Gas production in Turkey still going down In their own presentation at Canaccord, TAT informed that current production in TBNG lands in Thrace is 13,2 MMcf/d (gross) (see page 8 of TAT`s presentation). This is 22% down from the 17,0 MMcf/d (gross) informed by Valeura as TBNG gas production for Q2 2012 (see page 9 of Valeura´s August presentation).
We need to remember that Q2 production was in time down from Q1´s. It seems that the current amount of driling and workovers is not enough to offset the highly declining rates of the shallow wells.
In anticipation of that, VLE CEO talked at the conference of a current annualized cash flow of "between 10-12 US$ millons", down from the previously informed annualized cash flow from 1H 2012 operations north of US$ 12 millons.
Q3 numbers are not looking good in my oppinion.