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Valeura confirms natural gas discovery in its first Banarli exploration well and provides operational update
Valeura confirms natural gas discovery in its first Banarli exploration well and provides ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura confirms natural gas discovery in its first Banarli exploration well and provides operational 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\nValeura confirms natural gas discovery in its first Banarli exploration well and provides operational update\nCanada NewsWire\nCALGARY, Jan. 4, 2016\n\n\n\nCALGARY, Jan. 4, 2016 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to confirm a natural gas discovery in its first exploration well Bati Gurgen-1 on its 100% owned and operated Banarli licences in the Thrace Basin of Turkey, which flowed at an initial restricted rate of 3.4 million cubic feet per day (\"MMcf/d\") on a 24-hour production test. \n\nThe Corporation is also pleased to advise that preliminary Q4 2015 net petroleum and natural gas sales in Turkey averaged 806 barrels of oil equivalent per day (\"boe/d\"), which was in line with annual guidance and included 4.8 MMcf/d of natural gas at an average price realization of approximately $9.90 per thousand cubic feet (\"Mcf\"), and 7.0 barrels per day (\"bbl/d\") of oil and condensate. \n\nBANARLI EXPLORATION RESULTS (VALEURA OPERATED, 100% WORKING INTEREST) \n\nAs previously announced on December 17, 2015, the Corporation drilled its first two exploration wells on the 100% owned and operated Banarli licences in November and December 2015, with encouraging results. Since that time, completion and testing of the first well Bati Gurgen-1 and construction of tie-in facilities have been underway targeting first gas at the end of January 2016. \n\nBati Gurgen-1 Well \n\nThe Bati Gurgen-1 exploration well (Valeura 100% working interest) was drilled to a measured depth of 2,735 metres into the top of the Teslimkoy member of the Mezardere formation and was cased to a measured depth of 2,729 metres. Log analysis indicated 32 metres of aggregate net gas pay at an average porosity of 19.6% in multiple stacked sands in the Danismen and Osmancik formations. The well also penetrated several over-pressured, thinner and tighter stacked sands in the Mezardere formation. \n\nThe ...