Valeura Raises $60mn for Turkish Gas Project
Valeura Energy, a Canadian junior working to develop a basin-centred deep gas project in Turkey, has raised $60mn in a bought deal to help fund continuing work on its Thrace Basin project.
The offering was sold through a syndicate of underwriters led by GMP FirstEnergy and including Cormark Securities.
Last year, Valeura and Statoil, its joint venture partner, drilled their first well, Yamalik-1, which tested 2.9mn ft3/day from four intervals. Statoil paid the full cost of that well and will pay the full cost of the next well, planned to spud sometime this summer. After that, Valeura and Statoil will share equally in future drilling. A third and fourth well are planned for later this year and early 2019.
Earlier this year, the prospective risked resource of the play was estimated at some 5.2 trillion ft3 of natural gas.