Valeura Energy Awarded Turkish License With Shale, Tight Gas Potential

Valeura Energy has been awarded a new exploration licence on a 100% working interest basis in the Thrace Basin of northwest Turkey.

The Banarli Licence 5104 has a four-year initial term and covers an area of 118,598 gross acres located near the centre and deepest part of the Thrace Basin.

The company believes the licence is ideally located to test for a potential basin-centre gas play and to explore for unconventional tight gas and shale gas, Valeura said in a statement.

It also believes that the overlying Ergene, Danismen and Osmancik formations, which are also more deeply buried across the licence, may also be prospective for conventional gas exploration.