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Valeura Announces Positive Production Test Results at Third Zone in Inanli-1

Source: www.gulfoilandgas.com 9/26/2019, Location: Europe

Valeura Energy Inc. (VLU) (Valeura), the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation play in the Thrace Basin of Turkey in partnership with Equinor, is pleased to announce a successful natural gas flow test from the third stimulated zone in the Inanli-1 appraisal well.

The zone was accessed via two intervals of 3,899 – 3,925 metres and 3,855 – 3,876 metres which were stimulated in two separate operations with placement of 50 and 80 tonnes of proppant, respectively. The two intervals were originally identified as zones of interest in the Inanli-1 work programme and represent relatively less fractured, tighter rock based on petrophysical analysis. The net porous sand (above 3% porosity) within the gross section is interpreted to be 26 metres.

As with prior tests, once natural gas flow was confirmed post-stimulation by flowing gas up the casing for several hours, production tubing and artificial lift were installed to assist in cleaning up the well. The well was then flowed for approximately ten days. Average net gas rate over the flowing period was 442 Mcf/d (thousand cubic feet per day), and had stabilised at a rate of 247 Mcf/d over the final 24 hours of flow.

Gas from this zone is richer in condensate than the deeper zones tested in Inanli-1, with an average condensate/gas ratio of approximately 30 bbls/MMcf (barrels per million cubic feet). Water production rates declined over the duration of the test, to a rate of approximately 130 bbls/d (barrels per day) over the final 24 hours of flow. The well was still cleaning up at the end of the test.

All tests to date have been completed without any safety or environmental incidents. Flaring has been minimised with almost all of the produced gas being sold into the Company’s infrastructure. This third test has now concluded and the Company is currently preparing the well for the stimulation and testing of the fourth zone of interest.

Data gathered through the stimulation and testing programme will help define the Company’s next steps to demonstrate the commerciality of its 10 Tcfe (286 BCM) of unrisked gas resource, including 236 MMbbl (32 MMTonnes) of condensate, net to Valeura.

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