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Valeura achieves first gas from Banarli
Valeura achieves first gas from Banarli Valeura achieves first gas from Banarli ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura achieves first gas from Banarli\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nValeura achieves first gas from Banarli\nCanada NewsWire\nCALGARY, March 21, 2016\n\n\n\nCALGARY, March 21, 2016 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to announce that it has achieved first natural gas sales from its first exploration well Bati Gurgen-1 on the 100% owned and operated Banarli licences in the Thrace Basin of Turkey. The well has been on on-stream for nine days and over this period has produced conventional natural gas from the Osmancik formation at an average restricted rate of approximately 3.0 million cubic feet per day on a 20/64 inch choke at a current flowing tubing pressure of 1,570 pounds per square inch.  At this time, only 12 metres of net pay has been perforated in the well compared to the total aggregate net pay of 32 metres measured in the Osmancik and Danismen formations.\n\n\"We are delighted to reach the important milestone of first gas from Banarli, which has boosted our current sales in Turkey by more than 60%,\" said Jim McFarland, President and Chief Executive Officer.  \"We plan to produce the well at restricted rates in the near term and perforate additional pay as pressure and deliverability decline naturally.\" \n\n\"Natural gas prices continue to be strong in Turkey and we expect Banarli to attract sales price realizations of approximately $8.85 per Mcf and an operating netback of more than $40 per boe at current reference prices and exchange rates.\" \n\nAs previously announced on March 8, 2016, the Bati Gurgen-1 well was tied-in through a new 8-inch, 3.2 kilometre pipeline to an existing dehydration facility at the Gurgen-1 well (Valeura 40% working interest) on the adjacent joint venture lands acquired from Thrace Basin Natural Gas (Turkiye) Corporation (\"TBNG\") and Pinnacle Turkey Inc. (\"PTI\") (the \"TBNG-PTI JV\"). The pipeline has been sized to provide capacity for follow-up wells that could be drilled in the area. \n\nGas sales commenced from the Bati Gurgen-1 well on M...