Valeura established its initial international asset in Turkey in 2010. The Company is focussed on growing its established business in Turkey, particularly its natural gas operations in the Thrace Basin, where natural gas prices remain robust and prospectivity and potential impact have increased with early exploration success on its Banarli licences. In this regard, the Company is targeting to achieve the following key objectives:
- capitalize on the recently announced TBNG Acquisition, wherein Valeura will increase its interest in the TBNG JV from 40% to 81.5% and assume operatorship at the closing of the TBNG Acquisition;
- optimize the long-standing conventional shallow gas business in the Thrace Basin;
- continue the exploration program on the 100% owned and operated Banarli licences, which are in the deeper part of the Thrace Basin, focused primarily on the conventional shallow gas play down to a depth of approximately 2,500 metres;
- continue to develop the unconventional tight gas play in normally pressured formations in the Thrace Basin with modern multi-stage frac technology primarily in vertical wells, building on an extensive proof-of-concept program carried out by the TBNG JV since mid-2011 to de-risk the play;
- more extensively pursue the deep potential basin-centered gas play in over-pressured tight gas formations on the Banarli licences and West Thrace lands in the TBNG JV by partnering with Statoil; and
- pursue other strategic acquisition opportunities.