CALGARY, Alberta — February 27, 2026 — Leads & Copy — Jura Energy Corporation (TSXV: JEC) has updated its shareholders regarding a Statement of Claim filed in the Ontario Superior Court of Justice by Mr. Shahzad Zaheer, a minority shareholder, against the company and its directors.
Mr. Zaheer is the owner and Chief Executive Officer of Petroleum Exploration (Private) Limited (PEL). PEL previously lost a multi-million US dollar international arbitration initiated by Jura’s subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited. Enforcement efforts for that award are ongoing.
The Claim contains allegations that the acquisition by IDL Investments Limited (IDL) of Jura shares from Phoenix Exploration, effective March 6, 2025, breached statutory and regulatory requirements, including the Pakistan Petroleum (Exploration and Production) Rules. Jura disputes these allegations and maintains that no prior governmental consent was required for the Transaction.
In July 2025, Pakistan’s Directorate General Petroleum Concessions (DGPC) issued a show cause notice requesting clarification about the Transaction. Jura responded to the notice and continues to cooperate with authorities. Mr. Zaheer also alleges that the Company was required to disclose that regulatory correspondence and did not do so. As of the date of the release, no petroleum right held by the Jura Subsidiaries has been revoked, suspended, or otherwise impaired in connection with the Transaction.
Mr. Zaheer previously commenced a proceeding in the Islamabad High Court challenging the validity of the Transaction, which resulted in an interim order. That proceeding has since been dismissed and no interim relief remains in effect. Mr. Zaheer’s Claim seeks recognition and enforcement in Canada of that prior interim order.
Jura believes that the Claim is without merit and intends to defend it vigorously and seek its costs. The Company also believes that the timing and context of the Claim are noteworthy in light of its ongoing enforcement efforts against PEL.
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 is listed on the TSXV under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
Source: Jura Energy Corporation
