Turkey: Valeura sees shale gas potential on Thrace block

Turkey’s General Directorate of Petroleum Affairs has awarded a 100% working interest in the Banarli License 5104 in the Thrace basin to Valeura Energy Inc., Calgary.

The 118,598-acre license is near the center and deepest part of the basin and has a 4-year initial term. Only two relatively shallow wells have been drilled, most recently Karaca-1 plugged at 1,026 m in late 2010.

Valeura believes Banarli to be ideally located to test for a potential basin-centered gas play and to explore for unconventional tight gas and shale gas in those areas where the Mezardere shale source rocks are below 3,000 m and may be at pressures and temperatures sufficient to create an active kitchen for hydrocarbon generation.

The company also believes that the overlying Ergene, Danismen, and Osmancik formations, which are also more deeply buried across the license, may also be prospective for conventional gas exploration.

License terms require the spudding of one well in the first year. Valeura will shoot a targeted 2D seismic program to complement existing 2D coverage.

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