Valeura Announces Commencement of Deep Exploration Drilling Under the Banarli Farm-In Agreement with Statoil

About this update from Valeura Energy Inc.

Valeura Announces Commencement of Deep Exploration Drilling Under the Banarli Farm-In Agreement with Statoil /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } Canada NewsWire CALGARY, May 15, 2017 CALGARY, May 15, 2017 /CNW/ - Valeura Energy Inc. ("Valeura" or the "Corporation") (TSX: VLE) is pleased to announce that the first deep exploration well, Yamalik-1, under the Banarli farm-in agreement with its partner Statoil, commenced drilling on May 13, 2017. It is expected that the Yamalik-1 well will be drilled to a target depth of 4,000 metres and is designed to assess the potential for a high impact, over-pressured, basin-centered gas accumulation play below approximately 2,500 metres on the Banarli licences located in the Thrace Basin in northwest Turkey. An extensive coring and logging program is planned for the well, with an expected timeline from spud to rig release of approximately 60 days. Following rig release, a completion and testing program will be developed. The results from the well will be evaluated during the third quarter of 2017. Work will also be done to agree on the scope and design of the completion and testing program, select contractors, firm cost estimates and mobilize equipment prior to commencement. Execution of such a completion and testing program would be required to satisfy the Phase 1 commitment under the farm-in agreement. ABOUT THE CORPORATION Valeura Energy Inc. is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey. ADVISORY AND CAUTION REGARDING FORWARD-LOOKING INFORMATION This news release contains certain forward-looking statements and information (collectively referred to herein as "forward-looking information") including, but not limited to: the targeted drill depth of the Yamalik-1 well; the potential of a basin-centered gas accumulation play in the deep formations on the Banarli licences; the development of a completion and testing program; and timelines with respect to certain of the foregoing matters. Forward-looking information typically contains statements with words such as "anticipate", estimate", "expect", "target",...

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