Valeura Energy Inc. has partnered with a subsidiary of Transatlantic Petroleum LLC to develop and explore Türkiye's deep gas reservoirs in northwestern Türkiye's Thrace basin. The partnership is seeking to reinvigorate Valeura's deep gas play, first discovered between 2017 and 2019, with multi-trillion cubic feet of in-place gas.
Transatlantic will operate the joint venture under the agreement and earn a 50% working interest in Valeura and Pinnacle's deep rights on funding a re-entry of the Devepinar-1 exploration well, which is forecast to begin testing later this quarter. Hydraulic stimulation and testing of shallower intervals within the Kesan formation to assess commercial potential is the project.
If the re-entry program comes into effect, Transatlantic has an option to drill a deep appraisal well-preferably the pre-approved Hanoglu-1 location-targeting high-quality reservoir intervals in the dry gas window. Transatlantic will fund all up to $8 million of the cost of drilling and have a 50% interest in the east acreage on commercial discovery.
Valeura CEO Dr. Sean Guest continued that the company remains optimistic over the play potential even after it entered into its strategic transition to Asia-Pacific operations. "Our initial drilling reported up multiple Tcf of in-place gas and produced gas across each interval tested," Guest said. "With new momentum, new technology, and increasing European gas prices, we think that there is a compelling opportunity to wring commercial value out of this deep gas asset.".
The new joint venture is Valeura's return to production operations in the Thrace basin of Türkiye, where it has had acreage for nearly 15 years, and aligns with Transatlantic's recent regional unconventional development joint ventures.