Jura Broadcasts Submitting of Occasion Finish 2023 Monetary Statements, MD&A and Reserves File and Reconciliation of Reserves

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CALGARY, Alberta, April 29, 2024 (GLOBE NEWSWIRE) — Jura Power Company (“Jura” or the “Company”) lately introduced the submitting on SEDAR+ of its consolidated annual audited monetary statements and control’s dialogue and research for the years ended December 31, 2023 and 2022, in addition to Nationwide Software 51-101 – Requirements of Disclosure for Oil and Fuel Actions, Mode 51-101F1 Observation of Reserves Knowledge and Alternative Oil and Fuel Knowledge as of December 31, 2023 (the “2023 Reserves Report”).

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Replace on Arbitration Referring to Badin IV North and South Blocks

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From occasion to occasion, Jura and its running subsidiaries Spud Power Pty Restricted (“Spud”) and Frontier Holdings Restricted (“FHL”) would possibly turn out to be excited by prison or administrative lawsuits within the standard habits of commercial. As prior to now disclosed by way of Jura, in 2022, Petroleum Exploration (Personal) Restricted (“PEL”), the operator of the Badin IV North and South blocks (in combination “Badin Blocks”), tried to invoke the forfeiture of FHL’s 27.5% running pastime within the Badin Blocks for alleged non-payment of money cries, which FHL maintains was once incorrect. Jura disputes PEL’s movements and the money name and has initiated two arbitration lawsuits towards PEL (jointly, the “PEL Arbitrations”). For more info, see “Provisions, contingencies and commitments – Contingencies and Commitments – Litigation” in Jura’s control’s dialogue and research for the years ended December 31, 2023 and 2022 (the “2023 MD&A”), which has been filed lately on SEDAR+.

Pending Sale of Running Pursuits within the Zarghun South Rent and Nareli Exploration License

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As introduced by way of Jura on February 1, 2024, Spud has entered into promises with its three way partnership spouse, Mari Petroleum Corporate Restricted (“MPCL”), for the sale of Spud’s 40% running pastime within the Zarghun South Rent and 27.55% running pastime within the Nareli Exploration License in Pakistan. MPCL is the operator of each property. The transactions stay matter to regulatory kindness in Pakistan in addition to commonplace endmost situations, and are expected to related close the tip of Q2 2024. For more info, see “Overview of the Company and its Operations” in Jura’s 2023 MD&A, which has been filed lately on SEDAR+.

Affect on 2023 Reserves

In reference to the PEL Arbitrations, PEL has refused to handover knowledge in regards to the Badin Blocks to Jura and its distant reserves evaluators and, due to this fact, incorrect flow knowledge in regards to the Badin Blocks seems in Jura’s 2023 Reserves File. Jura’s 2023 Reserves File due to this fact comprises technical revisions which come with a vital downward revision reflecting: (i) the exclusion of any reserves prior to now attributed to the Badin IV North and Badin IV South blocks because of the unavailability of data rather essential to permit Jura to estimate reserves for the ones houses as of December 31, 2023; and (ii) inclinations representing too much recoverable reserves of the Zarghun South Rent efficient November 1, 2023, which Jura has affirmative to assign to MPCL. In consequence, Jura’s 2023 Reserves File signifies a cut within the quantity of Jura’s proved plus possible reserves from 2,601,000 barrels of oil identical (“Boe”) as at December 31, 2022 to 535,000 Boe as at December 31, 2023 as follows: (i) 1,366,000 Boe for technical revisions, which incorporates 1,182,000 Boe in relation to deficit of data for the Badin Blocks; (ii) 474,000 Boe alike to the disposition at Zarghun South; and (iii) 226,000 Boe alike to manufacturing all through the while. For more info, see the Reserves File, and specifically “Significant Factors or Uncertainties – Exclusion of Reserves” within the Reserves File to be had on SEDAR+. Upon solution of the PEL Arbitrations and regularized get admission to to running and manufacturing knowledge for the Badin Blocks, Jura anticipates having the ability to handover an replace on too much reserves for the Badin Blocks.

