Valeura announce new discoveries in Turkey, Provides operational update
Valeura Energy Inc. (“Valeura” or the “Corporation”) (TSX: VLE) is pleased to announce three new discoveries in Turkey and to provide an operational update for the third quarter of 2014.
The Corporation has made natural gas discoveries in the three new vertical exploration wells drilled in the third quarter on the joint venture lands acquired from Thrace Basin Natural Gas (Turkiye) Corporation (“TBNG”) and Pinnacle Turkey Inc. (“PTI”) (the “TBNG JV”) (Valeura 40%) in the Osmanli area.
These wells were drilled on new 3D seismic acquired in late 2013 and are part of a planned program of five firm exploration wells in the Osmanli area in 2014 targeting conventional natural gas in the Osmancik formation.
“We are very excited to announce the successful results from a new conventional natural gas exploration program on our TBNG JV lands (Valeura 40%) in the sparsely drilled Osmanli area,” said Jim McFarland, President and Chief Executive Officer. “Three exploration wells have been drilled to date on new 3D seismic, all of which have discovered gas, which could potentially add 6 to 7 MMcf/d (gross) to productivity by late October when the wells are expected to be tied-in. Two additional firm exploration wells are planned in this program, one of which has been drilled to total depth and is logging. We expect these results to lead to a number of follow-on exploration, appraisal and development locations in the Osmanli area.”
“One of the successful exploration wells at Gurgen-1 is only 500 metres from the boundary of Valeura’s 100% owned Banarli licence and has assisted in identifying a number of Osmancik formation exploration prospects and leads on our acreage”, said McFarland.
“The recent announcement by the Turkish government that natural gas reference prices will increase by 9% effective October 1, 2014 is also welcome news and is expected to move our average wellhead price realizations in Turkey to approximately $10.25 per Mcf in the fourth quarter,” said McFarland.
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Source: Valeura Energy Inc.