Valeura Energy Inc. · TSX:VLE
Valeura Energy — Investor Presentation (October 2014)
63 slides from Valeura Energy's investor presentation, October 2014
Slide 1: Unlocking Turkey's Tight Gas Potential – Corporate Presentation
A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION UNLOCKING TURKEY’S TIGHT GAS POTENTIAL CORPORATE PRESENTATION OCTOBER 2014
Slide 2: Corporate Profile
Corporate Profile Valeura Energy Inc. (VLE – TSX) is a Canada-based oil and gas company with core assets in Turkey Interests in 14 leases & licences in Turkey: 1.0 MM acres (gross); 0.43 MM acres (net) Focused on development of tight gas in the Thrace Basin with multi-stage fracs in vertical a
Slide 3: Capital Structure October 1, 2014
Capital Structure October 1, 2014 Basic shares outstanding at October 1, 2014 57,906,135 Common shares purchasable pursuant to outstanding: Financial warrants ($5.50 exercise price per share) 13,269,217 Performance warrants ($2.00 wt’d average exercise price per share) 2,796,750 Options ($0.92 wt’d
Slide 4: Why Turkey?
Why Turkey? Prospective Proven petroleum systems TBNG-PTI Under-explored & under-exploited conventional & TBNG-PTI acquisition Acquisition unconventional plays (natural gas & light/medium oil) opportunity Opportunity to deploy modern technology Thrace Basin main gas producing region Anatol
Slide 5: Turkey Year-End 2013 Reserves (Company Gross)
Turkey Year-End 2013 Reserves (Company Gross) (1) MMboe – Million barrels of oil equivalent 12 64% and 19% year-over-year increase in Possible proved (1P) and proved plus probable (2P) Probable 3P 10.3 reserves, respectively, in Turkey 10 Proved 9.2 Primarily natural gas reserves in Thrace 8 Bas
Slide 6: Thrace Basin Transactions
Thrace Basin Transactions Bulgaria 2010 Otto asset purchase (Edirne) (35% WI) Black Sea 3839 Turkey 2013 Copkoy 2013 Banarli licence award licence award (100% WI) (100% WI) 3659 2926 5147 5122 5104 3861 Greece 5151 3860 3934 4126 3858 3931 2011 TBNG-PTI asset purchase Sea of Marmara (the “TBNG JV”)
Slide 7: TBNG JV (40% - Non-Operated)
TBNG JV (40% - Non-Operated) I-8 Rig Drilling at TDR-9 7
Slide 8: TBNG JV
TBNG JV (1) Interests in 10 leases & licences in Thrace Basin (0.5 MM gross acres onshore) Established shallow gas production and marketing business: - ~65 producing wells in 15 gas fields in onshore lands - Owned compression facilities & distribution lines - Direct sales to 50+ commercial & end
Slide 9: TBNG JV Shallow Gas Business
TBNG JV Shallow Gas Business 2012 shallow gas program: (1) ₋ Spudded 9 new drills: 6 on production (7.6 MMcf/d aggregate initial 7-day rate); 1 completing/evaluating; 2 plugged and abandoned ₋ Completed 32 workovers (8.9 MMcf/d aggregate initial 7-day rate) 2013 shallow gas program: (1) − Spudde
Slide 10: Osmanli Area Conventional Gas Exploration Drilling
Osmanli Area Conventional Gas Exploration Drilling Banarli 5104 Merged Osmanli & Tekirdag 3D seismic area Osmanli Gurgen-1 Dogu Osmanli-1 3934 Guney Osmanli-3 Tavanli-1 Karaevli 3931 Kayi Gazi Biyikali-2 ST Tekirdag Drillled Yagci 5 km Planned location Mezardere Depth Structure Five (gross) conven
Slide 11: TBNG JV Shallow Gas & Tight Gas Plays
