Valeura increases appraisal activity in deep Thrace basin, Turkey

Valeura Energy Inc will appraise the deep unconventional gas play in the Thrace basin and has increased working interest in Banarli and West Thrace exploration licences in north-western Turkey.

 

The deep play is at an early phase and will require more drilling and testing. Of 11 wells to date, only the most recent three have been stimulated and tested. All flowed gas to surface.

 

Deep zones have been identified with drier gas where hydrocarbon maturity, reservoir quality, saturation and natural fracturing are all improved.  Short-term production tests from these zones suggest potential for economic development.

 

Production from Devepinar-1 is expected to restart with a longer-term test than previously conducted. All produced gas will be sold to Valeura’s customers. The ongoing COVID-19 pandemic makes timing of the restart uncertain, Valeura said.

 

Valeura will apply for the first extension to the Banarli and West Thrace exploration licences.

 

Exploration licences in Turkey have an initial five-year phase followed by up to three two-year phases, for a maximum of 11 years, prior to being converted to production leases. The first 5-year phase ends on the 26th June, with first extension to the 26th June 2022.

 

On the 2nd April, the Government of Turkey approved transfer of Equinor’s working interests and rights to Valeura and PTI, doubling Valeura’s working interest in the deep play.

 

Valeura will hold 100% in the Banarli exploration licences and will increase holdings to 63% of the deep rights in the West Thrace exploration licence and production leases.

 

Ownership in shallow rights is unchanged at 100% in Banarli and 81.5% in West Thrace. Valeura remains operator in all blocks.

 

Valeura seeks an additional partner for the deep unconventional play who brings both financial and technical capabilities.

 

The work programme is expected to include drilling new vertical and horizontal wells, reservoir stimulation, and production testing operations.

 

Source: Oil & Gas Journal