Valeura Energy Inc. Announces Drilling Results of Gurgen-2 Appraisal Well in the Thrace Basin of Turkey; Reports Turkey Net Sales for the Fourth Quarter and Full Year 2014; Announces Capital Expenditure Budget in Turkey in 2015
The company reported Turkey net sales for the fourth quarter and full year 2014. Net petroleum and natural gas sales in Turkey in the fourth quarter of 2014 averaged 1,180 barrels of oil equivalent per day (boe/d), which were up 18% from the third quarter of 2014 and included 7.0 MMcf/d of natural gas and 10 barrels of oil per day. The preliminary estimate for the average natural gas price realization in the fourth quarter of 2014 is approximately $10.50 per thousand cubic feet (Mcf), up 9% from the third quarter of 2014. This increase reflects the impact of a 9% increase in the reference price for domestic gas sales in Turkey (priced in Turkish Lira).
Net petroleum and natural gas sales in Turkey for the full year 2014 averaged 1,143 boe/d, which was up 23% from 2013. This result also exceeded the revised August 2014 production guidance range for the full year of 1,030 to 1,080 boe/d.
The Corporation announced capital expenditure budget in Turkey in 2015. The Corporation announced that it plans a capital budget of up to $19 to $22 million (net) in Turkey in 2015 that is targeted to grow production volumes by 10 to 15% compared to 2014 and is expected to include the acquisition of approximately 140 square kilometres of 3D seismic and drilling of up to three exploration wells on its 100% Banarli licence in the Thrace Basin.