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Statoil Partners with Valeura for Turkey Thrace Basin Exploration
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Statoil has entered a binding letter agreement into two exploration licenses in the Thrace region in the European north-western part of Turkey.
Statoil will have a 50% interest in the Banarli licences, while the operator Valeura Energy Inc., a Canadian exploration company listed on the Toronto Stock Exchange will keep the remaining 50%. The shallow formations above 2,500 meters will be 100% retained by Valeura.
The work programme in the licences consists of several phases, where the first includes the commitment of drilling one exploration well, with planned spudding late 2016 or early 2017. The exploration phase will test unconventional gas potential in the deep parts of the basin.
The exploration licenses cover an area of approximately 540 km2 in proximity to existing infrastructure…
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