Valeura Announces First Quarter 2017 Financial and Operating Results, Completion of Transformational Transactions and Imminent Start of Deep Drilling Operations
Valeura Energy Inc. ("Valeura" or the "Corporation") (TSX: VLE) is pleased to report highlights of its unaudited financial and operating results for the three month period ended March 31, 2017, completion of a series of transformational transactions and an imminent start of deep drilling operations. The complete quarterly reporting package for the Corporation, including the unaudited financial statements and associated management's discussion and analysis ("MD&A"), has been filed on SEDAR at www.sedar.com and posted on the Corporation's website at www.valeuraenergy.com.
"We are very proud of our success in closing a complex series of transactions in the first quarter," said Jim McFarland, President and Chief Executive Officer. "These transactions have reset the business and positioned us with the operational control and financial capacity to move forward with a new growth plan for the Corporation focused on our shallow gas base business and exploration for a potential high impact, basin-centered gas play in the Thrace Basin.
"In our shallow gas business, our efforts have now shifted to operational execution. Our target is to maintain a continuous drilling program underpinned by a relentless focus on safe operations, production growth, improved capital efficiency and reduced unit operating costs and G&A. We expect to shortly spud the second well in our planned shallow gas drilling program in 2017 before the end of May under a new multi-well drilling contract.
"At Banarli, I am delighted to report that commencement of drilling is imminent at Yamalik-1, the first deep exploration well under the Banarli Farm-in with our partner Statoil," adds McFarland.
Q1 2017 RESULTS AND SUBSEQUENT DEVELOPMENTS AT A GLANCE
Subsequent West Thrace Deep Rights Sale
TBNG JV and Banarli Shallow Gas Program
Banarli Deep Exploration Program
The Corporation is currently targeting a capital expenditure program of $15 to 16 million (net) in 2017 directed entirely to the shallow gas business. The Corporation has the flexibility to control the pace of spending since it is now the operator of the TBNG JV. The capital program is expected to include drilling of up to seven wells (gross) in the shallow formations on the TBNG JV lands and Banarli licences, targeting to deliver 2017 exit rate net sales of approximately 1,500 boe/d.
ANNUAL GENERAL MEETING WEBCAST
Valeura's Annual and Special Meeting of Shareholders will he held on May 11, 2017 at 9:00 AM MST in the Northcote Room at the Bow Valley Square Conference Centre, Level 3, Bow Valley Square 2, 202-6th Ave. S.W., Calgary, Alberta.
Please visit the following link to view the webcast of the proceedings, including a presentation by Jim McFarland, President and Chief Executive Officer at the end of the meeting.
ABOUT THE CORPORATION
Valeura Energy Inc. is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey.
SOURCE: Valeura Energy Inc.
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