Canada-based and Turkey-focused oil and gas explorer Valeura Energy said it has
made gas discoveries in three new vertical exploration wells drilled in northern
Turkey.
The wells were drilled on joint venture (JV) lands acquired from
Thrace Basin Natural Gas (Turkiye) Corp and Pinnacle Turkey Inc in the Osmanli
area, which is a 40% partner in the JV, Valeura said in a statement on
Tuesday.
The discovery “could potentially add 6 to 7 million cubic feet
per day (MMcf/d) gross to productivity by late October when the wells are
expected to be tied in”, said Jim McFarland, president and CEO of
Valeura.
The wells were drilled as part of a planned conventional gas
exploration programme of five firm exploration wells in the Osmanli area in
2014. Two more wells are planned to be drilled in this programme, one of which
has been drilled to total depth and is logging, Valeura said.
The
company’s oil and gas sales in Turkey rose 32% on the year to 1,129 barrels of
oil equivalent per day (boe/d) in the nine months through September, it
said.
Valeura expects to increase its average natural gas price
realisations in Turkey from some $9.64 (7.56 euro) per thousand cubic feet (Mcf)
in the third quarter to some $10.25 per Mcf in the fourth quarter at current
currency exchange rates after the Turkish government announced a 9% rise in
domestic natural gas prices effective October 1, 2014.