TBNG JV Shallow Gas & Tight Gas Plays Akcahalil-1 Inecik- Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 KAYI-7 BATI GAZI-1 BATI SHALLOW GAS DTD-1 2 KARAEVLI-1 SOUTHWEST NORTHEAST Danismen & Osmancik DANISMEN 50% of production 500 m OSMANCIK 5 re-entry fracs since mid-2011 (Osmancik) MEZARDERE 54 workove
Slide 12: TBNG JV Tight Gas Proof-Of-Concept Program Phases
TBNG JV Tight Gas Proof-Of-Concept Program Phases 1. Recompletion fracs (750-2,000 m depth) − Identify gas bearing zones in Mezardere, Teslimkoy & Kesan units that require fracs to achieve commercial rates focusing initially on areas within structural closure − Initiated new Mezardere laminated sand
Slide 13: Thrace Basin Tight Gas Learning Curve 2011 – 2014 YTD
Thrace Basin Tight Gas Learning Curve 2011 – 2014 YTD THRACE BASIN Cum. Capex(1,2) Horizontal Drills Program 6 Hz MEZ/TES/KESAN DRILL & FRACS ≈ $61MM (net) & Fracs Vertical Drills & 12 VERTICAL TESLIMKOY/KESAN DRILL & FRACS Fracs DEVELOP 232KM2 3D Studies 413KM2 3D SEISMIC CORE WORK: BAGLIK-1, HAYRA
Slide 14: Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells)
Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells) (1) TYPE CURVE COMPARISON - December 2013 1800 180 D&M 1P (EUR - 0.33 Bcf) 1600 D&M 2P (EUR - 0.88 Bcf) 160 Type Well 6 (EUR - 0.97 Bcf, HCPV - 4m) 1400 D&M 1P - Cum Recovery 140 D&M 2P Cum Recovery 1200 Type Well 6 - Cum Recovery 120 Cumulativ
Slide 15: Mezardere Multi Frac Type Curve (Horizontal Wells)
Mezardere Multi Frac Type Curve (Horizontal Wells) (1) TYPE CURVE MEZARDERE MFHW - December 2013 3000 150 2500 125 Mez MFHW (800m lateral, 1.13 Bcf) Cum Recovery 2000 100 Cumulative Production - % of EUR GAS RATE - MMscf/d 1500 75 1000 50 500 25 0 0 0 12 24 36 48 60 72 TIME - months (1) Valeura esti
Slide 16: Tekirdag Area Horizontal Drilling
Tekirdag Area Horizontal Drilling (1) 2nd HZ well BTD-4H 1st HZ well DTD-19H Teslimkoy U. Kesan 655 m lateral 425 m lateral 10-stage frac 7-stage frac IP30 rate 3.0 MMcf/d IP30 rate 0.4 MMcf/d 5th Hz well TDR-11H Mezardere TDR-14 678 m lateral DTD-6 10-stage frac Baglik-1 BTD-5 IP30 rate 1.3 MMcf/d
Slide 17: Tekirdag Area Frac Results & Potential Vertical Well Development
Tekirdag Area 2011-2013 Mezardere/Teslimkoy/Kesan Frac Results & Potential Vertical Well Development (1) KAYI-14 Guney Kayi-1 Kayi Derin-1 KAYI-7 5.0 MMcf/d 1.8 MMcf/d 0.7 MMcf/d 3.4 MMcf/d KAYI-12 KAYI-14 1.6 MMcf/d 5.4 MMcf/d TDR-2 TDR-5H KAYI-6 KAYI-16 0.6 MMcf/d 2.0 MMcf/d 0.9 MMcf/d 0.9 MMcf/d
Slide 18: Potential Mezardere Play Fairway
Potential Mezardere Play Fairway Base Mezardere Alacaogl u Prospective Depth Structure Mezardere Mezarder play fairway e Kitchen Hayrabolu 5104 Tekirdag Tekirdag area Mezardere exploitation 10 km program New slope fan play in Mezardere Formation showing encouraging results Tekirdag area Mezarder
Slide 19: Banarli Licence (100% - Operated)
Banarli Licence (100% - Operated) Banarli SeismicatAcquisition I-8 Rig Drilling TDR-9 – June 2013 19 27
Slide 20: Potential Basin-Centered Gas Play Fairway
Potential Basin-Centered Gas Play Fairway Base Alacaogl Mezardere u Mezardere Potential Depth Temrez Mezarder kitchen area Structure e Kitchen 5104 Hayrabolu-10 Kazanci-5 Banarli Gurgen-1 Tekirdag 10 km Banarli licence awarded to Valeura (100%) in April 2013 (480 km2) Potential basin-centered, o
