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Beitrag22/52, 10.05.18, 16:51:38 
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Valeura loses $2.43-million in Q1



2018-05-09 21:07 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES FIRST QUARTER 2018 RESULTS AND UPDATES ON PROGRESS FOR APPRAISAL ACTIVITIES

Valeura Energy Inc. has released highlights of its financial and operating results for first quarter 2018.

the Company released the DeGolyer and MacNaughton external resource report on February 6, 2018 (the "D&M Resource Report"), which attributed 10.1 trillion cubic feet ("Tcf") of estimated unrisked mean prospective resources of natural gas (5.2 Tcf risked), which includes 236 MMbbls of condensate, to Valeura's working interest of the basin centered gas accumulation ("BCGA") discovered with the Yamalik-1 well;
the Company closed a $60 million (gross) bought deal financing on March 1, 2018 which will fund Valeura's 2018 and 2019 capital program, including the appraisal of the BCGA;
the Company's shallow gas production was cash flow positive in Q1 2018;
BOTAS, who own and operate Turkey's crude oil and natural gas pipeline grid, increased Turkey's reference natural gas price by almost 25% with increases on January 1 and April 1, 2018. The Company's realised gas price is subject to exchange rate variations, such that in Canadian dollars, the realised price for April 2018 was 17% higher than Q4 2017.


"This was a transformative quarter for Valeura," said Sean Guest, President and CEO, "Our external resource report confirmed the world-class scale of the unconventional gas resource we discovered in Turkey and we raised funds to see the Company through a definitive appraisal program."

"Our balance sheet is in excellent shape, and planning is now in full swing for the work program ahead. In addition, we are encouraged by the recent changes in Turkey's gas reference price, which help to confirm the long-term value proposition for our basin centered gas accumulation."

Valeura has made progress toward its key BCGA appraisal activities. The Yamalik-1 well tie-in and long-term testing is on track for early Q3 2018 operations. Related pipeline approvals have been received and construction is now under way. The first of three appraisal wells, Inanli-1, is planned to spud in late Q3 2018.

Also subsequent to quarter end, the Company completed processing newly acquired 3D seismic data and information has been merged into the existing dataset. Interpretation is in progress and will form part of the planning process for additional appraisal wells.

FINANCIAL AND OPERATING RESULTS SUMMARY

Financial Results Summary



Three Months Ended Three Months Ended Three Months Ended
Financial March 31, 2018 Dec. 31, 2017 March 31, 2017
(thousands of CDN$ except share and per share amounts)
Petroleum and natural gas revenues 3,469 3,824 3,088
Adjusted funds flow (1) 545 (446) (2,883)
Net loss from operations (2,435) (946) (2,001)

Operations
Production
Crude oil (barrels ("bbl")/d) 15 9 3
Natural Gas (one thousand cubic feet ("Mcf")/d) 5,066 6,176 4,825
BOE/d (@ 6:1) 859 1,038 807
Average reference price
Brent ($ per bbl) 84.56 78.05 71.28
BOTAS Reference ($ per Mcf) (2) 7.49 6.65 7.12
Average realized price
Crude oil ($ per bbl) 82.61 82.78 72.83
Natural gas ($ per Mcf) 7.37 6.61 7.06
Average Operating Netback
($ per BOE @ 6:1) (1) 25.34 22.35 28.62

Notes:
See the Company's 2018 management's discussion and analysis filed on SEDAR for further discussion.
(1) The above table includes non-IFRS measures, which may not be comparable to other companies.
Adjusted funds flow is calculated as net income (loss) for the period adjusted for non-cash items
in the statement of cash flows. Operating netback is calculated as petroleum and natural gas
sales less royalties, production expenses and transportation costs.
(2) BOTAS regularly posts prices and its Level-2 Wholesale Tariff benchmark is shown herein as
a reference price. See the Company's 2017 annual information form filed on SEDAR for further
discussion.



On March 1, 2018, the Company closed a bought deal financing for $60.0 million (gross) that resulted in the issuance of 10,527,000 common shares. This financing yielded $55.4 million in net proceeds to the Company which is reflected in the increased net working capital surplus and the cash position at the end of Q1 2018.

Net petroleum and natural gas sales in Q1 2018 averaged 859 BOE/d, which was 17% lower than Q4 2017 and 6% higher than the same period last year. While Valeura continues to undertake low cost workover activities across its conventional gas fields, and will drill one shallow conventional well in Q2 2018, the Company is focusing its technical and drilling efforts on appraisal of its BCGA play.

Adjusted funds flow for Q1 2018 was an inflow of $0.5 million compared to an outflow of $2.9 million for the same period in 2017. Adjusted funds flow for Q1 2017 was negatively impacted by expenses related to the TBNG acquisition and the Banarli farm-in, including transaction costs, income taxes and realized foreign exchange losses. Income tax related to these transactions continued into Q4 2017. These were one-time expenses that did not recur in Q1 2018, and combined with the effect of higher volumes and prices, the Company generated positive adjusted funds flow for the quarter.

Net loss from operations was $2.4 million for Q1 2018, compared to a loss of $1.0 million in Q4 2017 and a loss of $2.0 million in Q1 2017. The net loss is due to non-cash items including depletion and depreciation, accretion on decommissioning liabilities, share based compensation and deferred tax expense.

2018 OUTLOOK

Valeura is fully focused on appraising and de-risking its BCGA discovered by the Yamalik-1 well. The objective of the 2018 and 2019 work program is to demonstrate that over-pressured gas is pervasive across Valeura's Thrace Basin lands and to show that commercial flow rates can be achieved. The key activities to support this objective are the tie-in and long-term testing of the Yamalik-1 well and a three well appraisal program.

Further testing of Yamalik-1 remains on schedule with activity planned to commence in early Q3 2018. Appropriate test equipment has been acquired in North America and is currently being mobilized to Turkey. Once this equipment arrives in Turkey, the Yamalik-1 testing program can resume. Pipeline approval to tie the Yamalik-1 well in to Valeura's gas marketing infrastructure is in place and construction is underway. The line will be commissioned in advance, so gas flaring during the testing phase can be reduced and eliminated for the long term test.

The first well in the appraisal drilling program will be Inanli-1. The well will be drilled 6 km to the north-east of the Yamalik-1 discovery well, in an area with high quality 3D seismic imaging. Inanli-1 is being designed to test the vertical extent of the BCGA, which includes planning to drill to a depth of 5,000m.

Preliminary locations for the second and third wells have been identified, and will be confirmed based on interpretation of the new Karaca 3D seismic data acquired in 2017. Final processing of this seismic survey and merging with Valeura's existing 3D datasets is complete and these data are being interpreted now.

The delineation drilling campaign is on schedule to commence in late Q3 2018 and the three wells will be drilled back-to-back. Each well is expected to take about two to two and half months to drill. Assuming that the well is successful, after the rig has completed drilling operations, the well will then be fraced and production tested. Procurement activities for the rig and the required equipment are in progress with long lead items having been ordered and a rig contract is anticipated to be signed in Q2 2018. The Inanli-1 well drilling and testing program will be fully funded by Valeura's joint interest partner, Statoil, and will complete their earning obligations under the Banarli farm-in agreement.

The Company will drill one shallow gas well in Q2 2018 in one of the West Thrace licenses. The Karanfiltepe-7 well will target a conventional fault-bounded trap and will be drilled to approximately 1,450m. The well must be spudded prior to June 27, 2018 to maintain the license in good standing.

In all its activities, the Company remains committed to continuing its safe operations and ensuring that operational and administrative functions are conducted in the most cost-efficient way.

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.


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Beitrag21/52, 28.06.18, 21:35:59 
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Valeura to begin drilling at Yamalik-1 well in July



2018-06-28 13:38 ET - News Release



Mr. Sean Guest reports

VALEURA PROVIDES AN OPERATIONS UPDATE, BASIN CENTERED GAS ACCUMULATION APPRAISAL PROGRAM BEGINS

Valeura Energy Inc. has provided an operations update concerning its basin centred gas accumulation appraisal program in the Thrace basin of Turkey.

"Major contracts and regulatory approvals are in place and well operations are about to begin," commented Sean Guest, President and CEO, "We have developed a definitive program to appraise the basin centred gas accumulation and the team is excited to return to active operations."

Yamalik-1

The Company's plan for the Yamalik-1 well remains intact. Equipment, including a snubbing rig and a production test unit, will start arriving on location in the first week of July 2018, with well operations expected to begin the week thereafter. The objective is to drill out the existing plugs in the well to allow for a comingled test from all eight frac'ed intervals. Valeura is then planning to immediately tie-in the well to the Company-owned production facilities via a new pipeline which is nearing completion. Tie-in will allow for gas sales and long-term testing.

Appraisal Drilling

Valeura has obtained all land permitting and regulatory approvals to begin operations on Inanli-1, the first basin centred gas accumulation appraisal well. Construction of the well location is expected to commence in July 2018, followed by mobilization of the drilling rig to the site in August 2018 and spud of the well in September 2018.

