VALEURA EXECUTES CONDITIONAL OFFER FOR US$61.5 MILLION ASSET PURCHASE IN TURKEY AND ANNOUNCES BOUGHT DEAL FINANCING FOR $75 MILLION
CALGARY, Feb. 9 /CNW/ - Valeura Energy Inc. ("Valeura" or the "Corporation") (TSX-V: "VLE") is pleased to announce that it has executed a conditional offer (the "Offer") with TransAtlantic Worldwide Ltd. ("TransAtlantic"), a wholly-owned affiliate of TransAtlantic Petroleum Ltd., to acquire (the "Acquisition") natural gas production of approximately 10.0 mmcfd (net before royalties), 546,030 net acres of land in the Thrace and Anatolian basins of Turkey (the "Assets") and exposure to a world-class unconventional tight gas opportunity in the Thrace Basin for a purchase price of approximately US$61.5 million in cash.
Unconventional Gas
The Corporation believes there is upside potential associated with applying North American well completion technology to exploit deeper tight gas sand reservoirs in the Mezardere, Ceylan and Hamitabat formations at depths to the top of these formations from 1,000 to 3,500 m. Selective deep drilling in the past indicates the presence of relatively low porosity (3 to 15%), stacked sandstone reservoirs in these formations that are gas-charged. TBNG and TPAO, the Turkish national oil company, have carried out fracture treatments on a number of deeper wells in the past 20 years in the Hamitabat and Mezardere formations in the Thrace Basin and have achieved post fracture rates up to 3 to 4 mmcfd. The Hamitabat field operated by TPAO is producing from the Hamitabat formation at a depth of approximately 2,850 m and has produced approximately 100 bcf to date.
There are many other analogies of tight gas reservoirs around the world in similar basins that have benefited from the application of modern drilling and completion technologies and robust capital investment. The Montney formation in the Western Canada Sedimentary Basin is currently being developed with horizontal wells and multi-stage fracture treatments with considerable success. In parts of the Thrace Basin, there are up to 9,000 m of Tertiary-aged sediments with a number of tight gas and other unconventional gas targets that are expected to benefit from multi-stage fracture treatments in vertical wells, given the relatively thick nature of the stacked sandstone reservoirs.
On a preliminary basis, the Corporation has mapped five closures under existing shallow gas fields on the Thrace Basin onshore Lands at the Mezardere horizon, alone, which could be prospective for tight gas development. Exploration and development of these and other unconventional targets is expected to be an important focus of the Corporation's go forward capital program. Equipment for this purpose is becoming increasingly available in Turkey at competitive costs, including equipment from a service company affiliated with TransAtlantic.
A new work program and budget for 2011 on the Thrace Basin onshore Lands is currently under development by the operator.
3 comments:
Olen myös hiukan seuraillut tätä...
TATin kokeessa yhden vaiheen frakki tuotti IP:ksi 4mmcf/d. Traakiassa voisi siis olla tiukkaa kaasua. Laitoin hiukan Valeuraa salkkuun varmuuden vuoksi. TAT näyttää aika kiinnostavalta myös. Onkohan kauppa kuitenkaan vielä ihan varma, summasta kun näyttäisi puuttuvan 30-40 miljoonaa.
"The Company expects that third party investors will provide between $90.0 and $100.0 million cash in funding toward the purchase price. Those investors would acquire approximately between 59.5% and 65% of TBNG and PTI's current production and acreage. Included in the third party investor group is Valeura Energy, Inc. (TSX-V: VLE), with which the Company and TransAtlantic Worldwide have entered into an agreement whereby Valeura would acquire approximately 40% of TBNG and PTI's current production in consideration for approximately $61.5 million in cash."
http://www.marketwire.com/press-release/TransAtlantic-Petroleum-Ltd-Announces-Exercise-Option-Acquire-Thrace-Basin-Natural-Gas-NYSE-Amex-TAT-1394047.htm
Olisiko ostopuolella mukana jokin kolmaskin toimija?
Kova laimennus tulossa VLE:n osakekantaan, mutta rahoille näyttäisi tulevan vastinetta. Johtotiimi on kohtuu tasokas.
Tein Transatlanticista melko kattavan "analyysin" reilu vuosi sitten ja yhtiö oli mielestäni tuolloin kallis. Tuo teksti on tallennettuna blogin julkaisemattomiin teksteihin, mutta en muista miksi en "julkaissut" sitä.
Kolmaskin toimija tuohon tarvitaan, TAT on haluton investoimaan enempää.
TAT tekee tietysti JV:n parasta tulosta koska myy suuren osan palveluista. Aika haastava analysoitava tuo on näillä tiedoin. VLE:ssä on se hyvä puoli että Seefferi varmaankin aloittaa kohta hehkutuksen, osake löytyy portfoliosta.
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