Valeura Q1 Results Highlight Steady Growth
Valeura Energy, a Canadian-based petroleum and natural gas company experienced steady growth during Q1 2018, according to financial results.
Canadian-based Valeura Energy (TSX:VLE) is a public company engaged in the exploration, development and production of petroleum and natural gas in Turkey. Valeura reports the following highlights of its financial and operating results for Q1 2018.
As quoted in the press release:
- The company released the DeGolyer and MacNaughton external resource report on February 6, 2018, which attributed 10.1 trillion cubic feet of estimated unrisked mean prospective resources of natural gas (5.2 Tcf risked), which includes 236 MMbbls of condensate, to Valeura’s working interest of the basin centered gas accumulation discovered with the Yamalik-1 wel
- The company closed a US$60 million (gross) bought deal financing on March 1, 2018 which will fund Valeura’s 2018 and 2019 capital program, including the appraisal of the BCGA
- Valeura’s shallow gas production was cash flow positive in Q1 2018
- BOTAS, who own and operate Turkey’s crude oil and natural gas pipeline grid, increased Turkey’s reference natural gas price by almost 25 percent with increases on January 1 and April 1, 2018.
- The company’s realized gas price is subject to exchange rate variations, such that in Canadian dollars, the realised price for April 2018 was 17 percent higher than Q4 2017.
“This was a transformative quarter for Valeura,” said Sean Guest, president and CEO. “Our external resource report confirmed the world-class scale of the unconventional gas resource we discovered in Turkey and we raised funds to see the company through a definitive appraisal program.”