Valeura Energy Inc. Appoints Tim Marchant to Board of Directors
Apr 16 15
Valeura Energy Inc. announced the appointment of Dr. Tim Marchant to its Board of Directors. Dr. Marchant is currently Adjunct Professor of Strategy and Energy Geopolitics at the Haskayne School of Business, University of Calgary.
Valeura Energy Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Audited Earnings Results for the Year Ended December 31, 2014; Provides Capital Expenditure Guidance for the Year of 2015
Mar 10 15
Valeura Energy Inc. reported unaudited earnings results for the fourth quarter and audited earnings results for the year ended December 31, 2014. For the quarter, petroleum and natural gas revenues were CAD 6,921,000 against CAD 6,347,000 last year. Funds flow from operations was CAD 3,654,000 against CAD 3,672,000 last year. Net income from continuing operations was CAD 697,000 against net loss from continuing operations of CAD 6,854,000 last year. Capital expenditures were CAD 2,822,000 against CAD 5,809,000 last year. Funds flow from operations was up 21% from third quarter of 2014 due primarily to higher sales volumes and higher natural gas price realizations.
For the year, petroleum and natural gas revenues were CAD 24,998,000 against CAD 21,084,000 last year. Funds flow from operations was CAD 13,586,000 against CAD 9,864,000 last year. Net income from continuing operations was CAD 1,090,000 against net loss from continuing operations of CAD 14,571,000 million last year. Capital expenditures were CAD 10,846,000 against CAD 26,952,000 last year. Funds flow from operations was 38% higher than 2013 due primarily to higher volumes, lower general and administrative expenses and lower operating costs, partially offset by lower natural gas price realizations.
The company reported production results for the fourth quarter and year ended December 31, 2014. For the quarter, crude oil was 10 bbl/d against 14 bbl/d last yaer. Natural gas sales were 7,022 Mcf/d against 6,812 Mcf/d last year. Net petroleum and natural gas sales in Turkey in fourth quarter 2014 averaged 1,180 barrels of oil equivalent per day (‘boe/d’), which was 18% higher than sales in third quarter of 2014, including 7.0 million cubic feet per day (‘MMcf/d’) of natural gas and 10 barrels of oil per day (‘bbl/d’).
For the year, crude oil sales were 8 bbl/d against 16 bbl/d last yaer. Natural gas sales were 6,812 Mcf/d against 5,494 Mcf/d last year.
The company expects to execute a capital expenditure budget of up to CAD 18 million to CAD 20 million (net) in Turkey in 2015, focused on natural gas development in the Thrace Basin, contingent on the level of operating cash flow from the TBNG-PTI JV lands. The work program and budget aims to achieve the following key objectives in 2015: Offset natural declines and achieve 5% to 10% production growth in 2015 on the TBNG-PTI JV lands from a program funded by available cash and operating cash flow; Pursue the shallow conventional gas play on Valeura's 100% Banarli licence with new 3D seismic and drill a licence retention well and up to two additional wells, contingent on the seismic results and the corporation's cash position; and Seek a farm-in partner(s) to pursue the deep basin-centered gas play on the TBNG-PTI JV lands and Banarli.
Valeura Energy Inc. Announces Drilling Results of Gurgen-2 Appraisal Well in the Thrace Basin of Turkey; Reports Turkey Net Sales for the Fourth Quarter and Full Year 2014; Announces Capital Expenditure Budget in Turkey in 2015
Jan 6 15
Valeura Energy Inc. announced successful drilling results at the Gurgen-2 appraisal well in the Thrace Basin of Turkey, which is on-stream and producing at an average restricted rate of 3.0 million cubic feet per day (MMcf/d) (gross). The Gurgen-1 discovery well was the most productive of the three discovery wells and has been on-stream for 62 days at an average restricted rate of 3.1 MMcf/d (gross) at choke sizes ranging from 18/64 to 22/64 inches. Gurgen-2, the first of two planned appraisal wells on the Gurgen discovery, was spudded on November 30 and was drilled in 14 days to a vertical depth of 2,000 metres into the Osmancik formation. The well is located approximately 500 metres southeast of Gurgen-1. The log analysis indicated 52 metres of net pay at an average porosity of 17%. This compares favourably to Gurgen-1, which intersected 57 metres of net pay with 17% average porosity. The Gurgen-2 well was cased to a depth of 1,650 metres and 11 metres of net pay was perforated as an initial completion. The well is tied-in and has been on-stream for 13 days at an average restricted rate of 3.0 MMcf/d (gross) through a 20/64 inch choke at an average flowing tubing pressure of 1,510 pounds per square inch. The second appraisal well, Gurgen-3, was spudded on January 3, 2015. The well location is approximately 500 metres southeast of Gurgen-2.
The company reported Turkey net sales for the fourth quarter and full year 2014. Net petroleum and natural gas sales in Turkey in the fourth quarter of 2014 averaged 1,180 barrels of oil equivalent per day (boe/d), which were up 18% from the third quarter of 2014 and included 7.0 MMcf/d of natural gas and 10 barrels of oil per day. The preliminary estimate for the average natural gas price realization in the fourth quarter of 2014 is approximately $10.50 per thousand cubic feet (Mcf), up 9% from the third quarter of 2014. This increase reflects the impact of a 9% increase in the reference price for domestic gas sales in Turkey (priced in Turkish Lira).
Net petroleum and natural gas sales in Turkey for the full year 2014 averaged 1,143 boe/d, which was up 23% from 2013. This result also exceeded the revised August 2014 production guidance range for the full year of 1,030 to 1,080 boe/d.
The Corporation announced capital expenditure budget in Turkey in 2015. The Corporation announced that it plans a capital budget of up to $19 to $22 million (net) in Turkey in 2015 that is targeted to grow production volumes by 10 to 15% compared to 2014 and is expected to include the acquisition of approximately 140 square kilometres of 3D seismic and drilling of up to three exploration wells on its 100% Banarli licence in the Thrace Basin.