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Valeura Energy Inc Announces 3rd Quarter 2019 Results
VALEURA ANNOUNCES THIRD QUARTER 2019 RESULTS CALGARY, AB / ACCESSWIRE / November 13, 2019 ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc Announces 3rd Quarter 2019 ResultsVALEURA ANNOUNCES THIRD QUARTER 2019 RESULTSCALGARY, AB / ACCESSWIRE / November 13, 2019 / Valeura Energy Inc. (TSX:VLE)(LSE:VLU) (\"Valeura\" or the \"Company\"), the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation play in the Thrace Basin of Turkey in partnership with Equinor, is pleased to report its financial and operating results for the three month and nine month period ended September 30, 2019.Highlights· Safety - The Company achieved a milestone of 893 days of continuous operations without a lost time incident;· Testing operations at Inanli-1 resulted in stable gas flow rates at all four stimulated zones. Stimulation and testing operations have begun at the Devepinar-1 well;· Production from conventional operations averaged 531 boe/d in Q3, 2019, down 19% from Q3 2018 due to natural declines and customer holiday shutdowns;· Price realisations were strong, averaging $9.64/Mcf in Q3 2019, 45% higher than Q3 2018;· Netbacks averaged $33.04/boe in Q3 2019, 40% higher than Q3 2018;· Net working capital increased to $52.8 million at end Q3 2019 as a result of a net increase in the Company's cash position to $51 million;· Operating conditions in country remained favourable for the industry;· USD reporting - The Company intends to transition to reporting its financial results in US dollars, starting with its year-end 2019 results.Valeura's primary focus is on flow testing the significant interpreted gas columns encountered in its new appraisal wells to demonstrate the extent and potential commerciality of the Company's Basin Centered Gas Accumulation (\"BCGA\") estimated to hold 10 Tcfe (286 BCM) of mean unrisked prospective natural gas resources, including 236 MMbbl (32 MMTonnes) of condensate, net to Valeura. Stimulation and production testing is being conducted on a zone-by-zone basis to provide definitive flow characteristics that can be used to calibrate the petrophysical data, core data and hydrocarbon shows encountered during drilling operations. Identifying zones that sustain gas flow and that could therefore be amenable to commercial-scale drilling and hydraulic stimulation will underpin the work programme for the next stage of appraisal.In addition, the Company continues to ...