.jpg)
3 hours ago
4
Article content
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.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
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”).
Article content
Article content
Article content
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.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Company’s Position
Article content
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.
Article content
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.
Article content
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.
Article content
Article content
No Revocation of Petroleum Rights has been notified
Article content
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.
Article content
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.
Article content
About Jura Energy Corporation
Article content
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.
English (US)