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Valeura Announces Increased 2018 Natural Gas Prices, Lyle Martinson Appointed as Chief Operating Officer
Valeura Announces Increased 2018 Natural Gas Prices, Lyle Martinson Appointed as Chief Ope...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura Announces Increased 2018 Natural Gas Prices, Lyle Martinson Appointed as Chief Operating Officer\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\n\nCanada NewsWire\nCALGARY, April 18, 2018\n\n\n\nCALGARY, April 18, 2018 /CNW/ - Valeura Energy Inc. (TSX:VLE) (\"Valeura\" or the \"Company\") is pleased to announce an increase in the sales price of its natural gas production in Turkey.  Boru Hatlari ile Petrol Tasima Anonim Sirketi (\"BOTAS\"), who own and operate Turkey's crude oil and natural gas pipeline grid, has announced an increase of 10% in Turkey's reference natural gas price, effective April 1, 2018.  This comes less than three months after the last increase of 14%, which was effective January 1, 2018. When currency exchange rate changes are incorporated, the Company expects to report first quarter 2018 realized gas prices of C$7.37 per thousand cubic feet, which is an increase of 11.5% from the fourth quarter in 2017. Actual price realizations for the second quarter 2018 will be dependent on the Turkish Lira exchange rate. \n\n\n \n \n\n \n\"These price increases by BOTAS help to keep the value of domestic Turkish gas broadly in line with European natural gas prices,\" commented Sean Guest, President and CEO. \"Valeura expects to continue to realize strong dollar-denominated revenue from our production in Turkey, and more importantly, it also increases our confidence in the long-term value of our major unconventional Basin-Centered Gas Accumulation (the \"BCGA\") in Turkey's Thrace Basin.\"  \n\nThe Company is preparing for a major appraisal phase of its unconventional gas discovery in Turkey, which has been evaluated by DeGolyer and MacNaughton to hold 10.1 trillion cubic feet of estimated working interest unrisked mean prospective resources of natural gas as of December 31, 2017.  The appraisal program will include drilling three additional deep delineation wells, the first of which will start drilling in the third quarter of this year, fracing, and long-term production testing through the Company's gathering and processing in...