comparative period. The decline in production is primarily due to a steady decline in production from the Zarghun South concession, which is attributed to a significant drop in flow pressures at the wellhead and excessive formation water production caused by a water breakthrough in the naturally fractured Dunghan Reservoir. Current daily production at Zarghun Sud is approximately 7.54 MMcf/d (~3.02 MMcf/d net to the Jura). While the joint venture partners for the Zarghun South lease are currently evaluating options to potentially stabilize production from the field, there is no certainty that production from Zarghun South will be stabilized in the near future.

Jura holds a 40% working interest in the Zarghun South lease through its wholly owned subsidiary Spud Energy Pty Limited, and the lease is operated by Mari Petroleum Company Limited.

About Jura Energy Corporation

Jura is an international energy company engaged in the exploration, development and production of oil and gas properties in Pakistan. Jura is based in Calgary, Alberta and is listed on the TSX Venture Exchange under the symbol JEC. Jura operates in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.

Forward-looking opinion

This press release contains certain forward-looking statements and forward-looking information (hereinafter collectively referred to as “forward-looking statements”) within the meaning of Canadian securities laws. The words “about”, and similar expressions are used to identify forward-looking information. The specific forward-looking statements contained in this press release include information regarding future production from the Zarghun South concession.

The forward-looking statements contained in this press release are based on management’s beliefs, estimates and opinions as of the date the statements are made in light of management’s experience, current conditions and expected future developments in the areas in which Jura is currently active and other factors. management considers appropriate in the circumstances. Jura undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, except as required by applicable law.

Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the anticipated result will not occur, some of which are beyond Jura’s control. These assumptions and risks include, but are not limited to: risks associated with the oil and gas industry in general, such as operational risks in exploration, development and production, delays or changes in plans regarding exploration or development projects or capital expenditures, imprecision of resource and reserve estimates, assumptions regarding production and development timing and costs, and labor availability and price -labor and equipment, weather conditions, volatility and assumptions regarding raw material prices and exchange rates, marketing and transportation risks, environmental risks, ability to access sufficient capital from internal and external sources, changes in applicable legislation and risks resulting from the global COVID-1 pandemic 9 and its effects on general economic conditions and public markets, Jura’s business and Jura’s ability to prepare and approve required filings in a timely manner. In addition, there are economic, political, social and other risks inherent in doing business in Pakistan. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could vary or differ materially from those anticipated in such statements. See Jura’s Annual Information Form for the year ended December 31, 2021, available on SEDAR at www.sedar.comfor a more detailed description of the risks and uncertainties associated with Jura’s business.

FOR MORE INFORMATION, PLEASE CONTACT:

Mr. Muhammad Nadeem Farooq, CEO

Tel: +92 51 2270702-5

Fax: +92 51 227 0701

Website: www.juraenergie.com

E-mail : [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Luisa D. Fuller