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Valeura awarded new exploration licence in Thrace Basin of Turkey
CALGARY, April 8, 2013 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation ") (TS...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, April 8, 2013 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to announce that it has been awarded a new\n exploration licence (Banarli Licence 5104) on a 100% working interest\n basis in the Thrace Basin of northwest Turkey.\n\n\nBANARLI LICENCE 5104\n\n\nThe Banarli Licence 5104, which was awarded to Valeura by the General\n Directorate of Petroleum Affairs of the Republic of Turkey, has a\n four-year initial term and covers an area of 118,598 gross acres (185\n sections or 185 square miles) located near the centre and deepest part\n of the Thrace Basin. The Corporation believes the licence is ideally\n located to test for a potential basin-centre gas play and to explore\n for unconventional tight gas and shale gas in those areas where the\n Mezardere shale source rocks are at depths below 3,000 metres and may\n be at pressures and temperatures sufficient to create an active\n \"kitchen\" for hydrocarbon generation. The Corporation also believes\n that the overlying Ergene, Danismen and Osmancik formations, which are\n also more deeply buried across the licence, may also be prospective for\n conventional gas exploration.\n\n\nUnder the Banarli licence terms, a well will need to be spudded within\n the first year to keep the licence in good stead. The Corporation plans\n to initially carry out a targeted 2D seismic program to complement the\n existing 2D seismic coverage on the licence. The licence is unexplored\n with only two relatively shallow wells drilled, of which the latest,\n Karaca-1, was plugged and abandoned at a depth of 1,026 metres in\n November 2010.\n\n\nABOUT THE CORPORATION\n\n\nValeura Energy Inc. is a Canada-based public company currently engaged\n in the exploration, development and production of petroleum and natural\n gas in Turkey and Western Canada.\n\n\nADVISORY AND CAUTION REGARDING FORWARD-LOOKING INFORMATION\n\n\nThis news release contains certain forward-looking statements including,\n but not limited to the extent and timing of the seismic and drilling\n program on the Banarli Licence 5104 and the future prospectivity of the\n licence. Forward-looking information typically contains statements with\n words such as \"anticipate\", \"estimate\", \"expect\", \"target\",\n \"potential\", \"could\", \"should\", \"would\" or similar words sugges...