Valeura established its initial international asset in Turkey in 2010 and in the following year completed its first significant acquisition in the Thrace Basin of northwest Turkey.
The Company continues to be focussed on growing its natural gas operations in the Thrace Basin, where natural gas prices remain robust compared to North America. The recently announced Banarli Farm-in, the Offering, the West Thrace Deep Rights Sale and the TBNG Acquisition in 2016 and early 2017 have transformed the Company by increasing the size of the asset base, degree of operational control and financial capacity, and secured a large, well-respected partner to pursue a deep high impact exploration program. These transactions pave the way for a significant ramp-up in the exploration and development program in 2017 and future years.
In this regard, the Company is targeting to achieve the following key objectives:
- grow the relatively low risk shallow gas business on the newly consolidated and operated TBNG JV lands and Banarli Licences (less than 2,500 metres depth);
- explore for a higher risk/higher reward deep, basin-centered gas accumulation play (2,500 metres to 4,000+ metres depth), initially funded by Statoil under the Banarli Farm-in; and
- pursue expansion of the asset base in the Thrace Basin though new licence awards or other transactions.