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About Jura Power Company

Jura is a world power corporate occupied within the exploration, building and manufacturing of petroleum and herbal fuel houses in Pakistan. Jura is primarily based in Calgary, Alberta, and indexed at the TSX-V buying and selling beneath the logo JEC. Jura conducts its trade in Pakistan via its subsidiaries, Frontier Holdings Restricted and Spud Power Pty Restricted.

Ahead Taking a look Advisory

This press let go comprises positive forward-looking statements and forward-looking knowledge (jointly referred to herein as “forward-looking statements”) throughout the which means of Canadian securities rules. The phrases “will”, “approximately”, and matching expressions are worn to spot ahead searching knowledge. Particular forward-looking statements on this press let go come with knowledge in regards to the crowning glory of the sale of the Corporate’s oblique 40% running pastime within the Zarghun South Rent and its oblique 27.55% running pastime within the Nareli Exploration License, and the regulatory approvals and endmost situations required therefor, and smartly as an replace at the reserves knowledge for the Badin Blocks.

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The forward-looking statements contained on this press let go are in keeping with control’s ideals, estimates and reviews at the presen the statements are made in brightness of control’s enjoy, flow situations and anticipated date building within the grounds wherein Jura is recently lively and alternative components control believes are suitable within the cases. Jura undertakes incorrect legal responsibility to replace publicly or revise any forward-looking commentary or knowledge, whether or not because of untouched knowledge, date occasions or differently, except required by way of acceptable regulation.

Readers are cautioned to not park undue reliance on forward-looking knowledge. By way of their nature, forward-looking statements are matter to various suppositions, dangers and uncertainties that give a contribution to the chance that the expected end result won’t happen, together with a few of which can be past Jura’s keep watch over. Those suppositions and dangers come with, however don’t seem to be restricted to: confusion in relation to the end result of the PEL Arbitrations, the dangers related to the oil and fuel business basically equivalent to operational dangers in exploration, building and manufacturing, delays or adjustments in plans with recognize to exploration or building initiatives or capital expenditures, the imprecision of useful resource and store estimates, suppositions in regards to the timing and prices in relation to manufacturing and building in addition to the supply and worth of labour and kit, climate, volatility of and suppositions referring to commodity costs and trade charges, advertising and transportation dangers, environmental dangers, the power to get admission to enough capital from inner and exterior assets, adjustments in acceptable regulation, and dangers on account of the potential of ongoing or date world pandemics and their results on normal financial situations and society markets, Jura’s trade, and the power of Jura to organize and approve required filings in a well timed method. Moreover, there are financial, political, social and alternative dangers inherent in wearing on trade in Pakistan. There will also be incorrect commitment that forward-looking statements will end up to be correct as fresh effects and date occasions may just range or vary materially from the ones expected in such statements. See Jura’s Control’s Dialogue and Research for the while ended December 31, 2023, to be had on SEDAR+ at www.sedarplus.ca, for additional description of the dangers and uncertainties related to Jura’s trade.

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Oil and Fuel Measures

Petroleum and herbal fuel reserves and manufacturing volumes are said as a “barrel of oil equivalent” (boe), derived by way of changing herbal fuel to grease equivalency within the ratio of five,800 cubic ft of fuel to at least one barrel of oil. Readers are cautioned that boe figures is also deceptive, in particular if worn in isolation. A boe conversion ratio of five,800 cubic ft of fuel to at least one barrel of oil is in keeping with power equivalency, which is essentially acceptable on the burner tip, and does now not constitute a worth equivalency on the wellhead.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Neither TSX Undertaking Trade nor its Law Services and products Supplier (as that time period is outlined in insurance policies of the TSX Undertaking Trade) accepts duty for the adequacy or accuracy of this let go.

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