CALGARY, Alberta, Sept. 19, 2022 (GLOBE NEWSWIRE) — Jura Energy Corporation (“Jura”) announces that its wholly owned subsidiary, Spud Energy Pty Limited (“SEPL”), has closed an additional short-term ongoing financing facility agreement (the ” Facility”), according to which the amount of the Facility is increased from Pakistani Rupees (“PKR”) to US$425 million (approximately US$1.80 million using State Bank of Pakistan’s exchange rate of 19 = PKR 235.88) to PKR 625 million (about US$2.65 million).
The facility has been extended by JS Bank Limited, a related party of Jura, and bears interest at the 1-month Karachi Inter Bank rate (16.07% using the State Bank of Pakistan rate published on 19 September 2022) plus 2%, with a term of twelve months from the date of payment. Interest is payable quarterly in arrears.
operational update
Jura further announces that flash floods caused by unusually heavy monsoon rains in Pakistan have damaged about 10 km of Zarghun South sales gas pipeline. As a result, production from the Zarghun South property has been suspended. There is no damage to the production equipment installed on site and all field service personnel have been safely evacuated from the site.
The Zarghun South Joint Venture Partners and the purchaser of the sale gas are studying how to repair the pipeline as quickly as possible. Jura estimates that repair work on the pipeline may take 8 to 12 weeks and production from the Zarghun South Lease is expected to resume in the fourth week of December 2022.
The Zarghun South Lease covers an area of 124.22 square kilometers in the western portion of the Sulaiman Fault and Thrust Belt of the Middle Indus Basin. It is strategically located near the city of Quetta’s gas demand center.
Jura holds a 40% working interest in Zarghun South Lease operated by Mari Petroleum Company Limited.
About Jura Energy Corporation
Jura is an international energy…
