Highlights

  • Valeura partners with Transatlantic to advance deep gas exploration in the Thrace basin.
  • Devepinar-1 is well scheduled for re-entry and testing in Q4 2025 to evaluate commercial potential.
  • Transatlantic can earn a 50% working interest by drilling and assessing a new appraisal well.

Valeura Energy Inc. (TSX:VLE) has formed a joint venture (JV) with Transatlantic Petroleum LLC through its wholly owned subsidiary and Pinnacle Turkey, Inc. The partnership aims to explore and develop hydrocarbons in the deep formations of the Thrace basin, located in northwest Türkiye.

Dr. Sean Guest, President and CEO of Valeura, said: “Despite our strategic pivot toward the Asia-Pacific region, we have maintained our conviction that the deep gas play we discovered in northwest Türkiye offers significant potential to add value to the Company. Our drilling programme from 2017 to 2019 demonstrated that there are multiple Tcf of gas in place across Valeura's lands in a deep tight gas play. We drilled three wells into this play and tested 12 separate zones - every one of which flowed gas. It is my hope that with a reinvigorated push to test the play, we will see this evolve into a commercial success, especially when coupled with the higher European gas prices that exist today.”

Thrace Basin Deep Gas Assets

Valeura has operated in Türkiye for nearly 15 years and holds deep rights below 2,500 metres or at a pressure gradient exceeding 0.6 psi/ft across 955 km² of licences and leases. Between 2017 and 2020, Valeura and Equinor drilled three exploration wells—Yamalik-1, Inanli-1, and Devepinar-1—confirming the presence of multiple Tcf of gas in place. Hydraulic stimulation of 12 reservoir zones produced gas to surface, including one long-term test connected to the local gas network.

Joint Venture Agreement

Under the agreement, Transatlantic, which has been active in Türkiye since 2007, will operate the JV, while Valeura remains the operator of record with Turkish authorities. Transatlantic may earn a 50% working interest by completing two key activities: the re-entry and testing of the Devepinar-1 well, and the drilling of a new deep appraisal well in the eastern part of the acreage.

Devepinar-1 Re-Entry

Originally drilled in 2019, the Devepinar-1 well will be re-entered to conduct hydraulic stimulation and testing of shallower intervals within the Kesan formation between 4,660 and 4,765 metres. Transatlantic will fund the first USD 2M of re-entry expenses, with additional costs shared among partners: 50% Transatlantic, 31.5% Valeura, and 18.5% Pinnacle.

Deep Appraisal Well Plans

Transatlantic also has the option to drill a new appraisal well within the Banarli Exploration Licences to a minimum depth of 4,000 metres to secure a 50% interest if results show commercial potential. The venture will jointly fund up to USD 8M in costs, with any excess evenly divided between Valeura and Transatlantic.

About Valeura Energy

Valeura Energy Inc. is a Canada-based energy company focused on the exploration, development, and production of petroleum and natural gas assets in Thailand and Türkiye.