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Valeura announces encouraging drilling results and commencement of completion & testing operations on the initial two Banarli exploration wells
Valeura announces encouraging drilling results and commencement of completion & testin...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura announces encouraging drilling results and commencement of completion & testing operations on the initial two Banarli exploration wells\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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nValeura announces encouraging drilling results and commencement of completion & testing operations on the initial two Banarli exploration wells\nCanada NewsWire\nCALGARY, Dec. 17, 2015\n\n\n\nCALGARY, Dec. 17, 2015 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to announce encouraging drilling results and the commencement of completion and testing operations on its initial two exploration wells Bati Gurgen-1 and Yayli-1 on its 100% owned and operated Banarli licences in the Thrace Basin of Turkey. In anticipation of further positive results, equipment procurement, pipeline right of way agreements and the finalization of gas marketing arrangements have continued to advance targeting first gas sales from Banarli by the end of January 2016. The Energy Market Regulatory Authority in Turkey has also granted the Corporation's Turkish affiliate a natural gas wholesale marketing licence to facilitate sales from Banarli. \n\n\"We are encouraged by the initial exploration drilling results, which are supported by extensive wireline logging analysis, and we are expecting positive confirmatory flow testing results in the coming weeks\", said Jim McFarland, President and Chief Executive Officer. \"A further operational update will be provided in early January. Banarli has the potential to provide a significant boost to our net sales volumes in the first quarter of 2016, given the leverage of our 100% ownership position at Banarli.\" \n\n\"The estimated final cost of US$5.5 million for this initial two well exploration drilling, completion, testing and tie-in program at Banarli is being fully funded from cash on hand and operating cash flow, leaving our balance sheet debt free.\" \n\nBANARLI DRILLING RESULTS (VALEURA OPERATED, 100% WORKING INTEREST) \n\nBati Gurgen-1 Well \n\nThe Bati Gurgen-1 exploratio...