The Inanli-1 location is approximately 6 km to the north-east of Yamalik-1 and is designed to be drilled to a depth of 5,000 m. This is approximately 800 m deeper than Yamalik-1 which stopped drilling while still within an overpressured gas column. Given the deeper total depth, Valeura expects the well will extend the proven gas column, which would then increase gas volumes in the DeGolyer and MacNaughton external resource report released on February 6, 2018, which attributed 10.1 trillion cubic feet of estimated unrisked mean prospective resources of natural gas including 236 MMbbls of condensate to Valeura's working interest of the basin centred gas accumulation.

Results from Inanli-1 can be expected around late November 2018 given the significant coring and data acquisition currently planned for the well. Assuming the well is successful, it will be frac'ed, tested and tied into the Company's sales facilities to maximize technical data collection. The costs of Inanli-1 will be carried by Statoil Banarli Turkey B.V. (now referred to as "Equinor" following the Statoil's recent name change), and will complete Equinor's earning obligations under the Banarli farmout agreement.

Valeura and its partner Equinor plan to drill two additional appraisal wells. The newly-acquired 3D seismic data is being used to select optimal drilling locations so as to optimally delineate the basin centred gas accumulation play. The two wells are planned to be drilled in a continuous sequence immediately following Inanli-1.

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.


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Beitrag20/52, 01.08.18, 17:59:07 
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Valeura cheers higher natural gas prices in Turkey

2018-07-31 20:52 ET - News Release

Mr. Sean Guest reports

VALEURA ANNOUNCES INCREASED NATURAL GAS PRICES


There has been an immediate increase in the sale price of Valeura Energy Inc.'s natural gas production in Turkey. Boru Hatlari ile Petrol Tasima Anonim Sirketi (BOTAS), which owns and operates Turkey's crude oil and natural gas pipeline grid, has announced that effective Aug. 1, 2018, Turkey's natural gas reference price will increase 49.5 per cent for power generation customers, and 14 per cent for Valeura's other industrial and commercial customers.

This is the third price increase in calendar 2018, following increases of 10% effective April, 2018 and 14% effective January 1, 2018. Given today's exchange rates, power generation customers will now pay the equivalent of C$9.82/mcf, and Valeura's other customers the equivalent of C$7.49/mcf. BOTAS has also announced that while the prices will remain locally denominated in Turkish lira, power generation customers will transact with BOTAS in US dollars, at daily exchange rates.

"Price increases by Turkey's regulators are very welcome news. This ongoing trend gives us greater confidence in the long-term value of the Basin Centered Gas Accumulation resource we are appraising in Turkey, as we anticipate Turkish pricing to continue to track broadly in line with European import prices," commented Sean Guest, President and CEO, "This also has an immediate positive effect on our revenues. We expect to see our overall price realizations increase by a minimum of 14%, as we have historically sold production to a mix of industrial, commercial, and power generation customers."


...............

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Beitrag19/52, 09.08.18, 22:58:49 
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Valeura loses $1.4-million in Q2



2018-08-08 20:54 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES SECOND QUARTER 2018 RESULTS AND RESTART OF OPERATIONS AT YAMALIK-1

Valeura Energy Inc. has released its financial and operating results for second quarter 2018 and has restarted operations at the Yamalik-1 well. Yamalik production testing is the first step in the Company's appraisal of its unconventional gas discovery in Turkey, which has been evaluated by DeGolyer and MacNaughton to hold 10.1 trillion cubic feet of estimated working interest unrisked mean prospective resources of natural gas.

Financial and Operating Highlights for Q2:

Yamalik-1: Preparations for the Yamalik-1 long-term production test progressed smoothly throughout the quarter, including sourcing and importing suitable production testing equipment and constructing a pipeline to tie the well in to Valeura's gathering and processing infrastructure. All required equipment is now onsite and operations have resumed.

BCGA appraisal drilling: Permitting of multiple well locations was completed in the quarter and procurement activities for the three well appraisal drilling program progressed on plan for a spud of the first well, Inanli-1, around the end of Q3 2018. Well site construction has commenced and the rig is currently being mobilized. The Company also selected the second appraisal well, Devepinar-1, which will be located in the West Thrace Lands 18km west of Yamalik-1.

Conventional gas: The Company's shallow, conventional gas play continued to provide a modest, reliable production stream of 736 boe/d average production, generating revenue of C$2.9 million. The Company drilled the Karanfiltepe-7 commitment well, which was a gas discovery and is now tied in and producing.

Balance Sheet: Valeura's Balance Sheet remained strong throughout the quarter, with an ending working capital position of C$60.3 million.

"We have had an exciting quarter as the team prepares to begin appraisal operations on our 10 Tcf gas discovery in Turkey," said Sean Guest, President and CEO, "I am very pleased to have our operations team back at work on the Yamalik-1 well, and look forward to seeing the results of our production testing in the coming weeks and months. In addition, we have made great progress in preparing for the appraisal drilling program. All permits, approvals, and major contracts are in place with a plan to spud the first well, Inanli-1, at the end of Q3 2018."

"Our balance sheet remains in excellent shape, with enough working capital to see us through our share of the appraisal of the unconventional basin-centered gas accumulation (BCGA). Additionally, recent moves by Turkey's regulators to again increase Turkish gas prices has offset weakening in the Turkish Lira and continues to demonstrate that our selling price of natural gas in Turkey should remain approximately in line European import prices. This gives us more confidence than ever in the long-term value of our unconventional gas resources in Turkey."

FINANCIAL AND OPERATING RESULTS SUMMARY

FINANCIAL RESULTS SUMMARY

Three Three Six Three Six
months months months months months
ended ended ended ended ended
June 30, March 31, June 30, June 30, June 30,
2018 2018 2018 2017 2017
Financial
(thousands of CDN$ except share and per share amounts)
Petroleum and natural gas revenues 2,949 3,469 6,418 3,764 6,852
Adjusted funds flow (used) (1) 461 545 1,006 959 (1,924)
Net loss from operations (1,404) (2,435) (3,839) (526) (2,527)
Exploration and development capital 1,128 874 2,002 4,011 5,943
Acquisitions - - - - 21,450
Dispositions - - - (3,973) (26,288)
Net working capital surplus 60,296 58,824 60,296 8,618 8,618
Cash 55,945 56,899 55,945 9,903 9,903
Operations
Production
Crude oil (barrels ("bbl")/d) 9 15 12 9 6
Natural Gas (one thousand cubic feet ("Mcf")/d) 4,360 5,066 4,711 5,550 5,189
boe/d (@ 6:1) 736 859 797 934 871
Average reference price
Brent ($ per bbl) 96.23 84.56 90.32 66.63 68.82
BOTAS Reference ($ per Mcf) (2) 7.33 7.49 7.48 7.47 7.29
Average realized price
Crude oil ($ per bbl) 95.77 82.61 87.59 68.39 69.64
Natural gas ($ per Mcf) 7.24 7.37 7.31 7.34 7.21
Average Operating Netback ($ per boe @ 6:1) (1) 22.53 25.34 24.05 22.38 25.26

Notes:
See the Company's 2018 management's discussion and analysis filed on SEDAR for further discussion.
(1) The above table includes non-IFRS measures, which may not be comparable to other companies.
Adjusted funds flow is calculated as net income (loss) for the period adjusted for non-cash items
in the statement of cash flows. Operating netback is calculated as petroleum and natural gas sales
less royalties, production expenses and transportation costs.
(2) Boru Hatlari ile Petrol Tasima Anonim Sirketi ("BOTAS") regularly posts prices and its Level-2
Wholesale Tariff benchmark is shown herein as a reference price. See the Company's 2017 annual
information form (the "2017 AIF") filed on SEDAR for further discussion.



Net petroleum and natural gas sales in Q2 2018 averaged 736 boe/d, which was 14% lower than Q1 2018 and 21% lower than the same period last year. While Valeura continues to manage its production operations including activities such as selective low-cost workovers, well abandonments, and drilling the Karanfiltepe -7 commitment well in its conventional gas fields, the Company is focusing its technical efforts and its capital allocation on appraisal of its BCGA play.

Adjusted funds flow for Q2 2018 was $0.5 million compared to $1.0 million for the same period in 2017. The decrease in adjusted funds flow in Q2 2018 was primarily due to lower revenues caused by lower production volumes partially offset by decreased production costs. Lower production is the result of significantly reduced drilling activity on the shallow conventional gas play in 2018 while the focus remains on the BCGA unconventional play.

Net loss from operations was $1.4 million for Q2 2018, compared to a loss of $2.4 million in Q1 2018 and a loss of $0.5 million in Q2 2017. The net loss is due to non-cash items including depletion and depreciation, accretion on decommissioning liabilities, share based compensation and deferred tax expense.

2018 OUTLOOK

Valeura is fully focused on appraising and de-risking its BCGA discovered by the Yamalik-1 well. The objective of the 2018 and 2019 work program is to demonstrate that over-pressured gas is pervasive across Valeura's Thrace Basin lands and to show that commercial flow rates can be achieved. The key activities to support this objective are the tie-in and long-term testing of the Yamalik-1 well and a three well appraisal program.

