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Valeura Energy Inc Announces Q1 2019 financial and operating results
CALGARY, AB / ACCESSWIRE / May 9, 2019 / Valeura Energy Inc. (TSX:VLE, LSE:VLU) (" Valeura "...
About this update from Valeura Energy Inc.
[{"type":"text","content":"Valeura Energy Inc Announces Q1 2019 financial and operating resultsCALGARY, AB / ACCESSWIRE / May 9, 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 period ended March 31, 2019.The complete quarterly reporting package for the Company, including financial statements and associated management's discussion and analysis (\"MD&A\"), have been filed on SEDAR at www.sedar.com and posted on the Company's website at www.valeuraenergy.com. All dollar amounts are in CDN$ unless otherwise stated.Highlights from Q1 2019 and Subsequent Events Average realised gas price of $9.20/Mcf, up 1.5% from Q4 2018; Average production of 768 boe/d, increased 23.3% from Q4 2018; Operating netback of $33.64/boe, up 3.6% from Q4 2018; Net working capital surplus of $56.1 million at March 31, 2019; Significant progress drilling to de-risk 10 Tcfe of gas resource, net to Valeura: Completed drilling the Inanli-1 appraisal well in January 2019 down to 4,885 metres encountering a 1,615 metre column of indicated over-pressured gas; Drilled the Devepinar-1 appraisal well to a total depth of 4,796 metres in April 2019 after drilling a 1,066 metre gross column of indicated over-pressured gas; and Completed an additional listing of the Company's common shares in the United Kingdom, with trading having commenced on the London Stock Exchange on April 25, 2019, under the ticker symbol VLU.The Company's focus for Q2 and Q3 2019 activities will be on testing the flow potential of the long indicated gas columns intersected in its new wells as part of a process to de-risk the commerciality of its 10 Tcfe (286 BCM) of gas resource including 236 MMbbl (32 MMTonnes) condensate, net to Valeura. The stimulation and production testing will be conducted on a zone by zone basis to provide more definitive flow characteristics and to measure gas and condensate properties. Identifying the zones that yield sustained gas flow will be critical to demonstrate the commerciality of the Company's Basin Centred Gas Accumulation (the \"BCGA\") play and will underpin the next stage of appraisal and the forward work ...