CALGARY, Aug. 13, 2018 /CNW/ - Valeura Energy Inc.
(TSX:VLE) ("Valeura" or the "Company") acknowledges
the recent drop in the price of its shares and increased trading
volume. The Company notes that this coincides with a drop in
the value of the Turkish lira over the same period.
Valeura is fully focused on appraising and de-risking its Basin
Centered Gas Accumulation ("BCGA") in Turkey, discovered by the Yamalik-1 well in
2017. As part of its appraisal program spanning 2018 and
2019, the Company has started operations to production test the
Yamalik-1 well. The Company confirms that there is no information
from that testing operation which would cause the decline in the
share price. Results from the production testing are expected in
two to three weeks.
The Company continues to believe that the BCGA in Turkey offers tremendous long-term value, both
for Turkey and for Valeura
shareholders.
ABOUT THE COMPANY
Valeura Energy Inc. is a Canada-based public company currently engaged
in the exploration, development and production of petroleum and
natural gas in Turkey.
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:
Valeura's view that it has discovered a world-class unconventional
gas play; the timing of results from the production testing;
management's belief regarding the potential of the Company's deep
BCGA play and long term value for Turkey and Valeura's shareholders.
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 Company cautions readers and prospective
investors in the Company'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
Company.
Forward-looking information is based on management's current
expectations and assumptions regarding, among other things:
political stability of the areas in which the Company is operating
and completing transactions; 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; future seismic and drilling activity
on the expected timelines; the prospectivity of the deep BCGA and
shallow gas plays on the TBNG joint venture lands and Banarli
licences; the continued favourable pricing and operating netbacks
in Turkey; future production rates
and associated operating netbacks and cash flow; future sources of
funding; future economic conditions; future currency exchange
rates; the ability to meet drilling deadlines and other
requirements under licences and leases; and the Company's continued
ability to obtain and retain qualified staff and equipment in a
timely and cost efficient manner. In addition, the Company's work
programs and budgets are in part based upon expected agreement
among joint venture partners and associated exploration,
development and marketing plans and anticipated costs and sales
prices, which are subject to change based on, among other things,
the actual results of drilling and related activity, availability
of drilling, fracing and other specialized oilfield equipment and
service providers, changes in partners' plans and unexpected delays
and changes in market conditions. Although the Company 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. A number of factors could cause
actual results to differ materially from those anticipated by the
Company including, but not limited to: the risks of currency
fluctuations; changes in gas prices and netbacks in Turkey; uncertainty regarding the contemplated
timelines for the timelines and costs for the deep evaluation in
2018 and 2019; 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 political leaders or
parties or a resurgence of a coup or other political turmoil; the
uncertainty regarding government and other approvals; counterparty
risk; potential changes in laws and regulations; and the risks
associated with weather delays and natural disasters; 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 the 2017 AIF for a detailed
discussion of the risk factors.
Additional information relating to Valeura is also available on
SEDAR at www.sedar.com.
SOURCE Valeura Energy Inc.