Valeura Energy Inc.

12:14 PM EST - Valeura Energy Inc. : Announced the start of deep appraisal drilling on its Basin Centered Gas Accumulation play in Turkey and a further increase in the reference price for natural gas in Turkey. The Inanli-1 appraisal well was spudded on October 8, using the KCA Deutag T-700 drilling rig. The well has been designed to drill to a depth of 5,000 metres and is intended to test the vertical extent of the BCGA at a location approximately 6 km to the north-east of the discovery well location. In addition, the drilling program includes an extensive data-gathering plan including logging, coring, and flow testing. Drilling operations are expected to take approximately 80 days, after which, the well will be fracture stimulated to test select intervals. Valeura Energy Inc. shares T.VLE are trading up $0.17 at $4.55.