Valeura Energy and its partner Pinnacle Turkey have formed a joint venture (JV) with a subsidiary of Transatlantic Petroleum to explore and develop hydrocarbon resources in the Thrace basin in north-west Türkiye.
This agreement focuses on deep rights formations in the region, where Valeura has been active for nearly 15 years.
Valeura holds exploration licences and production leases covering 955km², maintaining deep rights below 2,500m or a pressure gradient of 0.6 pounds per square inch/feet (psi/ft).
From 2017 to 2020, Valeura discovered a gas-charged, over-pressured sandstone reservoir in the Thrace basin, suggesting a basin-centred gas play at depths between 2,900m and 4,775m.
Although wells confirmed hydrocarbons, low flow rates and local gas prices rendered them non-commercial. The assets were dormant after Equinor’s exit in 2020.
Transatlantic, operational in Türkiye since 2007, has engaged in various JVs including a recent partnership with Continental Resources and Türkiye Petrolleri AO.
In the new JV, Transatlantic will serve as the contract operator, while Valeura remains the operator of record.
The JV will primarily focus on re-entering the Devepinar-1 well, previously drilled by Valeura, for further testing and hydraulic stimulation.
A commercial discovery here would grant Transatlantic a 50% interest held by Valeura and Pinnacle in the western lands, covering the re-entry costs of up to $2m.
Transatlantic may drill a deep appraisal well on the eastern lands, potentially earning a 50% interest upon a commercial discovery.
It will also finance up to $8m in costs, with further expenses shared with Valeura.
The Hanoglu-1 site in the Banarli Exploration Licence is a potential location for this well, pending final decisions after Devepinar-1 testing.
Valeura Energy president and CEO Sean Guest said: “Valeura has a proven history of creating cost-efficient structures to pursue exploration ventures, and this JV is no different.
“Moreover, this agreement will result in near-term action in the field with re-entry and testing of new zones in our key Devepinar-1 well expected this quarter.
“With success in that testing operation, Transatlantic can fully earn a 50% working interest across the play by drilling and testing a new deep appraisal well.
“We are pleased to be working again with Transatlantic, who, given their strong presence in Türkiye and proven unconventional operating credentials both in Türkiye and the United States, are well-placed to operate this next phase of the play to drive value generation for all stakeholders.”
Earlier this year, Valeura completed an eight-well drilling campaign at Licence B5/27, located offshore in the Gulf of Thailand.
