Jura Energy Corporation provides the following update on operations in Pakistan
BLOCK 22
The Khanpur 2 well that was completed in January has been tied-in to the Block 22 processing facilities. The Operator, Petroleum Exploration (Pvt.) Limited (“PEL”), is currently producing the well at approximately 3 MMcf/d and will increase the production gradually over the next few weeks.
The Hasan 3 well, which was completed in October 2007 and tied-in in January 2008, is now producing at 2.45 MMcf/d, up from 2 MMcf/d in January, and will be further increased over the coming weeks.
Drilling is expected to commence at the Sadiq 2 site in mid-March 2008, following construction of an access road which is underway.
Sadiq 2 will be the third well drilled within Block 22 since September of 2007, and follows the successful drilling and completion of Hasan 3 in October 2007 and Khanpur 2 in January 2008 as described above. Following completion of the Sadiq 2 well, it is expected that the rig will be moved to the Hamza appraisal area for further drilling.
Jura holds a 10.5% participating interest in Block 22 through its subsidiary, Pyramid Energy International Inc.
SEISMIC PROGRAM
To date, 1373 km of 2D seismic has been acquired over Jura’s blocks including Salam (88 km), Mirpur Mathelo (254 km), Kandra (361 km), Badin IV North (301 km), Block 22 (62 km) and the Hamza appraisal area (134 km). The seismic crew under contract has completed 173 km of a 394 km 2D seismic program over the Badin IV South Block. In addition, Jura and PEL will have access to 980 km2 and 626 km2 of 3D seismic data previously shot over the Badin IV North and Badin IV South Blocks respectively. Seismic processing is currently taking place at CGG in Tunisia. The processed results of surveys are being interpreted at the Company’s technical
office in Islamabad. The seismic results are encouraging; Jura and PEL are taking steps to secure a 2000 hp drilling rig with a view to commencing the exploratory drilling program by mid-year.
SUKKUR POWER STATION
The Kandra Power Company (Pvt.) Ltd. (“KPC”) has engaged an international engineering firm to complete a detailed engineering study for the refurbishment of the Sukkur Power Station. The study covers all engineering issues relevant to the refurbishment, including plant design, facilities optimization, environmental examination, and all necessary site data and surveys. It is expected that this study will be complete by July 2008.
The commencement of the study follows the execution by the KPC of a formal Letter of Interest with the Government of Pakistan, Ministry of Water and Power (Private Power Infrastructure Board) for the refurbishment of the power station.
Jura holds a 50% interest in the KPC through its subsidiary, Frontier Holdings Limited.
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