Business
Valeura announces new strategy for its 100% Banarli licence in Turkey and third quarter 2014 financial and operating results
CALGARY , Nov. 12, 2014 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation ")...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, Nov. 12, 2014 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to announce a new strategy for its 100% owned\n and operated Banarli licence in the Thrace Basin of Turkey and to\n report highlights of its unaudited financial and operating results for\n the three and nine month periods ended September 30, 2014 and an update\n on subsequent developments. The complete quarterly reporting package\n for the Corporation, including the unaudited financial statements and\n associated management's discussion and analysis (\"MD&A\"), has been filed on SEDAR at www.sedar.com and posted on the Corporation's website at www.valeuraenergy.com.\n\n\n\"As we announced on October 7, three new conventional natural gas\n discoveries in the Osmanli area on the TBNG JV lands promise a\n significant boost to production in Turkey\", said Jim McFarland,\n President and Chief Executive Officer. \"The largest discovery was in\n the Gurgen-1 well, which has been on production for six days and has\n produced at an average restricted rate of 3.1 MMcf/d (gross) on a 18/64\n inch choke at an average flowing tubing pressure of 1,560 psi. The two\n other discoveries tested in aggregate 3.5 MMcf/d (gross) and should\n also be on-stream by the end of November. In addition, two other wells\n in this Osmanli program finished drilling in October and are cased and\n awaiting completion of testing and tie-in. The drilling rig is\n currently drilling a shallow well for a third party in the Thrace Basin\n but is expected to return in late November to spud at least one\n additional follow-up well on the Gurgen structure.\"\n\n\n\"We are also excited to advise that these most recent Osmanli results\n have been decisive in building our confidence to shape a new strategy\n for our 100% owned and operated Banarli licence, which we want to\n advance as quickly as possible in 2015. The initial 2015 program is\n expected to cost approximately US$6.0 million, including up to 140\n square kilometres of new 3D seismic and at least one exploration\n commitment well targeting the Osmancik and Mezardere formations at a\n depth of approximately 2,500 metres,\" said McFarland. \"We have\n identified more than 15 leads on the existing 2D seismic and expect\n that the 3D seismic will enable us to mature and high grade a number of\n t...