The Company has sourced production test equipment appropriate for the flow back of the Yamalik-1 well post fracing. All required equipment has now arrived on the Yamalik-1 well site and operations have commenced. Assuming a successful test, the well will be immediately completed and tied in to Valeura's gas infrastructure, with production sold to Valeura's existing customers. The pipeline was completed and commissioned in advance of testing operations, so as to eliminate the need for gas flaring during the long-term test.

Inanli-1 is the first well in the appraisal drilling program and is planned to be drilled to a depth of 5,000m. The well location is 6 km northeast of Yamalik-1 and has been selected to target an area of the play interpreted to have more natural fracturing of the reservoir than Yamalik-1. All government permits have been received for the well location and construction of the well pad has commenced. KCA Deutag will provide a 2,000hp drilling rig for the three-well campaign and it is currently being mobilized to Turkey with expected arrival at the end of August. Other key long-lead items have been procured, with all equipment and services planned to be available for a spud of the well around the end of Q3 2018. Valeura is planning an extensive data acquisition program for the well, including more than 300m of core. The well is expected to take approximately 80 days to drill and case for testing. Results of the well are expected in the second half of Q4 2018. With success, Inanli-1 will be fraced and flow tested in Q1 2019. Equinor will fund the drilling and testing of Inanli-1 which will fulfill their earning obligations under the Banarli farm-in agreement.

Valeura and its partners have selected Devepinar-1 as the second well in the appraisal campaign. This well will be drilled approximately 18km west of Yamalik-1. The location was selected as a significant step out from the Yamalik and Inanli sites to prove that the BCGA play is pervasive across to the west margin of the basin. Government permits have been received for the well location. Seven additional well locations have been approved by the government as potential sites for the third well.

In the shallow, conventional gas production play, subsequent to the end of Q2, the Company completed the tie-in of the Karanfiltepe-7 well which was a gas discovery. The Company is also continuing with its plan of selective low-cost workovers throughout the conventional play, to slow the natural decline from the existing fields.

In all its activities, the Company remains committed to continuing its safe operations and ensuring that operational and administrative functions are conducted in the most cost-efficient way.

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.

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Beitrag18/52, 13.08.18, 22:12:36 
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Valeura says Turkish lira drop affects share price



2018-08-13 16:01 ET - News Release



Mr. Sean Guest reports

VALEURA COMMENTS ON SHARE PRICE PERFORMANCE

Valeura Energy Inc. has commented on the recent drop in the price of its shares and increased trading volume. The company notes that this coincides with a drop in the value of the Turkish lira over the same period.

Valeura is fully focused on appraising and derisking its basin-centered gas accumulation (BCGA) in Turkey (discovered by the Yamalik-1 well in 2017). As part of its appraisal program spanning 2018 and 2019, the company has started operations to production test the Yamalik-1 well. The company confirms that there is no information from that testing operation which would cause the decline in the share price. Results from the production testing are expected in two to three weeks.

The company continues to believe that the BCGA in Turkey offers tremendous long-term value, both for Turkey and for Valeura shareholders.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey.

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Beitrag17/52, 05.09.18, 22:09:07 
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Valeura Energy notes increased gas prices in Turkey



2018-09-05 15:32 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES INCREASED GAS PRICES AND OPERATIONS UPDATE CANADA NEWSWIRE CALGARY, SEPT. 5, 2018

Valeura Energy Inc. has noted an increase in gas prices and provide an update on appraisal operations.

Gas Price Increase

Effective September 1, 2018, Boru Hatlari ile Petrol Tasima Anonim Sirketi ("BOTAS"), who own and operate Turkey's crude oil and natural gas pipeline grid, has announced a further increase in Turkey's natural gas reference price by 14% for industrial and commercial customers.

This is the fourth price increase in calendar 2018, resulting in local prices having increased by 63% so far this year, on a compounded basis. While gas prices are denominated in Turkish Lira, these frequent and ongoing adjustments to the reference price result in exchange rate-adjusted prices broadly in line with prevailing European gas prices, and Valeura continues to realize stable prices in the C$7/mcf range.

"This ongoing trend of gas price corrections helps to ensure the long-term value of our Basin Centered Gas Accumulation (or "BCGA")." commented Sean Guest, President and CEO, "Our net 10.1 Tcf of mean unrisked prospective resources remain just as valuable as when we first announced it in February 2018, and we are expecting material data points in the coming months as our appraisal operations start to de-risk the play."

Operations Update

Valeura has achieved a milestone in its recompletion operations on the Yamalik-1 well. As of today, the Company has safely drilled through all the plugs that were set during the initial frac'ing and cleaned out the well to bottom. The wellbore will now be fitted with production tubing for clean-up and testing and then the well will be put on long-term test through the Company's owned gathering infrastructure.

Site construction at the Inanli-1 location is progressing on plan. The KCA Deutag drilling rig has arrived in Turkey and will be mobilized to the location in the coming weeks. Equipment and operations remain on track for a spud around the end of Q3, with initial results expected in late Q4. The Inanli-1 well is designed to be drilled to a depth of 5,000 m, approximately 800 m deeper than Yamalik-1. The costs for Inanli-1 will be carried by Equinor, while Valeura will fund its working interest share for the two additional appraisal wells, which will be drilled immediately after Inanli-1.

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.

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Beitrag16/52, 17.09.18, 20:31:05 
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Valeura tests Yamalik-1 well at 2.53 mmcf/d



2018-09-17 06:34 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES INITIAL PRODUCTION RATES FROM YAMALIK-1 WELL LONG-TERM TEST

Valeura Energy Inc. has successfully recompleted the Yamalik-1 well and released initial production rates.

The well was successfully recompleted by drilling out the plugs and installing production tubing to allow for a long-term production test on a comingled basis. The well began producing gas and condensate on Sept. 12, 2018. At the end of 24 hours of continuous production, the flow rate was 2.53 million cubic feet per day through a 20/64ths-inch choke with a wellhead pressure of 2,535 pounds per square inch.

Four days into the production test the well was beginning to show signs of stabilized flow, with gas rates currently at 1.40 million cubic feet per day. The well is still in cleanup with an average frac water return rate of 870 barrels/day and the amount of frac water recovered is estimated to be 33 per cent. Initial analysis on the composition of the water indicates that this is primarily frac fluid. The average condensate rate over the first four days of production is 49 bbl/one million cubic feet.

In the coming days, Valeura expects to begin producing the well through its infrastructure. Long-term production data from this well are an important part of the continuing appraisal program of the basin-centred gas accumulation (BCGA).

"I am delighted to once again be able to announce flow rates from the Yamalik-1 well and to confirm the presence of a significant amount of condensate," commented Sean Guest, president and chief executive officer. "We are all pleased with the initial flow rate given that this is our first real fracking program in this play, albeit a relatively modestly sized eight-stage frac to test selected sands comprising less than half of the interpreted net pay in Yamalik. Long-term production data will help us to better determine the flow potential of this reservoir, and the production of gas and condensate will provide an immediate increase to our revenues."

The company is preparing to spud Inanli-1, the first of three appraisal wells, in the next month with well results expected in late the fourth quarter of 2018. Key equipment, including a drilling rig, is being mobilized to the drilling location, which is approximately six kilometres to the northeast of the Yamalik-1 discovery well.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey.

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Beitrag15/52, 10.10.18, 20:23:51 
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Valeura Energy begins deep appraisal drilling in Turkey



2018-10-09 07:11 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES START OF DEEP APPRAISAL DRILLING, FURTHER INCREASE TO TURKISH GAS PRICES

Valeura Energy Inc. has started deep appraisal drilling on its basin-centred gas accumulation (BCGA) play in Turkey. There has been a further increase in the reference price for natural gas in Turkey.

Inanli-1 appraisal well

The Inanli-1 appraisal well was spudded on Oct. 8, 2018, using the KCA Deutag T-700 drilling rig. The well has been designed to drill to a depth of 5,000 metres and is intended to test the vertical extent of the BCGA at a location approximately six kilometres to the northeast of the discovery well location. In addition, the drilling program includes an extensive data-gathering plan including logging, coring and flow testing. Drilling operations are expected to take approximately 80 days, after which the well will be fracture stimulated to test select intervals.

"This is an exciting step for Valeura," commented Sean Guest, president and chief executive officer. "We have learned a great deal from the Yamalik-1 discovery well, but it had to stop drilling while still in a gas column due to high pressures. We are eager to test the full vertical and lateral extent of the BCGA through appraisal drilling."

Valeura is the operator of the well, but costs are being carried by the company's joint venture partner Statoil Banarli Turkey BV as a condition of their farm-in agreement. Following Inanli-1, Valeura intends to drill two additional appraisal wells, on a back-to-back basis, with both companies paying their respective working interest share of the costs.

Gas price increase

Effective Oct. 1, 2018, Boru Hatalari ile Petrol Tasima Anonim Sirketi (BOTAS), which owns and operates Turkey's crude oil and natural gas pipeline grid, announced a further increase in Turkey's natural gas reference price by 18.5 per cent, as denominated in Turkish lira. At current exchange rates, the new reference price is approximately $8.15 per thousand cubic feet. This is the fifth increase in Turkish gas prices this year reflecting both an increase in regional gas prices and offsetting the decline in the Turkish lira.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey.

