Valeura Energy has secured a joint venture with a subsidiary of TransAtlantic Petroleum to revive its deep gas acreage in the Thrace Basin, a region west of Istanbul that has been on hold since 2020. Under the agreement, TransAtlantic can earn up to a 50 percent working interest by funding key appraisal steps, starting with a US$2 million re‑entry of the Devepinar‑1 well and potentially covering up to US$8 million for a follow‑on well, Hanoglu‑1. Valeura remains operator throughout.
The target is an over‑pressured basin‑centred gas system at depths between 2,900 and 4,775 metres. The concept is not untested. Between 2017 and 2020, Valeura and former partner Equinor drilled three wells into the play, stimulated multiple zones and achieved gas to surface. However, flow rates and market conditions at the time did not support commercial development, and Equinor exited the partnership.
By bringing in a committed funding partner, Valeura reduces capital exposure while retaining a meaningful interest if the play proves up. The JV structure allows progress on two fronts: extracting more value from prior drilling and adapting the original concept to fit current dynamics. The gas market in Türkiye and surrounding regions has moved significantly since the original campaign, both in price and in policy focus, offering a different context for potential development.
Devepinar‑1 will be re‑entered and tested in the fourth quarter of 2025, focusing on shallower Kesan formation intervals not previously evaluated. If those results are promising, the deeper Hanoglu‑1 appraisal will follow.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
