Valeura Energy Inc. has announced successful drilling results at an appraisal well in the Thrace Basin of Turkey.

The Gurgen-2 appraisal well is on-stream and producing at an average restricted rate of 3.0 million cubic feet per day ("MMcf/d") (gross).

Valeura has made three conventional natural gas discoveries in the Osmanli area in the third quarter of 2014 on the joint venture lands acquired from Thrace Basin Natural Gas (Turkiye) Corporation ("TBNG") and Pinnacle Turkey Inc. ("PTI") (the "TBNG JV") (Valeura 40%).

The Gurgen-1 discovery well was the most productive of the three discovery wells and has been on-stream for 62 days at an average restricted rate of 3.1 MMcf/d (gross) at choke sizes ranging from 18/64 to 22/64 inches.

Gurgen-2, the first of two planned appraisal wells on the Gurgen discovery, was spudded on November 30 and was drilled in 14 days to a vertical depth of 2,000 metres into the Osmancik formation. The well is located approximately 500 metres southeast of Gurgen-1.

The second appraisal well, Gurgen-3, was spudded on January 3, 2015. The well location is approximately 500 metres southeast of Gurgen-2

Valeura holds interests in 14 production leases and exploration licences in Turkey.