Valeura Energy (VLE.TO) said it grew its year-end 2012 proved plus probable reserves by 107% and its best estimate contingent resources by 302%. It also announced fourth quarter 2012 financial and operating results and provided an outlook. Net loss for Q4 was $12.1 million compared to a net loss of $3.4 million a year earlier.
OUTLOOK: "After more than 18 months of technical evaluations, new 3D seismic acquisition, deeper drilling and an extensive proof-of-concept frac program, the corporation has initiated a tight gas delineation and development program in the Tekirdag area, the first area on the TBNG-PTI lands earmarked for the transition from proof-of-concept to development. This program is expected to initially incorporate wells drilled to a depth of 1,600 to 1,800 metres through the target Teslimkoy Formation and top 200 to 300 metres of the Kesan Formation to be completed with multi-stage fracs. Ultimately, it is expected that well spacing may be reduced to approximately 40 acres per well and deeper sands in the Kesan Formation will also be exploited.
"The front end of the program, as described above, includes several new delineation wells and multi-stage fracs to better define the ultimate scope and pace of this Tekirdag area program, which is expected to be advanced in phases and extend over a number of years and is subject to a number of contingencies including approvals from partners and regulatory authorities, availability of equipment and additional financing in the future."
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
