"VALEURA DRILLING FIRST EXPLORATION WELL IN TURKEY
CALGARY, Jan. 24 /CNW/ - Valeura Energy Inc. ('Valeura' or the 'Corporation') (TSX-V: 'VLE') is pleased to provide an update of its operational activities in Turkey.
ALTINAKAR-1 WELL DRILLING
The Corporation's first exploration well in Turkey, Altinakar-1 on Licence 2674 in the Karakilise area, is currently drilling at a depth of approximately 1,670 ft (509 m). The well is targeting light oil in the Bedinan formation at a depth of approximately 8,200 ft (2,500 m) and is being drilled on a 1.9 km2 tilted fault block prospect defined on new 2D seismic shot by Valeura in the fourth quarter of 2010. The Corporation is targeting to complete drilling and evaluation by late March. Valeura is funding 100% of the US$4.0 million turnkey cost for drilling as part of the Phase I earning program under the previously announced farm-in agreement with Aladdin Middle East Ltd. and Guney Yildizi Petrol Uretim Sondaj, Muteahhitlik ve Ticaret A.S. (collectively 'AME-GYP')."
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