The agreement is for the exploration of the deeper formations below 2,500m where over-pressure is expected on Valeura’s two wholly-owned and operated Banarli exploration licenses in the Thrace Basin.
Under the terms of the deal, Statoil will invest in an exploration program to earn 50% stake in the deep formations on the licenses, which cover an area of 540km² near the centre of the basin. Valeura Energy will retain the remaining 50% stake in the licenses as operator.
The shallow formations above 2,500 meters will be 100% retained by Valeura.
Valeura Energy president and CEO Jim McFarland said: "Partnering with a global leader like Statoil validates the potential of our assets and the progress we have made to understand the basin and to develop its tight gas resources.
"By virtue of our retained 100% interest in the shallow formations under the agreement, our planned shallow gas drilling program on the Banarli licenses is expected to proceed as planned."
Scheduled to be completed by the end of September 2016, the agreement is subject to the approval of the General Directorate of Petroleum Affairs (GDPA) of the Republic of Turkey for the associated license interest transfers.
Statoil said that the work program in the licenses involves several phases. The first phase involves drilling one exploration well with planned spudding late 2016 or early 2017.
The exploration phase will assess the potential unconventional gas reserves in the deep parts of the basin.
Statoil Northern Hemisphere exploration activities senior vice-president Erling Vågnes said: "Entry into the north-western part of Turkey is in accordance with our exploration strategy to build a diverse portfolio of low commitment frontier opportunities with impact potential.
"If successful, this is an opportunity that will play to Statoil`s strengths in drilling and reservoir management."
Image: Statoil Northern Hemisphere exploration activities senior vice-president Erling Vågnes. Photo: courtesy of Statoil.