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Beitrag14/52, 13.11.18, 21:16:29 
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Valeura Energy loses $2.64M from ops in Q3



2018-11-13 06:26 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES THIRD QUARTER 2018 RESULTS AND CONTINUING APPRAISAL OF ITS BASIN CENTERED GAS ACCUMULATION

Valeura Energy Inc. has released its financial and operating results for the third quarter of 2018 and has provided an update on its continuing appraisal program. The company's unconventional basin-centred gas accumulation (BCGA) discovery in Turkey has been evaluated by DeGolyer and MacNaughton to hold 10.1 trillion cubic feet of estimated working interest unrisked mean prospective resources of natural gas, which includes 236 million barrels of condensate.

Financial and operating highlights:

......

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Beitrag13/52, 20.12.18, 21:20:45 
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Valeura expects to finish Inanli-1 drilling in January



2018-12-20 09:07 ET - News Release



Mr. Sean Guest reports

VALEURA APPRAISAL DRILLING OPERATIONS UPDATE

Valeura Energy Inc. has provided an update on appraisal drilling operations, which the company is undertaking with its joint venture partner, Statoil Banarli Turkey BV (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.

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Beitrag12/52, 29.01.19, 20:48:58 
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Valeura hits 1,615 m of sandstone in Inanli-1 well



2019-01-28 07:39 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES POSITIVE RESULTS FROM THE INANLI-1 APPRAISAL WELL

Valeura Energy Inc. has finished successfully drilling and logging the Inanli-1 appraisal well.

Highlights:

Inanli-1 drilled to a total depth of 4,885 metres;
The objective section from 3,270 metres to 4,885 metres (1,615 metres gross column) is high net to gross sandstone that is interpreted to contain overpressured gas;
More natural fracturing encountered than in Yamalik-1, including four standout intervals;
Two reservoir sweet spots encountered that can be correlated to offsetting wells;
The well being cased and will be left in a state ready for completion fracking and production testing;
Completion operations planned to commence around the end of the first quarter.


Drilling operations

Inanli-1 was drilled safely to a total depth of 4,885 metres (TD), at which point the associated time and cost to trip the drill pipe for a new drill bit drove the decision to call TD. The well is currently being cased and will be left in a state ready for completion, fracking and production testing. The rig will be released from the location in the coming days and will begin relocating to the next appraisal well location, Devepinar-1.

The key objectives of the well were to prove that the overpressured, gas-bearing reservoir discovered in the Yamalik-1 exploration well is laterally continuous and is indicative of a basin-centred gas accumulation (BCGA), to test for effective reservoir and overpressured gas at deeper depths than Yamalik-1, and to test for the presence of natural fracturing in the reservoir as predicted from the company's seismic and geological studies. All of these objectives have been met.

Costs for the drilling, coring and logging evaluation are carried by Equinor Turkey BV under the Banarli farm-in agreement up to 10 per cent above the approved AFE. Current cost estimates suggest the final cost will be approximately 110 per cent of the approved AFE.

Positive evaluation

Based on drilling and wireline logging data, Inanli-1 encountered the top of the primary objective sands at 3,270 metres at the base of the Mezardere formation, after which high net to gross sandstone was present almost continuously down to TD within the Kesan formation. The well recorded gas shows throughout drilling operations, and based on both drilling and wireline data, the 1,615-metre gross column below 3,270 metres is interpreted to contain overpressured gas.

The drilling data, core analysis and wireline image logs all indicate that Inanli-1 encountered more natural fracturing than was seen in Yamalik-1. In particular, there are four intervals of interest which stand out as being moderately to intensely fractured, covering approximately 600 gross metres. Two of these are in the shallower portion of the objective section, in the upper Kesan formation, while two are deeper, including one just above TD. These results appear to support the predrill fracture predictions from the 3-D seismic data.

Based on the extensive data acquired, the evaluation suggests that the best reservoir was encountered in the shallower sands of the upper Kesan formation. In particular, two reservoir sweet spots are interpreted over an interval from approximately 3,270 to 3,750 metres, which also exhibit increased natural fracturing. Importantly, these zones can be correlated laterally to offsetting wells, suggesting that Inanli-1 has encountered the same prospective reservoir intervals as previously observed. The lateral continuity of target reservoir intervals will be important in the future for planning potential horizontal development wells. The matrix porosities of the objective sandstones in Inanli-1 gradually decrease with depth along the compaction trend predicted from the Yamalik-1 core and wireline data. However, natural fracturing is more extensive at this location which could enhance the effective porosity and permeability of these fractured sands at depth. The planned fracking and testing program on Inanli-1 is expected to test the productivity of these and other interpreted reservoirs in the well.

Sean Guest, president and chief executive officer, commented: "These results further support the interpretation of a basin-centred gas accumulation in the Thrace basin. We are encouraged by the results and look forward to now drilling Devepinar-1, 20 kilometres west, to prove that the play is pervasive across the basin.

"Our attention is now turning to the completion and testing program for Inanli-1. With several reservoir sweet spots, and intervals of increased natural fracturing identified, we are eager to test flow rates and are focused squarely on starting the completion process."

Next steps

Valeura and its partner Equinor are interpreting the Inanli-1 data gathered from drilling, logging and core to define the fracking and completion program. As previously announced, fracking and testing operations are planned to commence around the end of the first quarter.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company currently engaged in the exploration, development and production of petroleum as well as natural gas in Turkey.


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Beitrag11/52, 20.02.19, 20:05:19 
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Valeura Energy starts drilling Devepinar-1 well



2019-02-20 06:04 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES COMMENCEMENT OF DRILLING AT THE DEVEPINAR-1 APPRAISAL WELL AND INANLI-1 COMPLETION PROGRAMME

Valeura Energy Inc. has commenced drilling operations at the Devepinar-1 appraisal well and has provided an update on the completion program for the Inanli-1 well.

Devepinar-1 drilling

Valeura spudded the Devepinar-1 appraisal well on Feb. 19, 2019, approximately 20 kilometres to the west of the Inanli-1 appraisal well. The location was selected by Valeura and its partners Equinor Turkey BV and Pinnacle Turkey International as a substantial stepout, intended to test the lateral extent of the basin-centred gas accumulation (BCGA) play to the western side of the basin. In continuing with its strategy to fully appraise its Thrace BCGA, the drilling program includes an extensive data-gathering plan. Given the success of Inanli-1 in demonstrating the presence of overpressured gas down to approximately 4,900 metres, Devepinar-1 is currently planned to focus on the most promising intervals, which are shallower. The well is planned to be drilled to 4,300 metres, and will take approximately 80 days, but the design will allow for the well to be deepened further if required.

The drilling, evaluation and casing of the well is expected to have a gross cost of approximately $25-million. Valeura is operator with a working interest of 31.5 per cent in the deep rights of the West Thrace exploration licence, with Equinor holding 50 per cent and Pinnacle the remaining 18.5 per cent.

Inanli-1 completion program

Multistage reservoir stimulation and flow testing operations on Inanli-1 will target at least four intervals of interest identified in the well's 1,615-metre gross objective section.

Valeura will return to well operations in the next few weeks to conduct a diagnostic fracture integrity test (DFIT) at the bottom of the well to confirm the maximum pressure. This is required to select equipment that will be used for the stimulation and testing operations. Details of the stimulation program and associated costs, to be financed by Equinor, are being developed based on flow simulation modelling and the company plans to employ production logging techniques to determine fluid composition and flow potential from each discrete interval. Where warranted, flow-back times may be extended to several weeks for individual intervals.

The company has procured long-lead items and consumables in relation to the completion program, and equipment is expected to be mobilized to the well site over the coming weeks, as it becomes available from prior operations. Stimulation and testing operations are expected to commence in April, 2019.

Sean Guest, president and chief executive officer, commented: "Devepinar-1 is an important appraisal well for the play and will help to indicate the lateral extent of the BCGA by stepping out a full 20 km from Inanli-1. Success here would validate our thesis that the BCGA is pervasive across the majority of our acreage.

"Meanwhile, we are eager to learn more about the individual zones of interest in Inanli-1 and continue to define a completion program that will maximize our understanding of the flow potential from each relevant interval."

Additional information relating to Valeura is also available on SEDAR and on the company's corporate website.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company currently engaged in the exploration, development and production of petroleum as well as natural gas in Turkey.

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Beitrag10/52, 14.03.19, 22:17:20 
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Valeura Energy loses $7.12M from ops in 2018



2019-03-14 06:59 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES FOURTH QUARTER 2018 FINANCIAL AND OPERATING RESULTS, YEAR-END 2018 RESERVES

Valeura Energy Inc. has released its financial and operating results for the three-month period ended Dec. 31, 2018, and the year ended Dec. 31, 2018, and year-end 2018 reserves and prospective resources.

The complete quarterly reporting package for the company, including the audited financial statements and associated management's discussion and analysis (MD&A) and the 2018 annual information form (AIF), have been filed on SEDAR and posted on the company's website.

