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Beitrag1/31, 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 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 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)

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

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

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.


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.


Valeura Energy Inc. is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey.;symbol=VLE&region=C
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