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Valeura Provides Operational Update and Announces Board Changes
Valeura Provides Operational Update and Announces Board Changes Canada NewsWire ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura Provides Operational Update and Announces Board Changes\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Jan. 12, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, Jan. 12, 2018 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to provide an update of operational results for Q4 2017 and the status of the Yamalik-1 well operations. The Corporation is also pleased to announce the addition of Mr. Russell Hiscock to the board of directors of the Corporation (the \"Board\") and the appointment of Mr. Tim Marchant as the Chair of the Board.\n\n\n \n \n\n \nFRAC AND TEST EQUIPMENT RELEASED FROM YAMALIK-1 WELL\n\nThe Corporation has temporarily suspended testing operations on the Yamalik-1 well and has released the fracing and testing equipment after accomplishing the primary objectives of the testing. The Yamalik-1 well testing program was designed to demonstrate that fracing would allow gas to flow to surface from these deep, tight reservoirs, and without the production of formation water. Both of these factors are key components to demonstrate the presence of a basin-centred gas accumulation. The production testing results have exceeded expectations. The 24-hour aggregate production test rate of 2.9 million cubic feet per day (\"MMcf/d\") from the four production tests in the Kesan formation was better than modelled. Additionally, the gas was at a higher pressure than expected and the gas flowed with a significant amount of condensate (with a test data range of 20 to 70 barrels per MMcf).   \n\nValeura stated in its press release on December 27, 2017 that it would attempt to mill out all of the plugs in the well that were required for the multi-stage fracing operations and if successful, perform a commingled test. In that press release, Valeura advised of its concern about the limitations of the third-party production test equipment and its ability to cope with any flowback...