VALEURA ANNOUNCES START OF DEEP APPRAISAL DRILLING, FURTHER Calgary, October 9, 2018: Valeura Energy Inc. (TSX:VLE) (“Valeura” or the “Company”) is pleased to announce the start of deep appraisal drilling on its Basin Centered Gas Accumulation (“BCGA”) play in Turkey and a further increase in the reference price for natural gas in Turkey.
Inanli-1 Appraisal Well
The Inanli-1 appraisal well was spudded on October 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 6 km to the north-east 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 CEO, “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.”
Gas Price Increase
Effective October 1, 2018, Boru Hatalari ile Petrol Tasima Anonim Sirketi (“BOTAS”), who own and operate Turkey’s crude oil and natural gas pipeline grid, announced a further increase in Turkey’s natural gas reference price by 18.5%, as denominated in Turkish Lira. At current exchange rates, the new reference price is approximately C$8.15/mcf. 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.
For further information please contact: Sean Guest, President and CEO Valeura Energy Inc. (403) 930-1172 sguest@valeuraenergy.com