Valeura Provisionally Happy with Turkish Well

The brief flow-tests from three intervals of the Devepinar 1 well are positive as they have individually yielded the best flow rates recorded from the Turkish play to date, Canadian operator Valeura said November 29. The next step will be to proceed with commingled flow of all three intervals to confirm the sustainability of the gas flow and to measure whether any condensate is present.

It said it was making an interim statement on tests in response to media and market activity. Its share price has been volatile, losing about three quarters of its value since mid-September but 45% higher at 12:41 pm (EST) November 29 on the Toronto Stock Exchange.

Valeura said it would not produce the well at an aggregate of the three individual test rates, but to production test the well under rate-controlled conditions to measure longer term flow stability. Valeura and its partners will make a decision on the next steps in the Devepinar-1 testing programme once this interval has been flowed for a similar duration to the testing of the Inanli-1 intervals, it said.

Flaring is minimised during testing with the majority of produced gas being captured in Valeura's gas gathering infrastructure and sold to its customers.