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Valeura Energy Inc Announces Update on deep unconventional gas play
VALEURA ENERGY DOUBLES WORKING INTEREST AND RE-AFFIRMS COMMITMENT TO DEEP UNCONVENTIONAL GAS...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\nValeura Energy Inc Announces Update on deep unconventional gas playVALEURA ENERGY DOUBLES WORKING INTEREST AND RE-AFFIRMS COMMITMENT TO DEEP UNCONVENTIONAL GAS PLAYCALGARY, AB / ACCESSWIRE / April 6, 2020 / Valeura Energy Inc. (TSX:VLE)(LSE:VLU) (\"Valeura\" or the \"Company\"), the upstream natural gas company focused on the Thrace Basin of Turkey, announces an increase in its working interest in the Banarli and West Thrace exploration licenses and re-affirms its commitment to appraisal of its deep unconventional gas play.Highlights· Working interest in the deep play increases to 100% in the Banarli exploration licences, and 63% in the West Thrace exploration licence and production leases· Management and Directors remain committed to the deep play and believe that further appraisal is warranted· Intend to re-start production from the Devepinar-1 well with a longer-term production test than was previously conducted· Data sharing and cooperation arrangements with other operators in the region initiated· Enviable financial position, with no debt and approximately $36 million of cash at year-end 2019· Seeking an additional partner to participate in the deep unconventional playWorking interest doubledValeura announced on February 4, 2020 that its joint venture partner Equinor Turkey B.V. (\"Equinor\") intended to discontinue participation in the deep unconventional gas appraisal programme. Equinor elected to relinquish their interests under the terms of the joint operating agreements (\"JOAs\") between the parties, and as such their working interests and rights transfer to the remaining parties, Valeura and Pinnacle Turkey Inc. (\"PTI\"), at no cost.On April 2, 2020 the Government of Turkey provided notice that it has approved the transfer of Equinor's working interests and rights to Valeura and PTI. This doubles Valeura's working interest in the deep play. In the Banarli exploration licences, Valeura will hold 100%, and in the West Thrace exploration licence and production leases the Company will increase its holdings to 63% of the deep rights. Ownership in shallow rights is unchanged (100% at Banarli and 81.5% at West Thrace) and Valeura remains operator of all of the blocks.Having completed the exit of Equinor from all of the blocks, the Company will now apply for the first extension to the Banarli...