2018 financial and operating results highlights:

Average fourth quarter 2018 realized gas prices of $9.06/1,000 cubic feet, up 36 per cent from the third quarter of 2018;
Fourth quarter 2018 average production of 623 barrels of oil equivalent per day, 2018 exit rate of 777 boe/d;
Fourth quarter 2018 operating netbacks of $32.48/boe, up 37 per cent from the third quarter of 2018;
Net working capital surplus at year-end of $59.5-million;
Total proven plus probable reserves of 7.35 million boe at year-end, down 6 per cent from the prior year;
Total proven plus probable reserves value of $87.5-million, up 35 per cent from the prior year;
Prospective resources of 10.1 trillion cubic feet of unrisked natural gas remains unchanged at year-end 2018.


Continuing operations and corporate highlights:

Devepinar-1 has been drilled to its intermediate casing point at 3,375 metres and is currently being readied for logging. There was a clear indication of overpressured gas prior to section total depth (TD).
Operations are continuing at Yamalik-1 with preparations for production logging tool (PLT) zonal analysis which is planned for the coming weeks.
Operations are continuing at Inanli-1 for a diagnostic fracture injectivity test (DFIT) in the coming weeks to assist in planning for reservoir stimulation and testing operations in the second quarter of 2019.
Preparation and filing of documents for listing of the company's common shares on the London Stock Exchange are continuing, with timing of announcement driven by final approval from the United Kingdom Listing Authority.


Sean Guest, president and chief executive officer, commented: "Our financial results from 2018 reflect the high value of gas in Turkey and reiterates why we have built a portfolio of scale in this optimally located market. With prices continuing to track the broader European markets, we have seen price realizations of more than $9/1,000 cubic feet, and coupled with our focus on managing production costs, we generated strong operating netbacks of $32.48/boe in the fourth quarter. These results bode well for the long-term value of our unconventional resource in Turkey, and underscore just how valuable our basin-centred gas accumulation (BCGA) play could be for Valeura shareholders.

"We are progressing our deep appraisal program on all fronts. The Inanli-1 well accomplished all its drilling objectives earlier this year, including encountering two intervals interpreted to be reservoir sweet spots, which correlate to Yamalik-1. We are about to embark on an exciting completion program at Inanli. Meanwhile, the Devepinar-1 well is drilling ahead at a location 20 km to the west and will test the lateral extent of our play. Already we have seen early indications of overpressured gas, which confirms our mapping on the breadth of the play. At Yamalik-1, we continue to monitor the production and will re-enter the wellbore to conduct some zone-by-zone production analysis aimed at gathering as much data as possible.

......

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Beitrag9/52, 27.04.19, 19:02:37 
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Valeura drills Devepinar-1 well to 4,786 m



2019-04-26 06:37 ET - News Release



Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES OPERATIONS UPDATE

Valeura Energy Inc. has provided an operations update concerning its basin-centred gas accumulation (BCGA) appraisal program.

Highlights:

Devepinar-1 drilled to 4,796 metres with clear indications of overpressured gas throughout the 1,066-metre gross column in the Teslimkoy and Kesan formations;
Inanli-1 pressure measurements confirm the well is significantly overpressured, and the reservoir stimulation and testing program is expected to commence in late May;
With 11 vertical wells now demonstrating high-pressure gas around the basin, the focus for data acquisition and operations is shifting to continued stimulation and production testing of drilled wells.


Sean Guest, president and chief executive officer, commented: "We are encouraged by the preliminary results we have seen from drilling and logging Devepinar-1. The data supports our play mapping and confirms that reservoir and overpressured gas are present some 20 kilometres away from the Yamalik-1 and Inanli-1 wells.

"At this stage, we have nearly a dozen wells across the basin that demonstrate the presence of overpressured gas and a laterally continuous objective reservoir. This basin is almost a half million acres in size and our recent penetrations have drilled up to a mile of continuous gross gas column. The scale of the resource is significant, and while we have a very good understanding of the basin's geology and the presence of overpressured gas, we have as yet only partially stimulated and flow tested one exploration well, Yamalik-1. Our near-term focus is shifting squarely to production testing multiple zones across our new wells to understand the gas flow characteristics of our reservoir both vertically and laterally."

Devepinar-1

The Devepinar-1 appraisal well was drilled safely to 4,796 metres, approximately 500 metres deeper than originally planned due to significant gas shows and faster drilling penetration rates. The top of the objective reservoir was encountered at 3,730 metres and the gross 1,066 metres of the Teslimkoy and Kesan formations are interpreted to be gas bearing down to the total depth of the well. During drilling operations, formation gas was circulated to surface and flared several times, and much of the deep drilling operation was conducted with mud weights in excess of 0.78 pound per square inch per foot to manage gas inflow.

The well met all of its drilling objectives and, most significantly, confirms the presence of overpressured, gas-bearing reservoir at the western flank of the mapped BCGA fairway. The log data and the higher penetration rates both indicate that the porosity at Devepinar-1 is higher when compared with the Inanli-1 and Yamalik-1 wells at similar depths. These results greatly increase the company's understanding of the lateral extent of the reservoir and occurrence of overpressure related to the company's basin-wide play mapping. The Devepinar-1 well has multiple zones of interest with the best zones of interest being located in the upper Kesan formation, as they were in the previously drilled wells.

High-grading of potential intervals of interest is now under way, in advance of developing a reservoir stimulation program, jointly with the company's partners.

The well was operated by Valeura, with costs shared proportionately based on the working interest share of each partner (Valeura 31.5 per cent). Despite the well being drilled deeper than anticipated, drilling and logging operations were conducted below budget. The well is currently being cased and will be left in a state ready for testing and completion.

Inanli-1

The Inanli-1 completion program commenced with a diagnostic fracture injectivity test (DFIT) to confirm high downhole pressures interpreted from mud weights during drilling. This is a critical step to ensure, among other things, surface equipment for the completion program is appropriately pressure rated to ensure safe operations. The lowest DFIT at 4,813 metres confirms a pressure gradient of 0.809 point per square inch per foot (significant overpressure), in line with observations made at Yamalik-1. A second extended DFIT is currently being conducted on a specific completion zone to establish formation fracture stimulation parameters and pore pressure prior to commencing reservoir stimulation operations. In accordance with the DFIT results, suitable equipment rated for up to 15,000 pounds per square inch has been sourced internationally and is being imported to Turkey. The company anticipates all equipment will be on site for the first fracture stimulation operations later in May, 2019.

The overall goal of the Inanli-1 completion program is to selectively test key intervals in the approximately 1,600-metre reservoir section and to provide definitive, longer-term flow results for each interval. Given the significant vertical interval, the completion has been tailored to test the deepest naturally fractured intervals (initial zones to be completed) to the shallower sweet spots (later in the program). The program is designed to include up to 10 fracs in as many as five separate flow zones and will incorporate more sophisticated flow tracing and longer flow periods than the Yamalik-1 completion. In service of this longer test program, the company has constructed a pipeline to the location so that gas can be captured through Valeura's local infrastructure and sold to customers.

The costs for the Inanli-1 stimulation and testing will be fully carried by Equinor and will complete their earning obligations under the Banarli farm-in agreement.

Near-term operations focus

Valeura and Equinor have now built a strong understanding of the geology of the BCGA play and the presence of overpressured gas, based on 11 vertical well penetrations, including Yamalik-1, Inanli-1, Devepinar-1 and eight other legacy wells. The two recent wells have both demonstrated that the overpressured gas extends down to almost 5,000 metres and that seismic data can be used to help predict natural fracturing ahead of drilling.

With a formidable body of new geologic knowledge, appraisal wells that are 20 kilometres apart, and up to a mile of vertical objective reservoir to evaluate, Valeura and Equinor believe the right next step is to focus operations on better understanding the rocks' flow characteristics with the objective to demonstrate commercial flow rates, rather than drilling another vertical well at this time. Accordingly, the KCA Deutag drilling rig will be released. Over the coming months, the completions of the Inanli-1 and Devepinar-1 wells will provide critical data on reservoir zones at varying depths, pressures, fracture density, hydrocarbon maturities and reservoir quality. These flow data will then be used to select the next drilling locations and to determine whether there are zones that should be considered as early horizontal development well targets.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey.

Since Valeura was established in 2010, the company has executed a number of transactions and currently holds interests in 20 production leases and exploration licences in the Thrace basin of Turkey totalling 460,000 acres (gross) or on a net basis 370,000 acres of shallow rights and 260,000 net acres of deep rights.

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Beitrag8/52, 09.05.19, 20:53:27 
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Valeura Energy loses $3.07-million in Q1



2019-05-09 06:10 ET - News Release



Mr. Sean Guest reports

VALEURA ENERGY INC ANNOUNCES Q1 2019 FINANCIAL AND OPERATING RESULTS

Valeura Energy Inc. has released its financial and operating results for the three-month period ended March 31, 2019.

The complete quarterly reporting package for the company, including financial statements and associated management's discussion and analysis (MD&A), has been filed on SEDAR and posted on the company's website.

