Valeura has executed a farmout agreement with Aladdin Middle East and Guney Yildizi Petrol Uretim Sondaj, Muteahhitlik ve Ticaret (collectively "AME-GYP"), two affiliated oil and gas exploration and production companies operating in Turkey and controlled by the Turkey-based Sayer Group.

Under terms of the Agreement, Valeura will farm-in to one production lease containing the Kahta heavy oil field and eight exploration licenses operated by AME-GYP and located in southeastern Turkey within the Zagros fold belt, which extends into Turkey from Iraq and Syria and encompasses one of the most prolific hydrocarbon basins in the world.

Valeura expects to invest a minimum of US $8.8 million (Phase I) over the next four months split approximately along the following lines: Kahta reservoir study (US $0.5 million); recompletion of two indicated oil discovery wells to establish producibility (US $0.9 million); 2D seismic acquisition (US $3.4 million); and, drilling of one exploration well (US $4.0 million)

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