The Energy Report
Source: Streetwise Reports 01/30/2019
A Mackie Research Capital Corp. report reviewed findings from this company’s prospects in Turkey.
In a Jan. 28 research note, analyst Bill Newman reported Valeura Energy Inc.’s (VLE:TSX; PNWRF:OTCMKTS) Inanli-1 appraisal well in Turkey’s Thrace Basin “confirmed a thick overpressured gas reservoir.” Inanli-1, in which the company owns a 50% working interest, is part of its current three-well appraisal program.
Located about 6 kilometers (6 km) northeast of the discovery well Yamalik-1, Inanli-1 was drilled to 4,885 meters (4,885m), about 689m deeper than Yamalik-1. Inanli-1 hit the primary objective sands at 3,270m “with high net-to-gross sandstone almost continuously to total depth.” The area between 3,270 and 4,885m was assessed as overpressured. Overall, the well seemingly intersected more natural fractures than Yamalik-1.
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Ready to test, Inanli-1 is now being cased. Fracking and testing are slated to begin in late Q1/19.
The program’s second appraisal well, Devepinar-1, 20 km to the west of Yamalik-1, is expected to spud in February or March 2019. Valeura is still finalizing the location of the third appraisal well.
Mackie Research has a Speculative Buy rating and a CA$5.75 per share target price on Valeura Energy, whose stock is currently trading at around CA$3.38 per share.
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Disclosures from Mackie Research, Valeura Energy Inc., Update, January 28, 2019
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( Companies Mentioned: VLE:TSX; PNWRF:OTCMKTS,