Highlights from the first quarter of 2019 and subsequent events:

Average realized gas price of $9.20/1,000 cubic feet, up 1.5 per cent from the fourth quarter of 2018;
Average production of 768 barrels of oil equivalent per day, increased 23.3 per cent from Q4 2018;
Operating netback of $33.64/barrel of oil equivalent, up 3.6 per cent from Q4 2018;
Net working capital surplus of $56.1-million at March 31, 2019;
Significant progress drilling to derisk 10 trillion cubic feet equivalent of gas resource, net to Valeura;
Completed drilling the Inanli-1 appraisal well in January, 2019, down to 4,885 metres encountering a 1,615-metre column of indicated overpressured gas;
Drilled the Devepinar-1 appraisal well to a total depth of 4,796 metres in April, 2019, after drilling a 1,066-metre gross column of indicated overpressured gas;
Completed an additional listing of the company's common shares in the United Kingdom, with trading having commenced on the London Stock Exchange on April 25, 2019, under the ticker symbol VLU.


The company's focus for second quarter and third quarter 2019 activities will be on testing the flow potential of the long indicated gas columns intersected in its new wells as part of a process to derisk the commerciality of its 10 trillion cubic feet equivalent (286 billion cubic metres) of gas resource including 236 million barrels (32 million tonnes) of condensate, net to Valeura. The stimulation and production testing will be conducted on a zone-by-zone basis to provide more definitive flow characteristics and to measure gas and condensate properties. Identifying the zones that yield sustained gas flow will be critical to demonstrate the commerciality of the company's basin-centred gas accumulation (BCGA) play and will underpin the next stage of appraisal and the forward work program.

Sean Guest, president and chief executive officer, commented: "Our first quarter results from ongoing conventional operations were very strong, including realized prices above $9/1,000 cubic feet and operating netbacks above $33/boe. These metrics underscore the value of gas in Turkey and bolster our view of the significant value of our unrisked 10-trillion-cubic-foot-equivalent unconventional gas resource in the Thrace basin, where we are partnered with Equinor.

"We continued to build on our understanding of the geology of the BCGA play by appraisal drilling which substantiated our belief that the highly overpressured sandstone interval extends vertically down to nearly 5,000 metres and laterally out to the far western flank of the play fairway. Our confidence in our ability to map and predict the gas in place has greatly increased, and we now fully turn our focus to a detailed production testing program to identify the flow properties of the many different zones we have encountered.

"Financially, we remain in an excellent position and we expect to exit the year with approximately $40-million in working capital after the significant 2019 work program. Furthermore, we enter Q2 2019 with a clear forward plan to evaluate the commerciality of the play together with our partner Equinor."

Financial and operating results summary

FINANCIAL AND OPERATING RESULTS SUMMARY
(in thousands except share and per-share amounts)
Three months ended
March 31, 2019 Dec. 31, 2018 March 31, 2018
Financial
Petroleum and natural gas revenues $3,880 $3,150 $3,469
Adjusted funds flow (used) 454 3,078 545
Net (loss) from operations (3,070) (634) (2,435)
Exploration and development capital 5,682 3,282 874
Banarli farm-in (loss) (1,930) - -
Net working capital surplus 56,060 59,520 58,824
Cash 63,847 62,380 56,899
Operations
Production
Crude oil (barrels per day) 20 8 15
Natural gas (1,000 cubic feet/d) 4,488 3,689 5,066
Boe/d (at 6:1) 768 623 859
Average reference price
Brent ($ per bbl) 83.89 89.56 84.56
BOTAS reference ($ per mcf) 9.45 9.18 7.49
Average realized price
Crude oil ($ per bbl) 92.48 104.41 82.61
Natural gas ($ per mcf) 9.20 9.06 7.37
Average operating netback
($ per boe at 6:1) 33.64 32.48 25.34




Net petroleum and natural gas sales in Q1 2019 averaged 768 boe/d, which was 23 per cent higher than Q4 2018. This reflects strong continuing performance from the company's recent workover program on wells producing from conventional reservoirs.

Production revenue in Q1 2019 was $3.9-million, an increase of 23 per cent over Q4 2018. This is primarily the result of higher production during the quarter combined with continuing strong prices. Turkey's BOTAS reference price for gas increased by 2.9 per cent over the prior quarter, and average operating netbacks were $33.64/boe, an increase of 3.6 per cent over the prior quarter.

Exploration and development capital spending increased to $5.7-million in Q1 2019 as Valeura started paying its working interest share for the Devepinar-1 well. Capital spending was offset by a $1.9-million payment received from Equinor in relation to the final tabulated cost for the Karaca 3-D seismic program, compared with the commitment under the Banarli farm-in.

As of March 31, 2019, the company had a net working capital surplus of $56.1-million.

2019 outlook

The company has built a strong understanding of the geology of its BCGA play and has demonstrated the presence of high-pressure gas across the basin down to about 5,000 metres. There are now 11 wells around the basin that have all intersected high-pressure gas at depth, with the most recent being Yamalik-1, Inanli-1 and Devepinar-1, drilled by Valeura and its partners. The drilling results from Inanli-1 and Devepinar-1 this year have increased the company's confidence in its ability to predict reservoir, gas and stratigraphic intervals that may be more naturally fractured. At the same time, uncertainty related to the amount of in-place gas volumes across Valeura's lands has been reduced. The next, and critical, step will be stimulation and production testing many of the different zones that have been intersected to demonstrate that the gas will flow at sustainable, commercial rates.

In Q2 2019, the company will commence a zone by zone stimulation and production testing program across the two new wells. Inanli-1 intersected a gross gas column of 1,615 metres and the company has just completed two separate Diagnostic fracture integrity tests (DFITs) that have indicated the gas is at very high pressure at depth. Devepinar-1 encountered a 1,066-metre gross gas column and is interpreted to have better porosity than previous wells. There are significant variations in the reservoir and gas properties encountered, owing to the very long vertical sections penetrated and the substantial separation between the two wells, of approximately 20 kilometres. Therefore individual zone by zone testing is critical to understand how each interval will behave under flow conditions. Additionally, the company has reviewed the production logging test (the PLT) data from the Yamalik-1 well with Equinor and is now developing a plan to re-enter the well, with a view to isolating a portion of the column to conduct further selective zonal flow testing. These operations are expected to commence within the next month and will continue through Q2 and Q3 2019.

The objective of testing these wells is to attain sustainable gas production rates and to ascertain the properties of the gas and condensate from each of the target zones. The company intends to stimulate and test a minimum of eight separate intervals in the new wells, but this could increase to 12 with success. For such testing in the vertical wells, initial production rates are less critical, as the company believes that future initial production rates and ultimate recoveries per well will be greatly increased with horizontal drilling and multistage stimulation. Demonstrating sustained flow from a single zone will greatly increase the chance of a commercial development of the company's BCGA resource, which has been evaluated by DeGolyer and MacNaughton, effective Dec. 31, 2018, at 10.1-trillion-cubic-foot-equivalent estimated working interest unrisked mean prospective resources of natural gas, which includes 236 million barrels of condensate.

Valeura remains very well positioned to finance its continuing BCGA appraisal and all corporate activities through to 2020. The company's working capital position is more than adequate to finance its working interest share of the stimulation and testing program, and the company expects to exit the year with approximately $40-million of positive working capital. In all its activities, the company remains committed to continuing its safe and environmentally responsible operations and ensuring that operational and administrative functions are conducted in the most cost-efficient way.

Annual meeting

Valeura will hold its annual meeting of shareholders today, May 9, 2019, at 9 a.m. Mountain Standard Time in the Northcote room at the Bow Valley Square Conference Centre, level 3, Bow Valley Square 2, 202 6th Ave. S.W., Calgary, Alta., Canada.

Please visit the company's website view a live webcast of the proceedings, including a presentation by Mr. Guest. The meeting will start at 9 a.m. MT/11 a.m. Eastern Standard Time/4 p.m. London time on Thursday, May 9, 2019.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey.

Since Valeura was established in 2010, the company has executed a number of transactions and currently holds interests in 20 production leases and exploration licences in the Thrace basin of Turkey totalling 460,000 acres (gross) or on a net basis 370,000 acres of shallow rights and 260,000 net acres of deep rights.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF (LOSS) AND COMPREHENSIVE (LOSS)
(thousands of dollars)
For the three months ended
March 31, 2019 March 31, 2018
Revenue
Petroleum and natural gas sales $3,880 $3,469
Royalties (loss) (516) (460)
Other income 826 365
4,190 3,374
Expenses
Production 1,041 1,049
General and administrative 1,408 1,335
Transaction costs 1,072 287
Accretion on decommissioning
liabilities 504 521
Interest expense 9 -
Foreign exchange loss 464 215
Share-based compensation 715 176
Depletion and depreciation 1,857 2,023
7,070 5,606
(Loss) for the period
before income taxes (2,880) (2,232)
Income taxes
Current tax expense 144 83
Deferred tax expense 46 120
Net (loss) (3,070) (2,435)
Other comprehensive (loss)
Currency translation adjustments (loss) (2,350) (780)
Comprehensive (loss) (5,420) (3,215)
Net (loss) per share
Basic and diluted (loss) (0.04) (0.03)



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Beitrag7/52, 26.06.19, 01:38:24 
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Valeura starts reservoir stim, testing ops at Inanli-1



2019-06-25 06:26 ET - News Release



Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES RESERVOIR STIMULATION OPERATIONS AT INANLI-1

Valeura Energy Inc. has started reservoir stimulation and testing operations on the Inanli-1 appraisal well.

