CALGARY, Alberta, Sept. 18, 2026 (GLOBE NEWSWIRE) -- Jura Energy Corporation ("Jura" or the "Company") provides clarification regarding a news article published by a Pakistani newspaper, Dawn, on September 13, 2026, which reported the possible revocation of petroleum rights held by the Company's subsidiaries, Spud Energy Pty Limited ("SEPL") and Frontier Holdings Limited ("FHL"), in Pakistan.
According to the media report, the Petroleum Division of the Government of Pakistan has reportedly sought the advice of Pakistan's Economic Coordination Committee ("ECC"), a cabinet-level decision-taking body, regarding possible courses of action in connection with the March 2025 transfer of a 73% shareholding in Jura by Phoenix Exploration ("Phoenix") to IDL Investments Limited ("IDL") (the "Share Transfer").
The article reports two options to be under consideration by the Petroleum Division: (i) revocation of the petroleum rights held by FHL and SEPL; or (ii) issuance of a warning to the Company, followed by retrospective regularisation of the share transfer.
Company's Position
In July 2025, Jura received a Show Cause Notice from the Petroleum Division in relation to the Share Transfer. In Jura's response, SEPL and FHL explained the reasons why the Share Transfer did not require prior consent of the Government under the applicable Pakistan Petroleum (Exploration and Production) Rules, 1986 and 2001 (the "Rules"). Jura's position was supported by an independent legal opinion from a renowned Pakistani lawyer.
In light of the matters reported in the media, Jura has written to the regulatory authorities to seek clarification regarding the matters referred to in the article, including the reported courses of action under consideration by the Petroleum Division.
Jura will continue to engage constructively with the relevant authorities and will assess any response or further information received in relation to the matter. The Company believes it has been in full compliance with applicable laws, regulations and contractual obligations throughout and is committed to remaining so.
No Revocation of Petroleum Rights has been notified
Jura emphasizes that the media report describes possible courses of action reportedly under consideration by the relevant authorities and does not, in itself, constitute a confirmed decision to revoke the Company's petroleum rights. In fact, Jura has had no communication from the regulatory authorities on this matter since it last responded to a query in June 2026. The press article may therefore not accurately reflect the situation.
The Company is not aware of any confirmed decision revoking the petroleum rights held by FHL or SEPL and has a number of legal and other avenues open to it if such an unusual decision were to be taken. Jura will continue to monitor developments and provide further disclosure as and when required by applicable securities laws and regulations.
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", "continue", "believes", "may", and similar expressions are used to identify forward looking information. Specific forward-looking statements in this press release include information regarding the Company's future engagement with the relevant authorities and possible outcomes from matters under consideration by the relevant authorities.
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
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 predicted outcome will not occur, including some of which are beyond Jura's control. These assumptions and risks include, but are not limited to: uncertainties relating to the determinations of the ECC regarding possible courses of action in connection with the Share Transfer, the risk of possible revocation of petroleum rights and the legal and other avenues available to the Company in case of possible revocation of petroleum rights. 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 Management's Discussion and Analysis for the year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca, for further description of the risks and uncertainties associated with Jura's business.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Stephen Smith, Chairman, Jura Energy Corporation
T: +44 7834 834 976
E-Mail: info@juraenergy.com
Website: www.juraenergy.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
