Valeura Energy Inc., the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation in the Thrace Basin of Turkey, announces the commencement of drilling operations at the Devepinar-1 appraisal well and an update on the completion programme for the Inanli-1 well.

Devepinar-1 drilling

Valeura spudded the Devepinar-1 appraisal well on February 19, 2019, approximately 20 km to the west of the Inanli-1 appraisal well. The location was selected by Valeura and its partners Equinor Turkey B.V. (“Equinor”), and Pinnacle Turkey International (“Pinnacle”) as a substantial step-out, intended to test the lateral extent of the Basin Centered Gas Accumulation (“BCGA”) play to the western side of the basin. In continuing with its strategy to fully appraise its Thrace BCGA, the drilling programme includes an extensive data-gathering plan. Given the success of Inanli-1 in demonstrating the presence of overpressured gas down to approximately 4,900 metres, Devepinar-1 is currently planned to focus on the most promising intervals, which are shallower. The well is planned to be drilled to 4,300 metres, and will take approximately 80 days, but the design will allow for the well to be deepened further if required.

The drilling, evaluation and casing of the well is expected to have a gross cost of approximately C$25 million. Valeura is operator with a working interest of 31.5% in the deep rights of the West Thrace exploration license, with Equinor holding 50% and Pinnacle the remaining 18.5%. 

Inanli-1 completion programme

Multi-stage reservoir stimulation and flow testing operations on Inanli-1 will target at least four intervals of interest identified in the well’s 1,615 metre gross objective section.

Valeura will return to well operations in the next few weeks to conduct a diagnostic fracture integrity test (“DFIT”) at the bottom of the well to confirm the maximum pressure. This is required to select equipment that will be used for the stimulation and testing operations. Details of the stimulation programme and associated costs, to be funded by Equinor, are being developed based on flow simulation modelling and the Company plansto employ production logging techniques to determine fluid composition and flow potential from each discrete interval. Where warranted, flow-back times may be extended to several weeks for individual intervals.

The Company has procured long-lead items and consumables in relation to the completion programme, and equipment is expected to be mobilised to the well site over the coming weeks, as it becomes available from prior operations. Stimulation and testing operations are expected to commence in April, 2019.

Sean Guest, President and CEO commented:
“Devepinar-1 is an important appraisal well for the play and will help to indicate the lateral extent of the BCGA by stepping out a full 20 km from Inanli-1. Success here would validate our thesis that the BCGA is pervasive across the majority of our acreage.”

“Meanwhile, we are eager to learn more about the individual zones of interest in Inanli-1, and continue to define a completion programme that will maximise our understanding of the flow potential from each relevant interval.”

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