CanaccordCanaccord released this today in their Morning Coffee. No new info. but it has hit their radar as well.
Valeura Energy* (VLE : TSX : $4.23), Net Change: 0.39, % Change: 10.16%, Vol: 608,674
Yamalik, AMIRIGHT? Valeura Energy provided an update of operational results for Q4 2017 and the status of the Yamalik-1 well operations. Valeura says it has temporarily suspended testing operations on the Yamalik-1 well after accomplishing the primary objectives of the testing, which was designed to demonstrate that fracing would allow gas to flow to surface from these deep, tight reservoirs, and without the production of formation water. Both of these factors are key components to demonstrate the presence of a basin-centred gas accumulation. Valeura says the production testing results have exceeded expectations. The 24-hour aggregate production test rate of 2.9 MMcf/d from the four production tests in the Kesan formation was better than modelled. Additionally, the gas was at a higher pressure than expected and the gas flowed with a significant amount of condensate (with a test data range of 20 to 70 barrels per MMcf). Valuera is proceeding with engineering and design work to enable Yamalik-1 to be tied into its gas gathering and sales network. When the pipeline and surface equipment are ready, Valuera plans to clean out the well with fit-for-purpose milling and testing equipment. Based on the current cost estimates up until release of the test equipment, the testing operations completed to date are expected to be on the budget of US$10.3 million. Under the previously announced Banarli Farm-in Agreement, Statoil is responsible for all of these testing costs up to 110% of the agreed budget.