(Alliance News) - Valeura Energy Inc said Friday it was "pleased" with the results from the Devepinar-1 well in Turkey.
The oil and gas producer said that following the tests on the three intervals stimulated in the well in November, the company conducted a comingled production test across a 125 meter gross section from 4,640 meters to 4,765 meters lasting approximately 11 days.
The comingled test yielded gas flow rates similar to the results measured from the single intervals previously tested, Valeura said.
"This may indicate that each of the three stimulations contacted a common fracture network with further modelling work underway to fully interpret these test results," the company said.
The average flow rate over the 11 days of comingled test period was 908 million cubic feet per day and the gas flow for the final 24 hours of testing was 462 million cubic feet per day.
The company said it has shut in the well and is now performing a pressure build-up survey.
Sean Guest, president and chief executive officer, said: "While every test to date has resulted in gas flowing to surface, we continue to see the best flow rates at the deepest intervals in the play."
"Further modelling work is needed to interpret the implications of the comingled test results, which will lead to establishing the next steps for our continuing appraisal of the deep gas play," Guest said.
Valeura shares were up 2.4% in London at 64.00 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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