Valeura Energy Inc. (TSX:VLE) (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, comments on its ongoing operations in relation to recent events affecting Turkey.
All of Valeura’s people, contractors, and assets remain safe and not directly impacted by the conflict in northern Syria. For reference, Valeura’s operations are located in the northwest (Thrace) region of Turkey, west of Istanbul and more than 1,000 km from the Turkey-Syria border. Field operations and specifically the production testing of the Inanli-1 well are progressing safely, and as planned.
Valeura has retained external legal counsel from the DLA Piper Washington D.C. office to provide ongoing legal counsel and monitoring of the U.S. Executive Order sanctions recently imposed against the Government of Turkey and certain Turkish parties and officials. The Company believes its ongoing business is able to proceed unimpeded by recent sanctions. Valeura anticipates continuing its natural gas production operations, including uninterrupted sales to its existing customers in Turkey, and the Company is continuing its appraisal testing programme in relation to its unconventional gas accumulation play. The Company has not, as of the date of this announcement, received any notice from any of its contractors or service providers of any anticipated disruption in their ability to support Valeura’s ongoing operations.
The Company continues to actively monitor the situation and, if required, may take measures to ensure its operations remain conducted in such a manner as to not trigger sanctions imposed by the Government of the United States of America.
Ensuring security, safety, and business continuity is a high priority for Valeura, and accordingly, the Company remains vigilant in monitoring the prevailing situation in Turkey to identify and manage risks to its people, assets, and ongoing operations. Business is proceeding as usual.