A little info on the gas flow
Valeura Energy Inc (TSE:VLE) announced on Monday that the Bati Gurgen-1 exploration well on the 100% owned Banarli licenses has been on production for nine days from the Osmancik formation (conventional play) at an average restricted rate of around 3mln cubic feet per day, or 500 barrels of oil equivalent per day (boepd). With first production from Bati Gurgen-1, Mackie reckons that in total Valeura is producing around 1,250 boepd. The Bati Gurgen-1 production rate of ~500 boe/d was in line with our expectations. If the Yayli-1 well is successful, then we expect that more than half of VLEs production will come from its 100%-owned and operated Banarli block, Mackie said. We expect a minimum of two appraisals wells will be drilled in 2016 at Banarli, which could quickly build production if successful, it added, as it maintained its 'buy' recommendation and C$1 price target. The shares currently trade at around 74 cents.