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Valeura announces binding letter agreement with Statoil for farm-out on Banarli Licences in Turkey
Valeura announces binding letter agreement with Statoil for farm-out on Banarli Licences i...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura announces binding letter agreement with Statoil for farm-out on Banarli Licences in Turkey\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 announces binding letter agreement with Statoil for farm-out on Banarli Licences in Turkey\nCanada NewsWire\nCALGARY, May 15, 2016\n\n\n\n\n \n\n \n\n\nCALGARY, May 15, 2016 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to announce that its wholly-owned affiliate, Corporate Resources B.V. (\"CRBV\") (collectively \"Valeura\") has entered a binding letter agreement (the \"Letter Agreement\") with Statoil Holding Netherlands B.V. (\"Statoil\") a wholly-owned affiliate of Statoil ASA for a farm-out agreement for the exploration of the deeper formations below approximately 2,500 metres where over-pressure is expected on Valeura's two 100% owned and operated Banarli exploration licences (the \"Banarli Licences\") in the Thrace Basin of Turkey. The Banarli Licences encompass an area of 540 square kilometres or 133,840 gross acres near the centre of the basin. The Letter Agreement is subject to satisfaction of certain conditions precedent including the execution of definitive agreements and the approval of the General Directorate of Petroleum Affairs (\"GDPA\") of the Republic of Turkey for the associated licence interest transfers, which is expected to occur before the end of September 2016.\n\nUnder terms of the agreement, Statoil will have the option to earn 50% in the deep formations on the Banarli Licences by investing in an exploration program that includes payments and carried costs of at least US$36 million for Statoil to earn its interest. The actual amount invested to earn its 50% interest may be higher based on the actual agreed work program under the three phases to satisfy the commitments described below. Valeura will operate the deep exploration program during the earning phase under the Letter Agreement. Valeura will retain a 100% interest in the shallow formations in the Banarli Licences. \n\n\"We are excited and honoured to have Statoil as a joint venture partn...