Valeura Energy Inc. has signed a joint venture agreement with a subsidiary of Transatlantic Petroleum LLC to explore and develop deep gas formations in the Thrace basin of northwest Türkiye. The partnership aims to reinvigorate Valeura’s deep gas play, originally discovered between 2017 and 2019, which holds multi-trillion cubic feet of gas in place.
Under the agreement, Transatlantic will operate the joint venture and can earn a 50% working interest in Valeura and Pinnacle’s deep rights by funding a re-entry of the Devepinar-1 exploration well, which is expected to begin testing later this quarter. The operation will include hydraulic stimulation and testing of shallower zones in the Kesan formation to assess commercial potential.
Should the re-entry program prove successful, Transatlantic will have the option to drill a deep appraisal well—potentially the pre-permitted Hanoglu-1 location—targeting high-quality reservoir intervals within the dry gas window. Transatlantic would fully fund up to $8 million in drilling costs, earning a 50% interest in the eastern acreage upon a commercial discovery.
Valeura CEO Dr. Sean Guest said the company remains confident in the play’s potential despite its strategic shift toward Asia-Pacific operations. “Our prior drilling confirmed multiple Tcf of gas in place and flowed gas from every tested zone,” Guest said. “With renewed momentum, advanced technology, and higher European gas prices, we see a strong opportunity to unlock commercial value from this deep gas resource.”
The new joint venture marks Valeura’s return to operational activity in Türkiye’s Thrace basin, where it has held acreage for nearly 15 years, and aligns with Transatlantic’s recent unconventional development partnerships in the region.
