Business
Valeura Provides Third Quarter 2013 Operational Update
CALGARY , Oct. 7, 2013 /CNW/ - Valeura Energy Inc. (" Valeura " or the " Corporation ") ...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\nCALGARY, Oct. 7, 2013 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to provide an operational update for the third\n quarter of 2013.\n\n\nPRODUCTION UP 16% IN THE THIRD QUARTER OF 2013\n\n\nCorporate petroleum and natural gas sales in the third quarter of 2013\n averaged approximately 1,000 barrels of oil equivalent per day (\"boe/d\") (net), up 16% from the second quarter of 2013 reflecting the\n contribution of new fracs completed in tight gas reservoirs in the\n Thrace Basin of Turkey.\n\n\nTurkish net production in the third quarter of 2013 averaged\n approximately 960 boe/d, including 5.7 million cubic feet per day (\"MMcf/d\") of natural gas at an average wellhead price of $10.20 per thousand\n cubic feet (\"Mcf\") and 12 barrels of oil per day (\"bopd\"). Canadian production was approximately 40 boe/d.\n\n\nTHRACE BASIN OPERATIONAL DEVELOPMENTS\n\n\nThe Corporation drilled and completed the second horizontal well BTD-4H\n in a two-well horizontal drilling pilot in the Tekirdag area on joint\n venture lands acquired from Thrace Basin Natural Gas (Turkiye)\n Corporation (\"TBNG\") and Pinnacle Turkey Inc. (\"PTI\") (Valeura 40%). The well was drilled to a depth of approximately 1,000\n metres into the Teslimkoy Formation with a horizontal section of 617\n metres and was completed with a 10-stage frac. The well was tied into\n the gathering system on September 27, 2013 and has been flowing since\n that time at an average restricted rate of approximately 3.3 MMcf/d\n (gross) through a 34/64\" choke. The well is continuing to clean up with\n approximately 60% of the completion load fluid recovered to date.\n\n\nThe first horizontal well DTD-19H in the pilot, which was completed in\n the less permeable Upper Kesan Formation with seven-stage frac over a\n shorter lateral length of 425 metres, has produced at an initial 30-day\n average rate 0.4 MMcf/d. The well is continuing to clean up with\n approximately 55% of the completion load fluid recovered to date. The\n steep structural dip of the Upper Kesan Formation at this particular\n well location did not permit a longer lateral to be drilled with a\n larger number of frac stages, which could potentially have improved\n production performance.\n\n\nIt is expected that two additional horizontal wells will be spudded on\n the TBNG-PT...