Slide 21: Mezardere Play Results & Potential Extension to Basin Centre at Banarli
Mezardere Play Results & Potential Extension to Basin – Centre at Banarli Mezardere Depth Structure Potential Pressure 10 km Seal Potential Deep Locations Hayrabolu-10 Estimated TD 5,000m 5104 Banarli Potential Shallow Mezardere Locations Lobe Kayi-14 Kayi-6 Kayi Derin-1 G. Kayi-1 Progradation 5.4 M
Slide 22: Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics
Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey Operating Netbacks – $/boe (1) Cost Structure – US$MM (Gross) 70 Royalty CURRENT FUTURE 62.00 POTENTIAL Opex 60 58.77 RE-ENTRY FRACS (2) Netback 8.36 54.07 7.94 Single-stage Frac 0.5 0.5 50 7.27 10.02 5.94 VERTICAL
Slide 23: Turkey Natural Gas Indicative Well Economics
Turkey Natural Gas Indicative Well Economics (1) PHYSICAL PARAMETERS PER WELL ECONOMICS PER WELL – BEFORE TAX (5) PROGRAM INITIAL 30- RESERVES (2) CAPEX (4) IRR PAYOUT PV10 RECYCLE DAY RATE (3) (Bcf) (US$MM) (%) (MONTHS) (US$MM) RATIO (6) (MMcf/d) Thrace Basin - Gas Shallow Gas Drilling 0.30 0.9 0.8
Slide 24: Turkey Capital Budget Outlook 2014
Turkey Capital Budget Outlook 2014 (1) 2014 work program and budget targeting to: − Achieve average 2014 sales in Turkey of 1,030 – 1,080 boe/d − Expand Tekirdag area tight gas development with horizontal wells and explore Osmanli area on 3D seismic − Retain Banarli licence with shallow exploratio
Slide 25: Summary
Summary Owning Valeura provides exposure to a tight gas-focused, pure play in Turkey that benefits from: $10/Mcf gas prices, 12.5% government royalty & >$44/boe operating netbacks Large land position of 1.0 MM gross acres (0.43 MM net acres) Applying North American technology to exploit tight
Slide 26: Supplementary Information
A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION SUPPLEMENTARY INFORMATION
Slide 27: Disclaimer/Forward Looking Information
Disclaimer/Forward Looking Information This presentation contains certain forward-looking statements including, but not limited to: the 2014 work program and budget, operational plans and costs (seismic, drilling, fracking and workovers) for the tight gas and shallow gas development programs in the
Slide 28: Oil and Gas Terms and Advisories
Oil and Gas Terms and Advisories "reserves" are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on analysis of drilling, geological, geophysical and engineering data; the use of established
Slide 29: Our Heritage
Our Heritage Senior Management Board of Directors 29
Slide 30: Recent Successes of Management & Board
Recent Successes of Management & Board Sold 2009 $360 mm Market Cap 3x ROI (’04-’09) ~$1,289 mm CAGR 22% Market Cap at Trust Conversion Sold in 2008 $916 mm $202 mm 35x ROI (‘94-’03) 4x ROI (’05-’08) CAGR 51% CAGR 89% Sold in 2006 Sold in 2005 $306 mm $122 mm 1.4x ROI (’03-’06) 3x ROI (’02-’05) CAGR
Slide 31: Organization Structure
Organization Structure BOARD OF DIRECTORS Abby Badwi Jim McFarland Bill Fanagan Ken McKay Claudio Ghersinich Ron Royal Stephanie Stimpson, Corporate Secretary PRESIDENT & CEO ASSISTANT Jim McFarland Shari Lemon MANAGER MANAGER VP VP CFO GEOSCIENCES BUSINESS ENGINEERING OPERATIONS DEVELOPMENT Steve B
