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Valeura announces successful Gurgen-2 appraisal well, 18% growth in quarter over quarter net sales and 2015 guidance
CALGARY , Jan. 6, 2015 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\nCALGARY, Jan. 6, 2015 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to announce successful drilling results at the Gurgen-2 appraisal well in the Thrace Basin of Turkey, which is on-stream and producing at an average restricted rate of 3.0 million cubic feet per day (\"MMcf/d\") (gross), and fourth quarter 2014 net sales up 18% compared to the third quarter of 2014.\n\nThe Corporation is also pleased to advise that it plans a capital budget of up to $19 to 22 million (net) in Turkey in 2015 that is targeted to grow production volumes by 10 to 15% compared to 2014 and is expected to include the acquisition of approximately 140 square kilometres of 3D seismic and drilling of up to three exploration wells on its 100% Banarli licence in the Thrace Basin. \n\nGURGEN-2 APPRAISAL WELL ON-STREAM AT RESTRICTED RATE OF 3.0 MMCF/D (GROSS)\n\nAs previously announced, the Corporation made three conventional natural gas discoveries in the Osmanli area in the third quarter of 2014 on the joint venture lands acquired from Thrace Basin Natural Gas (Turkiye) Corporation (\"TBNG\") and Pinnacle Turkey Inc. (\"PTI\") (the \"TBNG JV\") (Valeura 40%). \n\nThe Gurgen-1 discovery well was the most productive of the three discovery wells and has been on-stream for 62 days at an average restricted rate of 3.1 MMcf/d (gross) at choke sizes ranging from 18/64 to 22/64 inches.\n\nGurgen-2, the first of two planned appraisal wells on the Gurgen discovery, was spudded on November 30 and was drilled in 14 days to a vertical depth of 2,000 metres into the Osmancik formation. The well is located approximately 500 metres southeast of Gurgen-1. The log analysis indicated 52 metres of net pay at an average porosity of 17%. This compares favourably to Gurgen-1, which intersected 57 metres of net pay with 17% average porosity. The Gurgen-2 well was cased to a depth of 1,650 metres and 11 metres of net pay was perforated as an initial completion. The well is tied-in and has been on-stream for 13 days at an average restricted rate of 3.0 MMcf/d (gross) through a 20/64 inch choke at an average flowing tubing pressure of 1,510 pounds per square inch. \n\nThe second appraisal well, Gurgen-3, was spudded on January 3, 2015. The well location is approximately 500 metres southeast of Gurgen-2. \n\n(Note that the initial on-st...