VALEURA ANNOUNCES PRODUCING ASSET PURCHASE AGREEMENT IN TURKEY
2010年12月14日 - 10:47PM
PR Newswire (Canada)
CALGARY, Dec. 14 /CNW/ -- CALGARY, Dec. 14 /CNW/ - Valeura Energy
Inc. ("Valeura" or the "Corporation") (TSX-V: "VLE") is pleased to
announce that it has executed a definitive agreement (the
"Agreement") to purchase certain non-operated producing natural gas
assets (the "Assets") in Turkey owned by Edirne Enerji Petrol Arama
Üretim Ve Ticaret Limited Şirketi ("Edirne"), which is a
wholly-owned affiliate of Australia-based Otto Energy Ltd
("Otto") (Australian Securities Exchange: "OEL"). Valeura is a
Canada-based public company currently engaged in the exploration,
development and production of petroleum and natural gas in Western
Canada and Turkey. The Corporation is continuing to pursue a
strategy to expand internationally to selected countries in the
Middle East and North Africa Region ("MENA"), the Mediterranean
Basin and Latin America. SUMMARY OF KEY TERMS OF AGREEMENT AND
ASSETS -- Purchase price including taxes of US$ 3.1 million,
subject to certain operating adjustments to be made at closing
based on an effective date of October 1, 2010. -- Assets consist of
a 35% interest in the Edirne Exploration License 3839 (the "Edirne
Licence") in the Thrace Basin, the main natural gas producing
region of Turkey. -- Natural gas production from the Edirne Licence
in the third quarter of 2010 was approximately 6.3 million cubic
feet per day (mmcfd) (gross) or 2.2 mmcfd net to Edirne. -- Edirne
realized an average gas price of US$ 7.40 per mcf in the third
quarter of 2010 reflecting the premium prices received for natural
gas production in Turkey. -- Edirne's revenues from gas sales were
approximately US$1.5 million in the third quarter of 2010. --
Closing is expected to occur on or about December 22, 2010, subject
to the satisfaction or waiver of certain closing conditions,
including but not limited to the waiver or expiration of all rights
of first refusal applicable to the Assets and the receipt of
certain third party and regulatory approvals. EDIRNE LICENCE The
Edirne Licence covers an area of 405 km(2) (100,080 gross acres) in
the Thrace Basin approximately 200 km northwest of Istanbul near
the borders with Greece and Bulgaria. An affiliate of TransAtlantic
Petroleum Ltd. operates the Edirne Licence. Natural gas is
currently produced from 11 wells that are completed in
Tertiary-aged sands in the Osmancik formation at a depth of
approximately 1,000 feet. The gas is relatively lean and
requires only dehydration and compression to meet sales
specifications. The gas is processed on a fee basis in a third
party owned facility and is tied into the Botas pipeline system
located nine km from the plant. The gas is sold to one of Turkey's
largest gas and power wholesalers pursuant to a "send and take"
contract arrangement, under which sales are nominated by the
operator. Sales from the Edirne Licence began in April 2010
following completion of a two phase exploration and development
program over the past few years. The shallow gas accumulations
developed to date on the Erdine Licence are relatively small in
areal extent. Wells exhibit steep initial declines in production
rate under pressure depletion and/or water influx analogous to the
performance of many other shallow gas reservoirs around the world.
Opportunities exist on the Edirne Licence to carry out well
workovers, wellhead compression and additional drilling to mitigate
natural declines. Gas accumulations are readily discernable as
bright spots on seismic and as a result, exploration drilling
success rates in excess of 90% have been achieved. There is good
seismic coverage on the licence with more than 200 km(2) of recent
3D seismic from which more than 10 prospects and leads have been
identified in the shallow ( 1,000 feet) and intermediate depth
(1,500 - 6,500 feet) horizons. Drilling costs for the shallow
targets are expected to be less than US$ 0.75 million (gross) and
less than US$ 2.0 million for intermediate depth targets. In terms
of additional upside, the Thrace Basin is also prospective for
deeper conventional and unconventional gas plays (e.g. tight gas
and shale gas). In parts of the basin, there are up to 30,000 feet
of tertiary-aged sediments with a number of potential exploration
targets. Other operators in the region have been pursuing tight gas
plays and deploying modern fracturing technology to achieve
attractive flow rates. The Corporation will be focusing on
determining the potential for these types of high impact plays on
the Edirne Licence. "The Otto deal is an important step in growing
and diversifying Valeura's asset base in Turkey to include premium
priced natural gas in the Thrace Basin," said Jim McFarland,
President and CEO. "The assets provide immediate cash flow
and complement the oil focused exploration and development program
in southeast Turkey under the AME-GYP farm-in deal announced on
September 2, 2010, which is targeting to deliver oil production in
2011." "The deal also provides a window on Turkey's growing natural
gas sector, expands our network of relationships and demonstrates
our commitment and ability to expand the business in Turkey."
FORWARD LOOKING INFORMATION This news release contains certain
forward‐looking statements relating, but not limited, to the
anticipated closing date for the purchase of the Assets;
anticipated transfer of legal title to the Assets to the
Corporation; future work to determine the types of plays available
on the Edirne Licence; future transaction and operational plans and
the timing associated therewith. Forward‐looking information
typically contains statements with words such as "anticipate",
"estimate", "expect", "potential", "could", 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, the Corporation's growth strategies,
plans for and results of future transactions, results of future
seismic programs; future drilling activity, future capital and
other expenditures (including the amount, nature and sources of
funding thereof), future economic conditions, future currency and
exchange rates, continued political stability of the areas in which
the Corporation is anticipating completing transactions, the
Corporation's continued ability to obtain and retain qualified
staff and equipment in a timely and cost efficient manner and the
receipt of all necessary approvals for transactions. In addition,
budgets are based upon the Corporation's current acquisition plans
and exploration plans and anticipated costs both of which are
subject to change based on, among other things, the actual results
of acquisitions, drilling activity, 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. 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; 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), the risk of
commodity price and foreign exchange rate fluctuations, the
uncertainty associated with negotiating with third parties in
countries other than Canada, the uncertainty regarding government
and other approvals 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. Additional information
relating to Valeura is also available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/14/c3055.html
pJim McFarland, President and CEObr/ Valeura Energy Inc.br/ (403)
930-1150br/ a
href="mailto:jmcfarland@valeuraenergy.com"jmcfarland@valeuraenergy.com/a/p
p align="justify"Steve Bjornson, CFObr/ Valeura Energy Inc.br/
(403) 930-1151br/ a
href="mailto:sbjornson@valeuraenergy.com"sbjornson@valeuraenergy.com/a/p
p align="justify"a
href="http://www.valeuraenergy.com"www.valeuraenergy.com/a/p
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