Slide 32: Officers
Officers President & CEO: Jim McFarland, P. Eng. 41 years oil & gas experience Former President & CEO, director and co-founder, Verenex Energy (Libya light oil) Former Managing Director, Southern Pacific Petroleum (Australian shale oil) Former President & COO, Husky Oil (heavy oil, upgrading)
Slide 33: Officers (Cont'd)
Officers (Cont’d) VP Engineering: Don Shepherd, P. Eng. 40 years oil & gas experience Former General Manager, Verenex Energy Area 47 Libya based in Tripoli 13 years with Saudi Aramco as Asset Management Team Leader and Senior Engineering Specialist (Saudi Arabia) 12 years in executive manageme
Slide 34: Managers
Managers Manager Business Development: Barry Wihak, P. Geol. 30 years oil & gas experience Former President & CEO, director and co-founder, Cangea Energy (private, Colombia focus) 5 years with Vermilion Energy Trust as Business Development Advisor on acquisitions in France, Netherlands and Austr
Slide 35: Managers (Cont'd)
Managers (Cont’d) Country Representative (Ankara, Turkey): Mehmet Ekinalan 6 years oil & gas experience Former Resident Representative of Thrace Basin Natural Gas Turkiye Corporation 21 years telecommunications experience (Turkey and USA) Former CEO and Board member of Turkish Telecom Former C
Slide 36: Board of Directors
Board of Directors Abby Badwi, P. Geol. Vice-Chairman, Bankers Petroleum Ltd. Geological background Bill Fanagan, CA (Chair) Former Chairman, Verenex Energy Inc. Former President & CEO, Gulf Indonesia Resources Limited Financial background (Audit Chair) Claudio Ghersinich, P. Eng. Co-founder & forme
Slide 37: Q2 2014 Financial & Operating Highlights
Q2 2014 Financial & Operating Highlights 3 MONTHS 3 MONTHS 6 MONTHS RESULTS ENDED ENDED ENDED JUNE 30, 2014 MARCH 31, 2014 JUNE 30, 2014 Production Crude oil & NGLs (bbl/d) 37 38 38 Natural gas (Mcf/d) 6,775 7,675 7,223 boe/d (@6:1) (1) 1,166 1,317 1,241 Financial ($ thousands except per boe amounts
Slide 38: Turkey Year-End 2013 Reserves (Company Gross)
Turkey Year-End 2013 Reserves (Company Gross) (1) TOTAL OIL LIGHT & MEDIUM NATURAL GAS PV10 BEFORE TAX (2) PV10 AFTER TAX (2) CATEGORY EQUIVALENT OIL (Mbbl) (Bcf) (US$MM) (US$MM) (MBOE) PROVED 86 9.4 1,648 42.4 39.8 PROBABLE 50 21.8 3,680 75.3 60.3 TOTAL PROVED 136 31.2 5,328 117.7 100.1 PLUS PROBAB
Slide 39: Turkey Year-End 2012 Contingent Resources (Company Gross)
Turkey Year-End 2012 Contingent Resources (Company Gross) (1) 302% year-over-year increase in best estimate of contingent resources (2C) in MMboe – Million barrels of oil equivalent Turkey (YE 2012 compared to YE 2011) 3C – High Estimate 2C – Best Estimate Natural gas in six discovered gas field
Slide 40: Current Land Position In Turkey
Current Land Position In Turkey LEASES & VALEURA PETROLEUM GROSS AREA TRANSACTION LICENCES NET AREA DISTRICT (1) (acres) (#) (acres) THRACE BASIN Licence 5104 Award (Banarli) (2) I (MARMARA) 1 118,598 118,598 Licence 5147 Award (Copkoy) (3) I (MARMARA) 1 20,668 20,668 TBNG-PTI – Onshore I (MARMARA)
Slide 41: TBNG JV 2011 Frac Results
