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Valeura Announces Increased Gas Prices and Operations Update
Valeura Announces Increased Gas Prices and Operations Update Canada NewsWire CAL...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura Announces Increased Gas Prices and Operations Update\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, Sept. 5, 2018\n\n\n\nCALGARY, Sept. 5, 2018 /CNW/ - Valeura Energy Inc. (TSX:VLE) (\"Valeura\" or the \"Company\") is pleased to announce increased gas prices and provide an update on appraisal operations.  \n\n\n \n \n\n \nGas Price IncreaseEffective September 1, 2018, Boru Hatlari ile Petrol Tasima Anonim Sirketi (\"BOTAS\"), who own and operate Turkey's crude oil and natural gas pipeline grid, has announced a further increase in Turkey's natural gas reference price by 14% for industrial and commercial customers.  \n\nThis is the fourth price increase in calendar 2018, resulting in local prices having increased by 63% so far this year, on a compounded basis. While gas prices are denominated in Turkish Lira, these frequent and ongoing adjustments to the reference price result in exchange rate-adjusted prices broadly in line with prevailing European gas prices, and Valeura continues to realize stable prices in the C$7/mcf range.\n\n\"This ongoing trend of gas price corrections helps to ensure the long-term value of our Basin Centered Gas Accumulation (or \"BCGA\").\" commented Sean Guest, President and CEO, \"Our net 10.1 Tcf of mean unrisked prospective resources remain just as valuable as when we first announced it in February 2018, and we are expecting material data points in the coming months as our appraisal operations start to de-risk the play.\" \n\nOperations UpdateValeura has achieved a milestone in its recompletion operations on the Yamalik-1 well. As of today, the Company has safely drilled through all the plugs that were set during the initial frac'ing and cleaned out the well to bottom. The wellbore will now be fitted with production tubing for clean-up and testing and then the well will be put on long-term test through the Company's owned gathering infrastructure.  \n\nSite construction at the Inanli-1 location is progressing on plan. The KCA Deutag drilling rig has arrived in Turkey and wi...