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Valeura Announces Closing of the Banarli Farm-in and the West Thrace Deep Rights Sale
Valeura Announces Closing of the Banarli Farm-in and the West Thrace Deep Rights Sale ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura Announces Closing of the Banarli Farm-in and the West Thrace Deep Rights Sale\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Jan. 6, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, Jan. 6, 2017 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to announce the closing of the following transformational transactions:\n\n\nthe farm-in for the exploration of the deep formations below approximately 2,500 metres on Valeura's 100% owned and operated Banarli licences in accordance with the farm-in agreement between Corporate Resources B.V. (\"CRBV\"), a wholly-owned affiliate of Valeura, and Statoil Banarli Turkey B.V. (\"Statoil\") (the \"Banarli Farm-in\"), whereby Statoil can earn a 50% interest in the deep rights by investing US$36 million of which US$6 million is an up-front payment as a contribution to back costs incurred on the Banarli licences; and \n\nthe sale of CRBV's current 40% participating interest for US$12 million in the deep formations below approximately 2,500 metres on certain lands in an existing joint venture with Thrace Basin Natural Gas (Turkiye) Corporation (\"TBNG\") and Pinnacle Turkey Inc. (the \"TBNG JV\"), in accordance with the sale and purchase agreement between CRBV and Statoil (the \"West Thrace Deep Rights Sale\").\n\nValeura has now received the cash payments from Statoil of US$6 million and US$12 million with respect to the Banarli Farm-in and the West Thrace Deep Rights Sale, respectively. \n\nValeura anticipates using the above payments from Statoil, together with the $11 million raised under its underwritten private placement offering of subscription receipts (the \"Offering\"), if and when released from escrow, to fund the acquisition of TBNG by Valeura Energy Netherlands B.V., a wholly-owned affiliate of Valeura (the \"TBNG Acquisition\"), and to ramp-up shallow gas drilling. Closing of the TBNG Acquisition will require a payment of approximately ...