TBNG JV 2011 Frac Results PEAK 24-HOUR INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE FRAC DATE NET PAY (1) POROSITY (1) ON-STREAM AVERAGE AVERAGE PRODUCTION TO WELL (d/m/y) (m) (%) RATE ON-STREAM RATE ON-STREAM RATE SEPT 30, 2014 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Yazir-2; 1st stage 18/07/2011
Slide 42: TBNG JV 2012 Frac Results
TBNG JV 2012 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE SEPT 30, 2014 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) DTD-11 7/01/2012 3 13 1.1 0.8
Slide 43: TBNG JV 2012 Frac Results (Cont'd)
TBNG JV 2012 Frac Results (Cont’d) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE SEPT 30, 2014 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Sulemaniye-2 (3) 9/05
Slide 44: TBNG JV 2013 Frac Results
TBNG JV 2013 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE SEPT 30, 2014 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Baglik-1 (L. Kesan) (3) 8/01/2
Slide 45: TBNG JV 2013 Frac Results (Cont'd)
TBNG JV 2013 Frac Results (Cont’d) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE SEPT 30, 2014 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Karanfiltepe-6 (L. Os
Slide 46: TBNG JV 2013 Frac Results (Cont'd)
TBNG JV 2013 Frac Results (Cont’d) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE SEPT 30, 2014 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Yagci-6 (Mezardere) 0
Slide 47: TBNG JV 2014 Frac Results
TBNG JV 2014 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE SEPT 30, 2014 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Kayi-16 (2-stage) (Mezardere/T
Slide 48: TBNG JV New Drill Spuds In 2012, 2013 & 2014 YTD
TBNG JV New Drill Spuds In 2012, 2013 & 2014 YTD Hayrabolu-10 Kazanci-5 Dogu Kayi Derin-1 Karya-1, Sig-1 Kuzey Atakoy-1 Guney Atakoy-2 Gurgen-1 Kayi-16 Hayrabolu Koseilyas-1 Deep Guney Exploration Guney Karababa-1 Kayi-1 Area Karanfiltepe-5, 6 Deveseki-1 Atakoy-8 TDR-5H, 9, 10 km 11H, 14 Dogu Gazi-2
Slide 49: TBNG JV New Drill Spuds In 2012
TBNG JV New Drill Spuds In 2012 SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) OCTOBER 7, 2014 Baglik-1 3931 10/03/2012 06/05/2012 Unconventional 3,594 Producing Dogu Karya-1 3934 04/04/2012 23/04/2012 Unconventional 2,022 Evaluating TSK-1 3931 05/04/2012 10/04/2012 Convention
Slide 50: TBNG JV New Drill Spuds 2013 & 2014 YTD
TBNG JV New Drill Spuds 2013 & 2014 YTD SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) OCTOBER 7, 2014 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013 Unconventional 4,054 Completing Unconventional - 1,626 MD DTD-19H 393
Slide 51: DTD-19H Horizontal – Upper Kesan Reservoir
DTD-19H Horizontal – Upper Kesan Reservoir Upper Kesan reservoir horizon (Baglik-1 producing zone) TD @ 1626 m MD Spud June 3, 2013 (34 drill @1096 m TVD @ -976 m SSTVD days) 1,096 m TVD; 1,626 m MD GR Mud gas 425 m horizontal leg show Total 209 m of sand LP @ 1201.15 m MD 7-stage frac P
Slide 52: BTD-4H Horizontal - Teslimkoy Reservoir
BTD-4H Horizontal - Teslimkoy Reservoir Teslimkoy BTD-2 producing zone Spud July 27, 2013 (36 drill days) 1,004 m TVD; 1,774 m MD 655 m horizontal leg Total 308 m of sand 10-stage frac Packers Plus assembly 5,815 bbls X-linked gel; 4% Landing point: 1,119 m KCL water energized with 40-