As of June 24, 2019, all required completion and testing equipment, rated for up to 15,000 pounds per square inch, was on the Inanli-1 site and rigged up. Diagnostic fracture injection test (DFIT) and extended leakoff test (XLOT) operations are scheduled to commence this week preceding the first reservoir stimulation, planned for next week.

The company intends to test a minimum of four zones in the Inanli-1 well. As is customary in multizone completions, the deepest zones will be evaluated first and then testing will progress up the well to shallower zones. Given the rock's natural compaction with depth, the deepest zones are expected to have the lowest porosity and permeability. The stimulation program is designed to test well-defined discrete intervals and in most cases only a single-stage high-pressure stimulation is planned for each zone. The objective of testing is not to maximize flow rates, but rather to obtain accurate flow and fluid information on each zone as a way to calibrate the existing petrophysical interpretation. The duration of each test will be driven by the flow characteristics observed.

Sean Guest, president and chief executive officer, commented: "I am very pleased to begin testing operations on Inanli-1. With 11 vertical well penetrations into the overpressured gas-bearing formations, we have built a strong understanding of the depth and breadth of the reservoir intervals and are now turning our attention toward understanding how the rocks will flow with fracture stimulation. We expect to stimulate at least eight zones between Inanli-1 and Devepinar-1, the next drilled well we expect to test, and have designed the program not to maximize flow rates, but to maximize data capture and to identify zones which provide the potential for future commercial flow with horizontal and/or vertical wells with massive development-type fracture stimulations.

"This is an exciting time for Valeura and our shareholders as we begin to develop a picture of the commercial potential for our basin-centred gas accumulation play by demonstrating both fluid characteristics and flow potential."

The company will provide the results of flow testing in due course, adhering always to its timely disclosure obligations, as mandated by securities regulators. The company intends to announce results on a zone-by-zone basis, following testing, and once the data are interpreted and understood.

Valeura is prioritizing the stimulation and testing of drilled, but untested, wells as a way to define the forward work program to demonstrate the commerciality of its deep unconventional gas play. The company's objective is to identify those zones that warrant further evaluation through additional targeted drilling, potentially as part of a pilot development program including horizontal wells and multistage fracture stimulation.

About Valeura Energy

Valeura is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey.

Since Valeura was established in 2010, the company has executed a number of transactions and currently holds interests in 20 production leases and exploration licences in the Thrace basin of Turkey totalling 460,000 acres (gross) or on a net basis 370,000 acres of shallow rights and 260,000 net acres of deep rights.

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Beitrag6/52, 12.08.19, 20:43:01 
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Valeura Energy loses $2.14M from ops in Q2



2019-08-12 07:04 ET - News Release



Mr. Sean Guest reports

VALEURA ANNOUNCES SECOND QUARTER 2019 RESULTS AND POSITIVE PRODUCTION TEST RESULTS AT INANLI-1

Valeura Energy Inc. has released its financial and operating results for the three-month period ended June 30, 2019, and made a positive production test at the Inanli-1 appraisal well, where the company has successfully flowed natural gas from the first stimulated zone.

Highlights from the second quarter of 2019 and beyond:

Achieved a safety milestone of 801 days of continuous operations without a lost-time incident;
Q2 2019 average production of 700 barrels of oil equivalent per day, down 5 per cent from Q2 2018 and down 9 per cent from Q1 2019;
Q2 2019 operating income of $1.8-million was 20 per cent higher than Q2 2018 and 21 per cent lower than Q1 2019;
Q2 2019 average realized gas price of $8.54/1,000 cubic feet, 15 per cent higher than Q2 2018 and down 7 per cent from Q1 2019;
BOTAS reference gas price increased 15 per cent on Aug. 1, 2019, equivalent to $10.35/1,000 cubic feet;
Net working capital surplus of $52.3-million at June 30, 2019 ($56.1-million at March 31, 2019);
Completed drilling operations on the Devepinar-1 appraisal well safely and well under budget.


Highlights from Inanli-1 appraisal well testing:

A 21-metre gross interval, between 4,263 and 4,284 metres, was stimulated.
The well has been flowing since Aug. 3, 2019, and is still cleaning up using artificial lift.
Gas flow is currently stable and the average rate for the first eight days of production is 643,000 cubic feet/day.
Water is currently being recovered at a low rate of 44 barrels per day and has continued to decline daily.
Condensate-gas ratio is low in this zone at five bbl/one million cubic feet.


The company's focus for the third quarter and fourth quarter of 2019 is to continue testing the flow potential of the significant, interpreted gas columns encountered in its new appraisal wells to derisk the commerciality of its 10 trillion cubic feet equivalent (286 billion cubic metres) of unrisked gas resource, including 236 million barrels (32 million tonnes) of condensate, net to Valeura. The stimulation and production testing are being conducted on a zone-by-zone basis to provide more definitive flow characteristics. Identifying specific zones that can sustain gas flow will be important to demonstrate the commerciality of the company's basin-centred gas accumulation (BCGA) play and will underpin the work program for the next stage of appraisal.

Sean Guest, president and chief executive officer, commented: "I am very pleased with our second quarter results. Price realizations and operating netbacks remain strong and are getting stronger with the recent increase in BOTAS's reference price. At the same time, our team has done an excellent job offsetting natural declines and maintaining production from our conventional shallow reservoirs, which is helping to preserve our strong financial position, including our net working capital surplus of $52.3-million.

"These favourable netbacks help illuminate the long-term economics for gas production in Turkey. Meanwhile, the substantial value of our BCGA play is becoming clearer with every step of our appraisal program. At the Inanli-1 well, we have stimulated the deepest reservoir zone ever tested in the BCGA, and initial results have been very encouraging with a good, stable gas flow and minimal water production. We are excited by the indications of potential commerciality at this depth and look forward to the results from shallower zones."

.......

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Beitrag5/52, 05.09.19, 21:27:12 
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Valeura's Inanli-1 well flows 185 Mcf/d over four days



2019-09-05 07:26 ET - News Release



Mr. Sean Guest reports

VALEURA ENERGY INC ANNOUNCES POSITIVE PRODUCTION TEST RESULTS AT INANLI-1

Valeura Energy Inc. has completed successful natural gas flow test from the second stimulated zone in the Inanli-1 appraisal well.

Based on the positive flow results from the first test (reported on Aug. 12, 2019), Valeura and its partner Equinor decided to add an additional test zone to the Inanli-1 work program. The interval 4,176 through 4,217 metres was targeted to test an area of tighter and less fractured rock, slightly shallower than the first zone, to determine gas flow potential and fluid characteristics from rock in the same general stratigraphic unit as the first test, but interpreted based on petrophysics to be of lower reservoir quality. The reservoir stimulation was relatively small with approximately 15 tonnes of proppant deployed into the reservoir.

Once natural gas flow was confirmed poststimulation by flowing gas up the casing for several hours, production tubing and artificial lift were installed to assist in cleaning up the well. The well was then flowed for approximately four days with an average net gas rate over the flowing period of 185,000 cubic feet per day. The rate for the final 24 hours of flow was 130,000 cubic feet per day. The fluid characteristics from this interval were similar to that produced from the first zone with a condensate-gas ratio of less than 10 barrels per million cubic feet. While the well was still flowing back some amount of stimulation fluid, water production was minimal with an average of approximately four barrels per day for the final 24-hour period of flow.

The company believes these results are very encouraging given the ability to flow gas from what was interpreted to be a lower quality reservoir section, and the further confirmation of low water rates associated with the gas production at these depths. Attaining stabilised natural gas flow, even at relatively low rates, is the key to defining target areas for potential pilot development programs. This work will underpin the company's next steps to demonstrate the commerciality of its 10 trillion cubic feet equivalent (286 billion cubic metres) of unrisked gas resource, including 236 million barrels (32 million tonnes) of condensate, net to Valeura.

This second test has now concluded and the company is currently preparing the well for the stimulation and testing of the third zone of interest. Testing in Inanli-1 is expected to extend into in Q4 2019 with all tests fully financed by Equinor.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey.

Since Valeura was established in 2010, the company has executed a number of transactions and currently holds interests in 20 production leases and exploration licences in the Thrace basin of Turkey totalling 460,000 acres (gross) or on a net basis 370,000 acres of shallow rights and 260,000 net acres of deep rights.

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Beitrag4/52, 26.09.19, 22:49:15 
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Valeura tests Inanli-1 at 442 mcf/d gas over 10 days



2019-09-26 06:26 ET - News Release



Mr. Sean Guest reports

VALEURA ENERGY INC. ANNOUNCES POSITIVE TEST RESULTS AT THIRD ZONE IN INANLI-1

Valeura Energy Inc. has conducted a successful natural gas flow test from the third stimulated zone in the Inanli-1 appraisal well.

