Valeura, Transatlantic form JV to advance deep gas exploration in Thrace basin
Valeura Energy entered into an agreement with Transatlantic Petroleum to explore and develop hydrocarbons in the deep rights formations of Turkey’s Thrace basin. Under the terms of the joint venture (JV), Transatlantic can earn a 50% working interest by participating in a re-entry and testing program on the existing Devepinar-1 well and by drilling a new deep appraisal well.
The area lies at depths below 2,500 m and represents a basin-centred gas play where past campaigns have demonstrated gas in multiple zones across three wells. Previous testing produced flows but was not commercially viable given decline rates and pricing at the time.
With this agreement, the next immediate activity will be re-entry and testing of deeper zones in Devepinar-1 in Q4 2025. If those tests are successful, a new appraisal well (Hanoglu-1) may follow, targeting a better-quality reservoir zone that could support long-term gas development.
