Jura Provides Disclosure Regarding Shareholder Claim by PEL's CEO

Executive Summary

• Jura Energy disclosed that minority shareholder Shahzad Zaheer has filed a Statement of Claim in the Ontario Superior Court alleging improper share‑transfer compliance and seeking enforcement of an interim order from Pakistan.
• The company denies the allegations, asserts the transaction was lawful, and will vigorously defend the claim while seeking costs against the plaintiff.
• No petroleum rights held by Jura’s subsidiaries have been revoked or suspended; prior Pakistani court proceedings were dismissed.

Key Details

• Claim Filed: Statement of Claim lodged by Shahzad Zaheer (owner/CEO of Petroleum Exploration Ltd.) in Ontario Superior Court of Justice against Jura Energy Corp. and its directors.
• Allegations:
• The March 6, 2025 acquisition of Jura shares by IDL Investments Ltd. from Phoenix Exploration breached Pakistan Petroleum (Exploration & Production) Rules.
• Failure to disclose regulatory correspondence with Pakistan’s Directorate General Petroleum Concessions (“DGPC”).
• Company Position:
• Disputes all allegations; maintains no prior governmental consent was required for the share acquisition.
• No revocation, suspension, or impairment of any petroleum rights held by Frontier Holdings Ltd. or Spud Energy Pty Ltd. (Jura subsidiaries).
• Regulatory Interaction: DGPC issued a show‑cause notice in July 2025; Jura responded in detail and continues to cooperate with authorities.
• Related Pakistani Litigation:
• Earlier proceeding in Islamabad High Court resulted in an interim order, which was subsequently dismissed; no interim relief remains.
• Enforcement of Arbitration Award: Jura’s subsidiaries previously won a multi‑million USD international arbitration against PEL; enforcement efforts are ongoing.
• Legal Strategy: Jura intends to defend the claim vigorously and seek recovery of its legal costs from Mr. Zaheer.
• Forward‑Looking Statements: The release contains forward‑looking statements regarding Jura’s intent to defend the claim and pursue cost recovery, subject to risks and uncertainties inherent in litigation.

Notable Quotes

(No direct quotes were provided in the release.)