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CALGARY, Alberta, April 03, 2025 (GLOBE NEWSWIRE) -- Jura Energy Corporation ("Jura" or the "Company") is pleased to announce that it has received a favorable ruling on costs in its International Chamber of Commerce (“ICC”) arbitration proceedings involving Jura’s operating subsidiaries, Spud Energy Pty Limited (“Spud”) and Frontier Holdings Limited ("FHL”) (together the “Claimants”), claiming against Petroleum Exploration (Private) Limited (“PEL”), the operator of the Badin IV North and South blocks (together the “Badin Blocks”).
The amount of costs awarded to the Claimants is approximately US$ 0.54 million. PEL is liable to pay the awarded costs to the Claimants on or before June 29, 2025. If any portion of the costs remain unpaid thereafter, such unpaid costs shall accrue interest at the rate of 2% per month on a compound basis until paid.
Jura is working with its legal team to pursue enforcement of the cost award against PEL. Enforcement will necessarily require pleadings to be made in Pakistani Courts. While Jura is confident of achieving enforcement of the arbitration award (as previously disclosed on December 19, 2024) and the cost award, the legal process is likely to extend into the medium-term. Jura anticipates providing shareholders with updates to the enforcement process as major milestones are achieved.
About Jura Energy Corporation
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX-V trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
Forward Looking Advisory
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. The words "will", "approximately", and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information regarding the estimated amount of costs, and the ability of Jura, and the anticipated timeline, to enforce the arbitration award and the cost award against PEL.
The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Jura is currently active and other factors management believes are appropriate in the circumstances. Jura undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless required by applicable law.