Slide 53: BTD-5H Horizontal - Teslimkoy Reservoir
BTD-5H Horizontal - Teslimkoy Reservoir Teslimkoy BTD-2 producing zone Spud Nov 19, 2013 (15 drill days) 974 m TVD; 1,519 m MD 403 m horizontal leg Total 89 m of sand 4-stage frac Packers Plus assembly (3 fracs completed) 583 bbls X-linked gel; 2% KCL water energized with 42-59% N2 Lat
Slide 54: BTD-2H Horizontal - Mezardere Reservoir
BTD-2H Horizontal - Mezardere Reservoir Mezardere DTD-6 producing zone Spud February 3, 2014 (13 drill BTD-2 DTD-6 days) 635 m TVD; 1,246 m MD Lateral section: 476 m Total sand encountered: 242 m 8-stage frac Packers Plus assembly Lateral section: 476m 3,420 bbls X-linked gel; 2% KCL w
Slide 55: TDR-11H Horizontal - Mezardere Reservoir
TDR-11H Horizontal - Mezardere Reservoir Mezardere TS-18 producing zone Spud February 20, 2014 (11 drill days) 518 m TVD; 1,291 m MD Lateral section: 678 m Total sand encountered: 394 m 10-stage frac Packers Plus assembly 4,754 bbls X-linked gel; 2% KCL Lateral section: 678 m water ene
Slide 56: TDR-5H1 Horizontal - Teslimkoy Reservoir
TDR-5H1 Horizontal - Teslimkoy Reservoir Teslimkoy C producing zone Spud July 28, 2014 (12 drill TDR-5 TDR-5H days) 991 m TVD; 1,698 m MD Lateral section: 569 m Total sand encountered: 35 m Total silt encountered: 103 m 8-stage frac Packers Plus assembly Landing Point: 1,129m Lateral s
Slide 57: Mezardere Slope Fan Model
Mezardere Slope Fan Model Mezardere consists of a north-easterly pro- grading slope fan complex, deposited within delta front and pro-delta setting Potential reservoirs include: − Porous channel and basin floor sands − Interlaminated sands and shales from channel abandonment, overbank, distal ap
Slide 58: Thrace Basin Seismic
Thrace Basin Seismic 2013 Osmanli 3D (232 km2) Drilling on 2D seismic only prior to 2012 2011 Tekirdag/Hayrabolu 3D (413 km2) 2011 & 2013 3D seismic (645 km2) guiding 2013 Banarli 2D (92.5 km) TBNG JV drilling since early 2012 2012 acquired 2D (186 km) Valeura funded 2013 2D seismic on Banarli
Slide 59: Gaziantep Licence 4607 – Alibey-1 Horizontal
Gaziantep Licence 4607 – Alibey-1 Horizontal 123,372 gross acres (26% WI) in Anatolian Basin in SE Turkey Operated by TransAtlantic Alibey-1 Hz drilled in July 2012 as 414 m horizontal side-track in original Alibey-1 vertical well, 4607 which flowed heavy oil from the Alibey-1 HZ Mardin Group
Slide 60: Turkey Natural Gas Infrastructure
Turkey Natural Gas Infrastructure 60
Slide 61: Turkey Oil Infrastructure
Turkey Oil Infrastructure 61
Slide 62: Thrace Basin Turkey – Stratigraphic Column
Thrace Basin Turkey – Stratigraphic Column Tertiary basin 9,000 m of tertiary age sediments Depositional environment − Deltaic sands − Turbidite sands − Reef development on Paleozoic highs Key reservoirs − Danismen - gas − Osmancik – gas − Mezardere - gas − Ceylan – gas − Sogucak – oil − Ham
Slide 63: SE Turkey – Stratigraphic Column
SE Turkey – Stratigraphic Column Reservoirs Sinan/Garzan reefs (Tertiary/Upper Cretaceous) Karabogaz & Mardin (Mid Cretaceous) Bedinan (Ordovician) Source Rocks Karabogaz (Cretaceous) Dadas (Silurian) Seals Germav (Upper Cretaceous) Dadas (Silurian) Play Types Structural - Reverse an
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