CALGARY, Dec. 20, 2018 /CNW/ - Valeura Energy Inc.
(TSX:VLE) ("Valeura" or the "Company"), the upstream
natural gas producer focused on appraising and developing an
unconventional gas accumulation in the Thrace Basin of Turkey, is pleased to provide an update on
appraisal drilling operations, which the Company is undertaking
with its joint venture partner Statoil Banarli Turkey B.V.
("Equinor").
The Inanli-1 appraisal well is drilling ahead at 4,145 metres
with positive interim results.
Key Achievements:
- Reservoir – Based on drilling data and gamma ray log
data recorded while drilling, the well encountered the top of the
high net-to-gross objective section at approximately 3,270 metres
and has drilled through 875 metres of prospective gross reservoir
to date. Preliminary interpretation suggests the net-to-gross of
the drilled section is at least as good as the approximately 40%
net-to-gross encountered in the Yamalik-1 discovery well.
- Over-pressured gas – The well has encountered
over-pressured gas throughout the objective section. There have
been several instances of gas inflow to the wellbore which was
safely brought to surface and flared. Drilling is progressing with
a high mud weight of 1.77 sg (0.77 psi/ft) which, when coupled with
the gas shows, indicate a highly over-pressured rock in line with
pressure data recorded in Yamalik-1.
- Fracturing Observations based on cutting analysis and
core acquired indicate that the well has encountered more naturally
fractured rock, or fracture swarms, than encountered in Yamalik-1.
Increased gas levels were recorded while drilling through these
naturally fractured intervals. Early indications are that this
supports the fracture interpretations from the 3D seismic
data.
Forward Plan:
As a result of the positive indications so far in Inanli-1,
Valeura is conducting an extensive data-gathering programme
designed to confirm the Company's preliminary assessments, which
could include cutting additional core and, following drilling
operations, a full suite of wireline logs. Operations are now
expected to be complete in late January
2019, after which, the rig will be moved to the next
appraisal well location, Devepinar-1, approximately 20 km to the
west. Fracking and flow testing of Inanli-1 is expected to commence
around the end of Q1 2019.
Additional information relating to Valeura is also available on
SEDAR at www.sedar.com and on the Company's corporate website at
www.valeuraenergy.com.
About the Company
Valeura Energy Inc. is a Canada-based public company currently engaged
in the exploration, development and production of petroleum and
natural gas in Turkey.
Forward-Looking Statements and Cautionary Statements
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 Inanli-1 well, the Inanli-1
data-gathering programme, the expected completion date of the well,
Valeura's intent to frack and production test the well, and timing
for the flow test phase. Forward-looking information
typically contains statements with words such as "anticipate",
estimate", "expect", "target", "potential", "could", "should",
"would" or similar words suggesting future outcomes. The Company
cautions readers and prospective investors in the Company's
securities to not place undue reliance on forward-looking
information, as by its nature, it is based on current expectations
regarding future events that involve a number of assumptions,
inherent risks and uncertainties, which could cause actual results
to differ materially from those anticipated by the Company.
Forward-looking information is based on management's current
expectations and assumptions regarding, among other things:
continued political stability of the areas in which the Company is
operating; continued safety of operations; continued timeliness of
approvals forthcoming from the Turkish government and regulators in
a manner consistent with past conduct; future drilling activity on
the expected timelines; the prospectivity of the deep BCGA and
shallow gas plays on the Company's working interest lands; the
continued favourable pricing and operating netbacks in Turkey; future production rates and associated
operating netbacks and cash flow; future sources of funding; future
economic conditions; future currency exchange rates; the ability to
meet drilling deadlines and other requirements under licences and
leases; and the Company's continued ability to obtain and retain
qualified staff and equipment in a timely and cost efficient
manner. In addition, the Company's work programmes and budgets are
in part based upon expected agreement among joint venture partners
and associated exploration, development and marketing plans and
anticipated costs and sales prices, which are subject to change
based on, among other things, the actual results of drilling and
related activity, availability of drilling, fracking and other
specialised oilfield equipment and service providers, changes in
partners' plans and unexpected delays and changes in market
conditions. Although the Company believes the expectations and
assumptions reflected in such forward-looking information are
reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and
unknown risks and uncertainties. A number of factors could cause
actual results to differ materially from those anticipated by the
Company including, but not limited to: the risks of currency
fluctuations; changes in gas prices and netbacks in Turkey; uncertainty regarding the contemplated
timelines and costs for the deep evaluation in 2018 and 2019; the
risks of disruption to operations and access to worksites, threats
to security and safety of personnel and potential property damage
related to political issues, terrorist attacks, insurgencies or
civil unrest in Turkey; political
stability in Turkey; the
uncertainty regarding government and other approvals; counterparty
risk; potential changes in laws and regulations; and risks
associated with weather delays and natural disasters. The
forward-looking information included in this news release is
expressly qualified in its entirety by this cautionary statement.
The forward-looking information included herein is made as of the
date hereof and Valeura assumes no obligation to update or revise
any forward-looking information to reflect new events or
circumstances, except as required by law. See the AIF for a
detailed discussion of the risk factors.
Additional information relating to Valeura is also available on
SEDAR at www.sedar.com
Neither the Toronto Stock Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Toronto Stock Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Valeura Energy Inc.