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    Valeura Falls on Turkish Test Results [UPDATE]

Summary

Updates with 54% share price collapse on Devepinar test results

by: Dale Lunan

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Natural Gas & LNG News, Europe, Premium, Editorial, Corporate, Exploration & Production, News By Country, Canada, Turkey

Valeura Falls on Turkish Test Results [UPDATE]

Shares of Canadian junior Valeura Energy fell more than 40% on the Toronto Stock Exchange December 13 after the company announced commingled production test results at its Devepinar-1 well in Turkey’s Thrace Basin.

The commingled production test – across 125 metres of gross pay between 4,640 m and 4,765 m and including three zones that were previously tested individually – yielded an average flow of 908,000 ft3/day over 11 days and 462,000 ft3/day over the final 24 hours of the test.

“We are pleased with initial rates from each of the three stimulated intervals, and with the substantial data set we acquired through the commingled production flow test,” Valeura CEO Sean Guest said. “The results from Devepinar are on trend with our predictions derived from the other tests conducted in the basin with regard to product characteristics – at this depth we see dry gas, with no condensate.” 

On the Toronto exchange, Valeura shares were trading at C$0.60 (US$0.455) just before noon Eastern Standard Time on December 13, down 42% from the December 12 close of C$1.04/share. By the time Toronto closed, Valeura shares had sunk even further, to C$0.48, a one-day decline of 53.85%.