Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVLU.L Share News (VLU)

  • There is currently no data for VLU

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Valeura To Not Conduct Fifth Inanli-1 Zone Test Due To High Condensate

Tue, 22nd Oct 2019 11:38

(Alliance News) - Valeura Energy Inc on Monday said a fourth zone test at the Inanli-1 well in Turkey's Thrace basin also showed stable gas production, though the firm will not be conducting a further shallower test due to high levels of condensate.

Shares in Valeura were down 15% at 55.00 pence in London late on Tuesday morning.

As such, the upstream natural gas firm noted, all four of the tested zones had stable production and it "remains optimistic that zones within the Inanli-1 well offer the potential for exploitation through horizontal drilling and potentially through comingled vertical completions".

The fourth zone test was targeting an interval of between 3,681 metres and 3,723 metres within the Kesan formation. This was stimulated using 100 tonnes of proppant. Net porous sand in the section was interpreted as being 37.6 metres with a 6.8% porosity average.

The interval flowed for ten days with an artificial lift used to help clean up the well. The average net gas rate for the ten-day period was 306,000 cubic feet per day. For the last 24 hours of flow it was down at 171,000 cubic feet per day.

Valeura said "gas from this zone was produced alongside condensate" and had a condensate to gas ration of 23 barrels per million cubic feet for the entire flow period, though this rose during the test to reach 97 barrels per million cubic feet in the last 24 hours of testing. Water recovery came in at 98 barrels per day in the last 24 hours "and was declining".

Overall, "the flow results of the fourth test were similar to the results of the third test between 3,855 and 3,925 metres".

The priority now is to test deeper zones within the Thrace Basin, as these have "better gas flow with negligible associated water". As such, Valeura will commence testing of the Devepinar-1 well located 20 kilometres west of Inanli-1.

Valeura is developing the Thrace Basin alongside Equinor. The two companies had intended to test a shallower zone in Inanli-1 was after results of tests three and four, with their high condensate yields, it instead plans to leave the well as is so that "it is possible to re-enter the well to conduct further work in the future".

President & Chief Executive Sean Guest said: "With the completion of the fourth test interval at Inanli-1, we now feel we have a much better understanding of the vertical variability of our tight gas play. We are particularly encouraged by the stable rates of dry gas flowed from the deeper intervals, as these results exceeded our expectations. With that in mind, we are now moving to Devepinar-1 to test the deepest intervals there.

"Early results from the Devepinar-1 well will allow us to commence discussions and planning for the next step of the appraisal of our play."

Guest also said he was pleased that fluid composition did not prevent gas flow at Inanli-1 and he was "encouraged by the very high condensate yields" see in the fourth test,

"While more work will be required to understand the implications of this condensate in the shallow zones, we are commencing reservoir and economic modelling based on the gas test results. Given the strong gas price realisations in Turkey and the readily accessible infrastructure through our owned gathering network, we believe there will be zones that can be economic in the longer-term," Guest added.

"In addition, we are very pleased that our testing program on Inanli-1 has been delivered without any health, safety or environmental incidents and that we have been able to sell most of the gas produced during the testing operations rather than flaring," he continued.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

More News
21 Feb 2024 15:51

EARNINGS AND TRADING: Sure Ventures value down after VividQ fundraise

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:

Read more
13 Feb 2024 12:27

IN BRIEF: Valeura says mobile production unit on way to Nong Yao

Valeura Energy Inc - Alberta, Canada-based Thailand and Turkey-focused oil and gas company - Says a mobile production unit for its Nong Yao field is en route, in preparation for the development of the Nong Yao C accumulation. First oil is expected at the end of the second quarter of 2024. In addition, Valeura says it is currently executing a development drilling programme on its Wassana field, and in light of favourable initial results, has opted to expand the scope of the programme from three horizontal wells to five. All three wells drilled so far have encountered their targets in line with expectations, it says.

