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Valeura announces execution of definitive agreements for Statoil farm-in on Banarli licences in Turkey
Valeura announces execution of definitive agreements for Statoil farm-in on Banarli licenc...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura announces execution of definitive agreements for Statoil farm-in 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 execution of definitive agreements for Statoil farm-in on Banarli licences in Turkey\nCanada NewsWire\nCALGARY, Aug. 19, 2016\n\n\n\nCALGARY, Aug. 19, 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 executed the definitive transaction documents (the \"Definitive Agreements\") with Statoil Holding Netherlands B.V. (\"Statoil\"), a wholly-owned affiliate of Statoil ASA, for a farm-in agreement for the exploration of the deeper formations on Valeura's two 100% owned and operated Banarli exploration licences (the \"Banarli Licences\") in the Thrace Basin of northwest Turkey. The Definitive Agreements include a farm-in agreement, a joint operating agreement to apply post-earning and a number of ancillary agreements. \n\n\"Completion of the Definitive Agreements is a key milestone and we now look forward to obtaining the necessary Turkish government approvals to close the farm-in transaction,\" said Jim McFarland, President and Chief Executive Officer of Valeura. \"Valeura and Statoil have worked diligently to negotiate the Definitive Agreements and in parallel have collaborated to advance the preparatory work to expeditiously launch the farm-in work program, to be operated by Valeura, pending receipt of Turkish government approvals,\" adds McFarland.\n\nBANARLI FARM-IN\n\nUnder the terms of the Definitive Agreements, Statoil has the option to earn a 50% participating interest 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. The actual amount invested by Statoil to earn its 50% interest may be higher based on the actual agreed costs of the three-phase work program to satisfy the commitments as described more fully in Valeura's May 15, 2016 press r...