Business
Valeura announces extension of timeline under binding letter agreement with Statoil for farm-in on Banarli Licences in Turkey
Valeura announces extension of timeline under binding letter agreement with Statoil for fa...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura announces extension of timeline under binding letter agreement with Statoil for 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 extension of timeline under binding letter agreement with Statoil for farm-in on Banarli Licences in Turkey\nCanada NewsWire\nCALGARY, Aug. 2, 2016\n\n\n\nCALGARY, Aug. 2, 2016 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) announces that its wholly-owned affiliate, Corporate Resources B.V. (\"CRBV\") (collectively \"Valeura\") has executed an extension to the binding letter agreement (the \"Letter Agreement\") executed on May 15, 2016 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 on Valeura's two 100% owned and operated Banarli exploration licences (the \"Banarli Licences\") in the Thrace Basin of Northwest Turkey. As a result, the exclusivity period and timeline to complete the definitive transaction agreements (the \"Definitive Agreements\") has been extended from July 29 to August 19, 2016. The Definitive Agreements are extensive, including a farm-in agreement, a joint operating agreement to apply post-earning and a number of ancillary agreements. \n\nFollowing the anticipated completion of the Definitive Agreements, the parties will jointly submit applications to the General Directorate of Petroleum Affairs (\"GDPA\") of the Republic of Turkey for the associated licence interest transfers whereby Statoil will hold a 50% participating interest in the deep formations below approximately 2,500 metres and Valeura will retain a 100% interest in the shallow formations on the Banarli Licences. \n\nCompletion of the Definitive Agreements and government approval for the licence interest transfers are key conditions to close the transaction. There is no certainty that the parties will be able to complete the Definitive Agreements or that the GDPA will approve the licence interest transfers.\n\nABOUT THE CORPORATION\n\nValeura Energy In...