Jura Energy sells 60% working interest in Sara & Suri Block to OGDCL, streamlining portfolio

Jura Energy Corporation’s subsidiary, Spud Energy, has agreed to sell its 60% working interest in the Sara & Suri Block to joint venture partner OGDCL. The sale is due to production being shut-in since July 2023, with significant abandonment and reclamation obligations looming. This move aligns with Jura’s strategy to streamline its portfolio and enforce arbitration awards against PEL. Meanwhile, ongoing legal battles with PEL regarding the Badin Blocks are in progress. The Sara & Suri Block sale is pending regulatory approval in Pakistan and expected to close by the end of Q4 2025.

Spud Energy will transfer its 60% working interest and operatorship of the Sara & Suri Block to OGDCL, with a gross consideration of US$105,000. This transaction is projected to reduce monthly operating costs by approximately US$12,000. Despite no impact on Jura’s reserves, abandonment and reclamation costs of around US$1.5 million may arise without further drilling. Jura, focused on energy exploration in Pakistan, aims to enhance shareholder value through strategic divestments and legal actions to secure arbitration awards.

Read more at GlobeNewswire: Sale of Working Interests in Sara & Suri Block