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Jura Energy Corporation ("Jura" or the "Company") is pleased to announce that the High Court of Justice, Business and Property Courts of England and Wales Commercial Court (the "UK Court") has dismissed in full the appeal filed by Petroleum Exploration (Private) Limited ("PEL") challenging the arbitrator's jurisdiction in respect of certain reliefs granted to Jura's operating subsidiaries, Spud Energy (Pty) Limited ("Spud") and Frontier Holdings Limited ("FHL") (together, the "Claimants") in the Settlement Agreement arbitral award.
PEL is the operator of the Badin IV South and Badin IV North petroleum concessions (together, the "Badin Assets") in each of which FHL holds a 27.5% working interest.
As previously announced, in December 2024 the International Chamber of Commerce ("ICC") issued a highly favorable arbitral award (the "Award") granting in full a number of reliefs sought by the Claimants against PEL. The reliefs included declarations that:
- The Claimants were not in breach of a settlement agreement dated 12 August 2016 (the "Settlement Agreement") between PEL and the Claimants;
- PEL is in breach of the Settlement Agreement;
- FHL continues to hold a 27.5% working interest in the Badin Assets; and
- PEL was not and is not entitled to seek forfeiture of FHL's working interests in the Badin Assets.
PEL filed an appeal in the UK Court to elements of the Award in January 2025, challenging the arbitrator's jurisdiction over certain of the reliefs. The final hearing of the appeal was held on December 15, 2025. The UK Court's dismissal in full of PEL's appeal removes a material legal uncertainty affecting the implementation and legal enforcement of certain reliefs granted under the Award.
In addition to the appeal's dismissal, the UK Court awarded approximately GBP 384,000 in costs to the Claimants and granted anti-suit injunction relief restraining PEL from continuation or commencement of any fresh proceedings in breach of the Settlement Agreement.
Following the dismissal of PEL's appeal, the Claimants have resumed all necessary steps to enforce the Award. While Jura is confident in its ability to achieve enforcement, the legal process is expected to extend into the medium term. Jura intends to provide shareholder updates on the enforcement process as 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", "intends", "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, the ability of Jura and the anticipated timeline to enforce the awards 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.
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: uncertainty relating to the ability of Jura to successfully enforce arbitral awards against PEL and the expected timing thereof. Additionally, there are economic, political, social and other risks inherent in carrying on business in Pakistan. 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, 2024, 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
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.
