04:44 PM EDT, 07/04/2025 (MT Newswires) -- Jura Energy ( JECFF ) after close of trade Friday said its Spud Energy unit entered agreed to sell its 60% stake in the Sara and Suri block in Pakistan to its joint venture partner, Oil and Gas Development Co. for an undisclosed price.

The company said production from the block has been shut in since 2023 and the sale saves its from paying an estimated US$1.5 million in abandonment and reclamation obligations. It will also save US$12,000 monthly in operating costs.

"The board and management are of the view that the sale transaction is in the best interests of the company in light of, among other things, production from the Sara & Suri Block having been shut-in since July 2023 due to a significant drop in pressure and flow rates," the company said.

Jura shares last traded June 26, closing at $0.02 on the TSX Venture Exchange.