Showing posts with label Valeura declares transformation of the 100% claimed Banarli permit in Turkey to two new licenses with a 13% bigger territory and fruition of new 3D seismic. Show all posts
Showing posts with label Valeura declares transformation of the 100% claimed Banarli permit in Turkey to two new licenses with a 13% bigger territory and fruition of new 3D seismic. Show all posts

Wednesday, July 8, 2015

Valeura declares transformation of the 100% claimed Banarli permit in Turkey to two new licenses with a 13% bigger territory and fruition of new 3D seismic

Valeura declares transformation of the 100% claimed Banarli permit in Turkey to two new licenses with a 13% bigger territory and fruition of new 3D seismic

Wednesday, Jul 08, 2015

Valeura Vitality Inc. ("Valeura" or the "Enterprise") (TSX: VLE) is satisfied to report that the General Directorate of Petroleum Undertakings of the Republic of Turkey ("GDPA") has endorsed the Organization's application to change over its 100% possessed Banarli Investigation Permit 5104 in the Thrace Bowl to the permitting terms under Turkey's new petroleum law received on June 30, 2013. Subsequently, the Banarli permit gained in April 2013 has been changed over to two new bordering investigation licenses, adjusted to another matrix framework, with an aggregate region of 542 square kilometers or 133,840 sections of land, speaking to a 13% expansion in the territory of the first single permit.

The Organization is additionally satisfied to prompt that it finished the securing period of another 3D seismic overview at Banarli. The seismic spreads a territory of 152 square kilometers, which fulfills the seismic prerequisite in the introductory term of the new licenses. The aggregate holding nothing back expense to gain, handle and decipher the seismic is evaluated at $5.0 million. Preparing and elucidation of the seismic is in progress and ought to be finished by right on time September to position potential boring at Banarli as ahead of schedule as the final quarter of 2015, dependent upon the 3D seismic results and the Enterprise's money position at the time. Under the new permitting terms, a starting duty well will should be spudded by June 26, 2016.

"We are satisfied that the Banarli permit has been effectively changed over to new terms and the permit assessment project is continuing as arranged with fulfillment of the 3D seismic program as a key first step", said Jim McFarland, President and CEO. "We accept that Banarli offers critical investigation upside potential both as far as the augmentation of the fruitful ordinary gas and unpredictable tight gas plays being worked on only south of Banarli on our joint endeavor lands, and in a potential bowl focused gas play at profundities underneath around 2,500 meters."

Banarli Permitting Terms

As an aftereffect of the effective change handle, the beginning five-year term of the first Banarli permit has been stretched out by over two years to June 27, 2020. Amid the introductory five-year term, Valeura will be obliged to finish, in total on the two licenses, 152 square kilometers of 3D seismic and three wells, including a 2,000 meter well in each of year one and year two and a 3,800 meter well in year four. The aggregate allocated quality to this project is US$9.15 million and a related 2% bond is presently being submitted to the GDPA.

Under the new petroleum law, the beginning five-year term of an investigation permit can possibly be stretched out by application for two extra two-year periods, bolstered by an extra work program, for an aggregate term of nine years. On the off chance that a revelation is made on a permit before the end of the nine-year period, the term can be reached out for a further two-year evaluation period to an aggregate term of 11 years. All through this 11-year period, the Enterprise may apply to change over disclosure ranges to generation leases, ordinarily with a 20-year term extendable to 40 years. In a change from the past petroleum law, up to 100% of the permit region can possibly be changed over to a generation lease if actually defended, for instance if a more pervasive unpredictable asset play has been demonstrated by penetrating.

Arranged Banarli Investigation Penetrating

It is normal that a beginning investigation well at Banarli would target traditional gas in the Osmancik development and top of the Mezardere arrangement to a profundity of more or less 2,500 meters. The Organization has mapped more than 15 investigation basic leads at Banarli in view of 92 kilometers of 2D seismic gained by the Company in 2013 and more than 300 kilometers of vintage 2D seismic over the permit. The current 3D seismic project focuses on these leads and is intended to possibly develop and organize these into drill-prepared prospects.

The expense to penetrate, finish and test a starting investigation well at Banarli is evaluated at $2.1 million and is incorporated on an unexpected premise in the 2015 financial plan. Extra subsidizes of $1.2 million are likewise included for a stream line to tie-in the well, dependent upon penetrating achievement and the capacity to arrange a transportation and advertising game plan to tie underway. All out 2015 capital consumptions at Banarli for the shallow gas play are planned at pretty nearly $9.0 million, including $5.0 million for the 3D seismic. The system for Banarli will be solidified after the 3D seismic elucidation is finished.

Valeura is proceeding with its procedure to look for a joint endeavor accomplice to take part in subsidizing an investigation penetrating program in the more profound skylines at Banarli underneath roughly 2,500 meters, focusing on a potential bowl focused gas play.

Concerning other 100% Valeura investigation licenses in the Thrace Bowl, the Company has presented an application to the GDPA to give up the little Copkoy investigation permit toward the west of the center investigation and generation region to focus its penetrating program on higher need Valeura and joint endeavor licenses and leases. The augmented Banarli permit region balances give or take 74% of the zone anticipated that would be surrendered in the Copkoy permit.

ABOUT THE Partnership

Valeura Vitality Inc. is a Canada-based open organization right now occupied with the investigation, advancement and generation of petroleum and normal gas in Turkey.

For more data, please visit : http://www.valeuraenergy.com

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