VALEURA COMPLETES YAMALIK-1 WELL ONSHORE TURKEY

Valeura Energy headquartered in Calgary, announced that the first deep exploration well, Yamalik-1, under Phase 1 of the Banarli farm-in agreement with its partner Statoil Banarli Turkey has completed drilling and the drill rig has been released. The well was drilled to a total depth of 4,196 metres and has been cased and left in a state ready for completion and production testing. The estimated well cost at rig release is within budget. Under the Banarli Farm-in, Statoil is funding the drilling of Yamalik-1 on a 100% basis up to a cap of 110% of the budgeted cost. Yamalik-1 was designed as the Corporation’s first test of the deep, basin-centred gas potential in the Thrace Basin of northwest Turkey. The key objectives of this well were to prove the presence of reservoir rock, confirm that the encountered reservoirs are over-pressured, and to demonstrate that there are significant sections of the reservoirs which are gas-saturated. Encouraging gas shows were encountered while drilling the objective section and, based on the drilling data, the well is over-pressured below approximately 2,900 metres down to the total drilled depth of 4,196 metres. Interpretation of the extensive wireline logging data acquired in the objective section indicates the well has exceeded the criteria to proceed further with the completion and to test potential zones with hydraulic stimulation. As the Yamalik-1 well was drilled in an area with no structural closure, the over-pressures and the indicated pervasive gas saturation in the well are positive indicators of the potential for a basin-centred gas play in the Thrace Basin. Valeura is currently working with Statoil to design the completion, multi-stage fracing and testing program. (Source and image: Valeura – Valeura drilling rig in Turkey)