Valeura Energy Confirms Gas Discovery in Turkey

Canada-based Valeura Energy has confirmed a natural gas discovery at its first exploration well in Turkey.

In a statement published Monday, the company stated that its first exploration well Bati Gurgen-1 on its 100 percent owned and operated Banarli licences in the Thrace Basin of Turkey, flowed at an initial restricted rate of 3.4 million cubic feet per day (MMcf/d) on a 24-hour production test.

Valeura drilled its first two exploration wells in November and December 2015, with encouraging results. Since that time, completion and testing of the first well Bati Gurgen-1 and construction of tie-in facilities have been underway targeting first gas at the end of January 2016. The Bati Gurgen-1 exploration well was spudded on November 10, 2015. The completion and flow testing program for the well commenced on December 9.

The second well, Yayli-1, was spudded on December 1, 2015. Completion and testing of the well is expected to commence this month following release of the service rig from the Bati Gurgen-1 well.

The company also said that preliminary fourth quarter 2015 net petroleum and natural gas sales in Turkey averaged 806 barrels of oil equivalent per day (boe/d), which was in line with annual guidance and included 4.8 MMcf/d of natural gas at an average price realization of approx. $9.90 per thousand cubic feet (Mcf), and 7.0 barrels per day (bbl/d) of oil and condensate.