(Alliance News) - Turkey-focused oil and gas producer Valeura Energy Inc on Friday reported "positive" natural gas production test information for Devepinar-1 well flow test, in response to media and market activity.
Valeura shares were up 33% at 64.30 pence each in London. Year-to-date, however, shares have lost 69% in value.
Valeura said it stimulated three separate intervals covering 125 metres of gross section between 4,640 metres and 4,765 metres at Devepinar-1 well, by deploying 41 tonnes, 61 tonnes, and 57 tonnes of proppant, respectively.
The individual flow rates for the three intervals based on the last 24 hour flowing period were 1.6 million cubic feet per day, 1.3 million cubic feet and 1.3 million cubic fee from the deepest to the shallowest interval, respectively, the company added.
"The company interprets these to be positive results as each of these intervals individually has yielded the best gas flow rates that the company has recorded from its testing of the BCGA play to date. However, these results are preliminary due to the short duration of each flow period, and the next step will be to proceed with comingled flow of all three intervals to confirm the sustainability of the gas flow and to measure whether any condensate is present," Valeura explained.
By Tapan Panchal; tapanpanchal@alliancenews.com
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