Valeura reports good results in Turkey's Inanli-1 well

By Murat Temizer

ANKARA (AA) - Canadian energy company Valeura reported Monday that findings from the Inanli-1 test well in Turkey's Thrace basin has resulted in increased confidence in the area's potential for gas fracking.

Valeura said that along with their Norwegian partner Equinor, they finished successfully drilling and logging the Inanli-1 appraisal well.

"These results further support the interpretation of a basin-centered gas accumulation in the Thrace Basin. We are encouraged by the results and look forward to now drilling Devepinar-1, 20 kilometers west, to prove that the play is pervasive across the basin," said Valeura CEO Sean Guest.

The company has officially detailed large gas resource potential in western Turkey.

"Our attention is now turning to the completion and testing program for Inanli-1. With several reservoir sweet spots, and intervals of increased natural fracturing identified, we are eager to test flow rates and are focused squarely on starting the completion process," Guest noted.

Valeura confirmed that Equinor Turkey B.V. would incur the costs for drilling, coring and logging evaluations.

Turkey imports the majority of its natural gas mostly from Russia, however, the country aims to decrease dependence on imports.