Get the Latest Investment Ideas Delivered Straight to Your Inbox.

TICKERS: VLE; PNWRF

Energy Firm's First of Three Appraisal Wells Shows 'Encouraging' Results
Research Report

Source:

A Mackie Research Capital Corp. report reviewed findings from this company's prospects in Turkey.

In a Jan. 28 research note, analyst Bill Newman reported Valeura Energy Inc.'s (VLE:TSX; PNWRF:OTCMKTS) Inanli-1 appraisal well in Turkey's Thrace Basin "confirmed a thick overpressured gas reservoir." Inanli-1, in which the company owns a 50% working interest, is part of its current three-well appraisal program.

Located about 6 kilometers (6 km) northeast of the discovery well Yamalik-1, Inanli-1 was drilled to 4,885 meters (4,885m), about 689m deeper than Yamalik-1. Inanli-1 hit the primary objective sands at 3,270m "with high net-to-gross sandstone almost continuously to total depth." The area between 3,270 and 4,885m was assessed as overpressured. Overall, the well seemingly intersected more natural fractures than Yamalik-1.

Ready to test, Inanli-1 is now being cased. Fracking and testing are slated to begin in late Q1/19.

The program's second appraisal well, Devepinar-1, 20 km to the west of Yamalik-1, is expected to spud in February or March 2019. Valeura is still finalizing the location of the third appraisal well.

Mackie Research has a Speculative Buy rating and a CA$5.75 per share target price on Valeura Energy, whose stock is currently trading at around CA$3.38 per share.

[NLINSERT]

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Mackie Research, Valeura Energy Inc., Update, January 28, 2019

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE
Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site here.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.




Want to read more about Oil & Gas - Exploration & Production investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe