Valeura Energy Announces Positive Results from the Inanli-1 Appraisal Well

Source: www.gulfoilandgas.com 1/28/2019, Location: Europe

Valeura Energy, the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation in the Thrace Basin of Turkey, has finished successfully drilling and logging the Inanli-1 appraisal well.

Highlights
Inanli-1 drilled to a total depth of 4,885 metres
The objective section from 3,270 metres to 4,885 metres (1,615 metres gross column) is high net-togross sandstone that is interpreted to contain over-pressured gas
More natural fracturing was encountered than in Yamalik-1, including four stand-out intervals
Two reservoir sweet-spots were encountered that can be correlated to offsetting wells
The well is being cased and will be left in a state ready for completion fracking and production testing
Completion operations are planned to commence around the end of Q1

Drilling operations
Inanli-1 was drilled safely to a total depth of 4,885 metres ('TD'), at which point the associated time and cost to trip the drill pipe for a new drill bit drove the decision to call TD. The well is currently being cased and will be left in a state ready for completion, fracking, and production testing. The rig will be released from the location in the coming days and will begin relocating to the next appraisal well location, Devepinar-1.

The key objectives of the well were to prove that the over-pressured, gas-bearing reservoir discovered in the Yamalik-1 exploration well is laterally continuous and is indicative of a basin-centered gas accumulation ('BCGA'), to test for effective reservoir and over-pressured gas at deeper depths than Yamalik-1, and to test for the presence of natural fracturing in the reservoir as predicted from the Company’s seismic and geological studies. All of these objectives have been met.

Costs for the drilling, coring and logging evaluation are carried by Equinor Turkey under the Banarli farm-in agreement up to 10% above the approved AFE. Current cost estimates suggest the final cost will be approx. 110% of the approved AFE.

Positive evaluation
Based on drilling and wireline logging data, Inanli-1 encountered the top of the primary objective sands at 3,270 metres at the base of the Mezardere Formation, after which high net-to-gross sandstone was present almost continuously down to TD within the Kesan Formation. The well recorded gas shows throughout drilling operations, and based on both drilling and wireline data, the 1,615 metre gross column below 3,270 metres is interpreted to contain over-pressured gas.

The drilling data, core analysis and wireline image logs all indicate that Inanli-1 encountered more natural fracturing than was seen in Yamalik-1. In particular, there are four intervals of interest which stand out as being moderately to intensely fractured, covering approximately 600 gross metres. Two of these are in the shallower portion of the objective section, in the upper Kesan Formation, while two are deeper, including one just above TD. These results appear to support the pre-drill fracture predictions from the 3D seismic data.

Based on the extensive data acquired, the evaluation suggests that the best reservoir was encountered in the shallower sands of the upper Kesan Formation. In particular, two reservoir sweet spots are interpreted over an interval from approximately 3,270 to 3,750 metres, which also exhibit increased natural fracturing. Importantly, these zones can be correlated laterally to offsetting wells, suggesting that Inanli-1 has encountered the same prospective reservoir intervals as previously observed.

The lateral continuity of target reservoir intervals will be important in the future for planning potential horizontal development wells. The matrix porosities of the objective sandstones in Inanli-1 gradually decrease with depth along the compaction trend predicted from the Yamalik-1 core and wireline data. However, natural fracturing is more extensive at this location which could enhance the effective porosity and permeability of these fractured sands at depth. The planned fracking and testing programme on Inanli-1 is expected to test the productivity of these and other interpreted reservoirs in the well.

Sean Guest, President and CEO, commented: 'These results further support the interpretation of a basin-centered gas accumulation in the Thrace Basin. We are encouraged by the results and look forward to now drilling Devepinar-1, 20 kms west, to prove that the play is pervasive across the basin.

Our attention is now turning to the completion and testing programme for Inanli-1. With several reservoir sweet spots, and intervals of increased natural fracturing identified, we are eager to test flow rates and are focused squarely on starting the completion process.'

Next steps
Valeura and its partner Equinor are interpreting the Inanli-1 data gathered from drilling, logging, and core to define the fracking and completion programme. As previously announced, fracking and testing operations are planned to commence around the end of Q1.


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