Press release from CNW Group
Valeura awarded new exploration licence in Thrace Basin of Turkey
Monday, April 08, 2013
Valeura awarded new exploration licence in Thrace Basin of Turkey18:07 EDT Monday, April 08, 2013
CALGARY, April 8, 2013 /CNW/ - Valeura Energy Inc. ("Valeura" or the "Corporation") (TSX: VLE) is pleased to announce that it has been awarded a new exploration licence (Banarli Licence 5104) on a 100% working interest basis in the Thrace Basin of northwest Turkey.
BANARLI LICENCE 5104
The Banarli Licence 5104, which was awarded to Valeura by the General Directorate of Petroleum Affairs of the Republic of Turkey, has a four-year initial term and covers an area of 118,598 gross acres (185 sections or 185 square miles) located near the centre and deepest part of the Thrace Basin. The Corporation believes the licence is ideally located to test for a potential basin-centre gas play and to explore for unconventional tight gas and shale gas in those areas where the Mezardere shale source rocks are at depths below 3,000 metres and may be at pressures and temperatures sufficient to create an active "kitchen" for hydrocarbon generation. The Corporation also believes that the overlying Ergene, Danismen and Osmancik formations, which are also more deeply buried across the licence, may also be prospective for conventional gas exploration.
Under the Banarli licence terms, a well will need to be spudded within the first year to keep the licence in good stead. The Corporation plans to initially carry out a targeted 2D seismic program to complement the existing 2D seismic coverage on the licence. The licence is unexplored with only two relatively shallow wells drilled, of which the latest, Karaca-1, was plugged and abandoned at a depth of 1,026 metres in November 2010.
ABOUT THE CORPORATION
Valeura Energy Inc. is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey and Western Canada.
ADVISORY AND CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements including, but not limited to the extent and timing of the seismic and drilling program on the Banarli Licence 5104 and the future prospectivity of the licence. Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "target", "potential", "could", "should", "would" or similar words suggesting future outcomes. The Corporation cautions readers and prospective investors in the Corporation's securities to not place undue reliance on forward-looking information, as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Corporation.
Forward looking information is based on management's current expectations and assumptions regarding, among other things: continued political stability of the areas in which the Corporation is operating and completing transactions; continued operations of and approvals forthcoming from the General Directorate of Petroleum Affairs of the Republic of Turkey ("GDPA") in a manner consistent with past conduct; results of future seismic programs; future drilling and fracing activity; the amount and nature of future capital expenditures to explore and develop the Banarli Licence 5104; the ability to meet drilling deadlines and other requirements under the Banarli Licence 5104 (including the spudding deadline of early April 2014); the availability of future sources of funding; future economic conditions; future currency and exchange rates; and the Corporation's continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. The Corporation's work programs are subject to change based on, among other things, the actual results of seismic and drilling activity, availability of frac and other oil specialized equipment and service providers, budgeting and prioritizing capital expenditures, availability of funding, unexpected delays and changes in market conditions. Although the Corporation believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves are speculative activities and involve a significant degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Corporation including, but not limited to: risks associated with the oil and gas industry (e.g. operational risks in exploration, inherent uncertainties in interpreting geological data, and changes in plans with respect to exploration or capital expenditures, the uncertainty of estimates and projections in relation to costs and expenses, and health, safety, and environmental risks); uncertainty regarding the ability to address technical drilling challenges; uncertainty regarding the state of capital markets and the availability of future financings; the risk of being unable to meet drilling deadlines and the requirements under licences and leases (including Banarli Licence 5104); the risks of disruption to operations and access to worksites, threats to security and safety of personnel and potential property damage related to political issues, terrorist attacks, insurgencies or civil unrest (particularly in the southeastern part of Turkey); the risks of increased costs and delays in timing related to protecting the safety and security of Valeura's personnel and property; the risk of commodity and BOTAS pricing and foreign exchange rate fluctuations; the uncertainty associated with negotiating with third parties in countries other than Canada; the risk of partners having different views on work programs and potential disputes among partners; the uncertainty regarding government and other approvals; potential changes in laws and regulations; risks associated with weather delays and natural disasters; and, the risk associated with international activity. The forward-looking information included in this news release is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and Valeura assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law. See Valeura's 2012 AIF for a detailed discussion of the risk factors.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Valeura Energy Inc.
For further information:
Additional information relating to Valeura is also available on SEDAR at www.sedar.com
For further information please contact:
Jim McFarland, President and CEO
Valeura Energy Inc.
Steve Bjornson, CFO
Valeura Energy Inc.