Deep tight gas

Valeura identified the potential for a deep tight gas play early in its entry into the Thrace Basin. Based on this thesis, the Company acquired the Banarli Exploration Licence in 2013 (adapted to two licences in 2015) and drilled the Kanzanci-5, Hayrabolu-10, and Yayli-1 wells to depths of 2,900 – 4,000 metres, into over-pressured sands, which provided more evidence supporting the play.

Under the Banarli Farm-In, the Company acquired approximately 500 square kilometres of 3D seismic (Karaca) and drilled the Yamalik-1 exploration well, fully funded by its joint venture partner at the time, as the first well testing the deep, tight gas thesis, into an area with no identified structural closure by design. The well encountered highly over-pressured gas saturated Mezardere and Kesan formations from approximately 2,900 metres down to the total depth of 4,196 metres. The over-pressure at the total depth was greater than 0.8 psi/ft based on testing results. The average net sand in the objective section was approximately 44 per cent.

Valeura Energy Inc (LON:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play. 

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