Valeura Energy Inc. (TSX: VLE) announced summary results of an independent evaluation of its prospective resources in the Thrace Basin of Turkey.
Highlights are as follows:
- 10.1 Tcf of estimated working interest unrisked mean prospective resources of natural gas, which includes 236 MMbbl of condensate;
- 5.2 Tcf of estimated working interest risked mean prospective resources of natural gas, which includes 165 MMbbl of condensate.
Sean Guest, CEO, commented:
We are pleased to now have an independent evaluation that supports Valeura’s thesis that the Thrace Basin may hold a very large unconventional, basin-centered natural gas-condensate resource. Valeura has been maturing this play for almost five years and these efforts culminated in the drilling of the Yamalik-1 natural gas-condensate discovery in 2017 with our partner Statoil. While Valeura is confident that natural gas is pervasive in these deep formations, we recognise that we are in the early phases of exploration. More drilling and testing will be required to prove that the gas will flow at commercial rates, and to refine the large uncertainty around recoverable gas and condensate. Valeura and Statoil are committed to progressing the work required to further evaluate this unconventional prospect. We are currently working to tie-in the Yamalik-1 discovery well to Valeura’s gas production network to allow for further testing and long-term production and sales. Additionally, Statoil and Valeura are planning a three-well delineation drilling and testing program which is expected to commence in Q3 2018.