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Jura obtains Dutch Court pre-judgment for attachment of PEL’s rights under legal agreements with Kuwait Foreign Petroleum Exploration Company (“KUFPEC”)
Globenewswire· 2026-02-03 00:02
Core Viewpoint - Jura Energy Corporation has achieved a significant legal victory with the Dutch Court granting a pre-judgment attachment over Petroleum Exploration (Pvt) Limited's rights, which is expected to facilitate the recovery of claims totaling EUR20.5 million [2][3]. Group 1: Legal Developments - The Dutch Court granted a pre-judgment attachment over PEL's Share Purchase Agreement (SPA) Rights and Farm-In Rights to secure claims amounting to EUR20.5 million, including interest and costs [2]. - The Attachment Creditors, which include Jura's wholly-owned subsidiaries, will initiate formal proceedings for the recognition and enforcement of the SA Awards in the Netherlands [2]. - The pre-judgment attachment will remain effective until the conclusion of the ongoing ICC arbitration [2]. Group 2: Financial Implications - The claims include previously announced ICC Partial Final Award and Final Award amounting to US$8.7 million (EUR7.4 million) and additional claims of US$12.8 million (EUR10.9 million) related to ongoing arbitration [7]. - Management anticipates that the Dutch Court ruling will lead to the recovery of the SA Awards in the medium term and the eventual recovery of the Additional Claims [3]. Group 3: Company Overview - Jura Energy Corporation is an international energy company focused on the exploration, development, and production of petroleum and natural gas properties in Pakistan [4]. - The company is based in Calgary, Alberta, and is listed on the TSX-V under the symbol JEC, conducting its operations through subsidiaries Frontier Holdings Limited and Spud Energy Pty Limited [4].