Valeura Energy Inc. says that the General Directorate of Petroleum Affairs of the Republic of Turkey (GDPA) has approved the Corporation's application to convert its 100% owned Banarli Exploration Licence 5104 in the Thrace Basin to the licencing terms under Turkey's new petroleum law adopted on June 30, 2013. As a result, the Banarli licence acquired in April 2013 has been converted to two new contiguous exploration licences, adapted to a new grid system, with a total area of 542 square kilometres or 133,840 acres, representing a 13% increase in the area of the original single licence.
The Corporation is also pleased to advise that it completed the acquisition phase of a new 3D seismic survey at Banarli. The seismic covers an area of 152 square kilometres, which satisfies the seismic requirement in the initial term of the new licences. The total all-in cost to acquire, process and interpret the seismic is estimated at $5.0 million. Processing and interpretation of the seismic is underway and should be completed by early September to position potential drilling at Banarli as early as the fourth quarter of 2015, contingent on the 3D seismic results and the Corporation's cash position at the time. Under the new licencing terms, an initial commitment well will need to be spudded by June 26, 2016.