Read more
16 Jan 2024 17:52

IN BRIEF: Valeura Energy expects oil production to increase in 2024

Valeura Energy Inc - Alberta, Canada-based Thailand and Turkey-focused oil and gas company - Provides an operational update and guidance outlook for 2024. Reports fourth quarter 2023 average oil production of 19,165 barrels per day, resulting in a full year 2023 average of 20,420 barrels per day. Net cash at December 31 was USD150.9 million, anticipates capital expenditure and operating expenditure performance within or below guidance for the full year 2023. Gives 2024 oil production guidance of 21,500 to 24,500 barrels per day, net to Valeura's working interest. Provides 2024 capex guidance of USD135-USD155 million, plus exploration expense of around USD8 million and opex guidance of USD205-USD235 million.

Read more
21 Dec 2023 21:18

TRADING UPDATES: Guild Esports hails Counter-Strike-focused deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Read more
11 Dec 2023 14:27

Valeura Energy restarts oil production at Gulf of Thailand field

(Alliance News) - Valeura Energy Inc on Monday said it has restarted oil production at the Wassana offshore field in the Gulf of Thailand.

Read more
13 Nov 2023 14:28

TRADING UPDATES: Dar Global sees "opportunity" in Saudi Arabia

(Alliance News) - The following is a round-up of trading updates by London-listed companies, issued on Monday, and not separately reported by Alliance News:

Read more
9 Nov 2023 18:11

EARNINGS AND TRADING: Aptamer revenue falls, loss widens

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Read more
6 Oct 2023 11:18

Valeura Energy oil production takes a hit as Wassan suspended

(Alliance News) - Valeura Energy Inc on Friday said oil production fell in the thrid quarter following the suspension of its Wassana field.

Read more
18 Sep 2023 14:22

TRADING UPDATES: Metals Exploration chair resigns; Mobeus NAV drops

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

Read more
9 Aug 2023 12:35

Valeura Energy reports swing to net loss despite production rise

(Alliance News) - Valeura Energy Inc on Wednesday reported a quarterly increase in the production of oil, amid a swing to a net loss due to the lack of a bargain purchase gain in the second quarter.

Read more
17 Jul 2023 10:44

IN BRIEF: Valeura hires former Shell VP as chief operating officer

Valeura Energy Inc - Thailand and Turkey-focused oil and gas company based in Alberta, Canada - Hires Greg Kulawski as chief operating officer, effective today. Kulawski has previously worked at Sakhalin Energy Investment Co Ltd as deputy chief executive officer and production director and as vice president of safety at Shell PLC. Valeura also announces the retirement of director Ron Royal and appointment of new independent director Lina Lee, both effective August 1. Lee most recently worked at BP PLC as chief financial officer and vice president of strategy at its Global Petrochemicals business.

Read more
11 Jul 2023 12:07

Valeura sees second quarter production rise; drills eight wells

(Alliance News) - Valeura Energy Inc on Tuesday said second quarter production was up, as it also reported success in its drilling campaign.

Read more
7 Jul 2023 13:36

IN BRIEF: Valeura temporarily suspends production at Wassana oil field

Valeura Energy Inc - Thailand and Turkey-focused oil and gas company based in Alberta, Canada - Suspends production at Wassana oil field in the Gulf of Thailand after a floating storage and offloading vessel deviated from its intended position on Thursday. Says there was no damage to the vessel, no personnel were injured, and suspension is only temporary.

Read more
13 Jun 2023 10:34

IN BRIEF: Valeura finishes Thailand drilling as oil production rises

Valeura Energy Inc - Thailand and Turkey-focused oil and gas company based in Alberta, Canada - Announces successful completion of infill drilling campaign at Nong Yao field in Thailand. Valeura has drilled two horizontal wells at Licence G11/48 in which it holds a 90% working interest. Wells encountered 1,700 feet total net oil pay, confirming pre-drill simulation results, and now are on-stream at around 1,350 barrels per day combined initial gross rate.

Read more
1 Jun 2023 11:01

Valeura emphasises potential of Jasmine field with contract extensions

(Alliance News) - Valeura Energy Inc on Thursday said it has extended two key contracts relating to the Jasmine oil field in Thailand.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.