The zone was accessed via two intervals of 3,899 to 3,925 metres and 3,855 to 3,876 metres, which were stimulated in two separate operations with placement of 50 and 80 tonnes of proppant, respectively. The two intervals were originally identified as zones of interest in the Inanli-1 work program and represent relatively less fractured, tighter rock based on petrophysical analysis. The net porous sand (above 3-per-cent porosity) within the gross section is interpreted to be 26 metres.

As with prior tests, once natural gas flow was confirmed poststimulation by flowing gas up the casing for several hours, production tubing and artificial lift were installed to assist in cleaning up the well. The well was then flowed for approximately 10 days. Average net gas rate over the flowing period was 442,000 cubic feet per day, and had stabilized at a rate of 247,000 cubic feet per day over the final 24 hours of flow.

Gas from this zone is richer in condensate than the deeper zones tested in Inanli-1, with an average condensate/gas ratio of approximately 30 barrels/one million cubic feet. Water production rates declined over the duration of the test, to a rate of approximately 130 bbl/d (barrels per day) over the final 24 hours of flow. The well was still cleaning up at the end of the test.

All tests to date have been completed without any safety or environmental incidents. Flaring has been minimized with almost all of the produced gas being sold into the company's infrastructure. This third test has now concluded and the company is currently preparing the well for the stimulation and testing of the fourth zone of interest.

Data gathered through the stimulation and testing programm will help define the company's next steps to demonstrate the commerciality of its 10 trillion cubic feet equivalent (286 billion cubic metres) of unrisked gas resource, including 236 million barrels (32 million tonnes) of condensate, net to Valeura.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey.

Since Valeura was established in 2010, the company has executed a number of transactions and currently holds interests in 20 production leases and exploration licences in the Thrace basin of Turkey totalling 460,000 acres (gross) or on a net basis 370,000 acres of shallow rights and 260,000 net acres of deep rights.

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Beitrag3/52, 17.10.19, 19:17:09 
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Valeura Energy marks all as safe during Syrian conflict



2019-10-17 07:15 ET - News Release



Mr. Sean Guest reports

VALEURA COMMENTS ON RECENT EVENTS AFFECTING TURKEY

Valeura Energy Inc. comments on its continuing operations in relation to recent events affecting Turkey.

All of Valeura's people, contractors and assets remain safe and not directly impacted by the conflict in northern Syria. For reference, Valeura's operations are located in the northwest (Thrace) region of Turkey, west of Istanbul and more than 1,000 kilometres from the Turkey-Syria border. Field operations and specifically the production testing of the Inanli-1 well are progressing safely, and as planned.

Valeura has retained external legal counsel from the DLA Piper Washington, D.C., office to provide continuing legal counsel and monitoring of the U.S. Executive Order sanctions recently imposed against the government of Turkey and certain Turkish parties and officials. The company believes its continuing business is able to proceed unimpeded by recent sanctions. Valeura anticipates continuing its natural gas production operations, including uninterrupted sales to its existing customers in Turkey, and the company is continuing its appraisal testing program in relation to its unconventional gas accumulation play. The company has not, as of the date of this announcement, received any notice from any of its contractors or service providers of any anticipated disruption in their ability to support Valeura's continuing operations.

The company continues to actively monitor the situation and, if required, may take measures to ensure its operations remain conducted in such a manner as to not trigger sanctions imposed by the government of the United States of America.

Ensuring security, safety and business continuity is a high priority for Valeura, and accordingly, the company remains vigilant in monitoring the prevailing situation in Turkey to identify and manage risks to its people, assets and continuing operations. Business is proceeding as usual.

About Valeura Energy Inc.

Valeura Energy is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey.

Since Valeura was established in 2010, the company has executed a number of transactions and currently holds interests in 20 production leases and exploration licences in the Thrace basin of Turkey totalling 460,000 acres (gross) or on a net basis 370,000 acres of shallow rights and 260,000 net acres of deep rights.

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Beitrag2/52, 21.10.19, 20:18:36 
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Valeura Energy Inc Announces Results of the fourth test at the Inanli-1



2019-10-21 09:27 ET - News Release



Valeura Announces Test Results at the Fourth Zone in the Inanli-1 Well

CALGARY, CANADA / ACCESSWIRE / October 21, 2019 / Valeura Energy Inc. (TSX:VLE)(LSE:VLU) ("Valeura" or the "Company"), the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation play in the Thrace Basin of Turkey in partnership with Equinor, is pleased to provide results of the fourth test at the Inanli-1 well, and a summary of well results. Subsequent to the completion of this test at Inanli-1, Valeura and its partners now plan to move testing to the Devepinar-1 well where operations are expected to commence within the week.

Fourth Zone Test Results

The fourth test targeted an interval between 3681 metres and 3723 metres in the Kesan Formation, which was stimulated by placing approximately 100 tonnes of proppant into the reservoir. The net porous sand (above 3% porosity) within this gross section is interpreted to be 37.6 metres and the average porosity was 6.8%. Utilising artificial lift to assist in cleaning up the well, the interval was flowed for 10 days. Average net gas rate over the flowing period was 306 Mcf/d (thousand cubic feet per day), and the rate for the final 24 hours of flow was 171 Mcf/d. The gas from this zone was produced alongside condensate, with a condensate-gas ratio (CGR) of 23 bbls/MMcf (barrels per million cubic feet) over the total flowing period, but this was increasing over the course of the test and during the final 24 hours the rate was 97 bbls/MMcf. Water recovery was 98 bbls/d (barrels per day) over the final 24 hours of flow and was declining. The flow results of the fourth test were similar to the results of the third test between 3855 and 3925 metres.

......

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Beitrag1/52, 13.11.19, 16:51:57 
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Valeura Energy loses $219,000 in Q3



2019-11-13 07:20 ET - News Release



Mr. Sean Guest reports

VALEURA ENERGY INC ANNOUNCES 3RD QUARTER 2019 RESULTS

Valeura Energy Inc. has released financial and operating results for the three-month and nine-month periods ended Sept. 30, 2019.

Highlights

dot Safety - The Company achieved a milestone of 893 days of continuous operations without a lost time incident;

dot Testing operations at Inanli-1 resulted in stable gas flow rates at all four stimulated zones. Stimulation and testing operations have begun at the Devepinar-1 well;

dot Production from conventional operations averaged 531 boe/d in Q3, 2019, down 19% from Q3 2018 due to natural declines and customer holiday shutdowns;

dot Price realisations were strong, averaging $9.64/Mcf in Q3 2019, 45% higher than Q3 2018;

dot Netbacks averaged $33.04/boe in Q3 2019, 40% higher than Q3 2018;

dot Net working capital increased to $52.8 million at end Q3 2019 as a result of a net increase in the Company's cash position to $51 million;

dot Operating conditions in country remained favourable for the industry;

dot USD reporting - The Company intends to transition to reporting its financial results in US dollars, starting with its year-end 2019 results.

Valeura's primary focus is on flow testing the significant interpreted gas columns encountered in its new appraisal wells to demonstrate the extent and potential commerciality of the Company's Basin Centered Gas Accumulation ("BCGA") estimated to hold 10 Tcfe (286 BCM) of mean unrisked prospective natural gas resources, including 236 MMbbl (32 MMTonnes) of condensate, net to Valeura. Stimulation and production testing is being conducted on a zone-by-zone basis to provide definitive flow characteristics that can be used to calibrate the petrophysical data, core data and hydrocarbon shows encountered during drilling operations. Identifying zones that sustain gas flow and that could therefore be amenable to commercial-scale drilling and hydraulic stimulation will underpin the work programme for the next stage of appraisal.

In addition, the Company continues to produce natural gas from its shallow conventional play, and is evaluating opportunities to enhance value, including activities such as additional well workovers and new drilling. The Company's production yields strong operating netbacks, most recently in excess of $33/boe, which both generates operating income for the business, and underscores the long-term potential value of the Company's unconventional gas resource.

Sean Guest, President and CEO commented:

"I am pleased with our third quarter performance as operating conditions in country remained favourable for the industry and as our testing programme of our deep gas appraisal continued as planned. Encouragingly, all zones tested to date flow gas and we are at the cusp of the next exciting phase of our stimulation and testing programme alongside partner Equinor, with operations now underway at the Devepinar-1 well.

At the same time, it is important to highlight to everyone the strength of our Company. Valeura has over $50 million of cash and holds no debt. We continue to generate positive cash flow from ongoing production, and in addition carry 2P reserves of 7.4 million boe; valued at $88 million as of our last external audit. Financial returns associated with our production and reserves continue to improve with strong netbacks of over $33/boe due to Turkey's attractive fiscal terms and gas price realisations of nearly $10/Mcf.

Valeura offers investors tremendous value, including a stable-cash generating business from our shallow production with access to substantial potential upside as we continue with operations to demonstrate the commerciality of our deep gas play and its 10 Tcfe of mean unrisked prospective natural gas resources."
...........

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