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Beitrag9/39, 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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Beitrag8/39, 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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Beitrag7/39, 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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Beitrag6/39, 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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Beitrag5/39, 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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Beitrag4/39, 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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Beitrag3/39, 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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Beitrag2/39, 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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Beitrag1/39, 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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