/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY, Dec. 18, 2017 /CNW/ - Valeura Energy Inc.
("Valeura" or the "Corporation") (TSX: VLE) is
pleased to report that the third of four planned production tests
in the Kesan formation at the Yamalik-1 exploration well in
Turkey ("Test #3") has been
completed with positive results. The results of the first
production test ("Test #1") and the second production test
("Test #2") were announced on November 27, 2017 and December 11, 2017, respectively.
Two slick-water fracs were carried out in Test #3 to access
approximately 26 metres of indicated net gas pay over a depth
interval from 3,488 to 3,635 metres. The well was produced for a
total of 37 hours. Over the final 24 hours of stable flow, the well
was produced at an average restricted rate of approximately 0.9
million cubic feet per day ("MMcf/d") of natural gas. This
rate compares to the final 24-hour rate of 0.8 MMcf/d in both Test
#1 and Test #2.
Condensate production in the range of 20 to 30 barrels per MMcf
was observed in Test #3. The condensate measurement is subject to
considerable uncertainty given the nature of the testing protocol
and the short duration of the testing.
(See advisories below regarding initial production rate
disclosure)
The Yamalik-1 testing program is continuing and it is expected
that a bridge plug will be set above the Test #3 interval prior to
executing a planned two-stage frac in the fourth test interval at a
mid-point depth of approximately 3,400 metres.
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.
OIL AND GAS ADVISORIES
The short production test rates disclosed in this news release
are preliminary in nature and may not be indicative of stabilized
on-stream production rates. Initial on-stream production rates are
typically disclosed with reference to the number of days in which
production is measured. Initial on-stream production rates are not
necessarily indicative of long-term performance or ultimate
recovery. To date, shallow gas conventional wells and fraced
unconventional tight gas wells have exhibited relatively high
decline rates at more than 50% and 75%, respectively, in their
first year of production. All natural gas rates and volumes are
presented net of any load fluids.
A pressure transient analysis or well-test interpretation has
not been carried out in respect of the production tests on the
Yamalik-1 well.
ADVISORY AND CAUTION REGARDING FORWARD-LOOKING
INFORMATION
This news release contains certain forward-looking statements
and information (collectively referred to herein as
"forward-looking information") including, but not limited
to: the design and extent of the testing program for Yamalik-1.
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:
political stability of the areas in which the Corporation is
operating and completing transactions, and in particular the
aftermath of the July 2016 failed
coup attempt in Turkey and
April 2017 constitutional referendum;
continued safety of operations and ability to proceed in a timely
manner; continued operations of and approvals forthcoming from the
Turkish government in a manner consistent with past conduct; the
prospectivity of the deep potential; and the continued ability to
obtain and retain qualified staff and equipment in a timely and
cost efficient manner. 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:
uncertainty regarding the contemplated timelines for the Yamalik-1
testing program; 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 in Turkey; political stability in Turkey, including potential changes in
Turkey's constitution, political
leaders or parties or political turmoil; the uncertainty regarding
government and other approvals; counterparty risk; potential
changes in laws and regulations; and, risks associated with weather
delays and natural disasters. 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 2016 AIF for a detailed
discussion of the risk factors.
Additional information relating to Valeura is also available on
SEDAR at www.sedar.com
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.