Canada-based Valeura Energy's revenue increased by 6% to $2.8 million in the first quarter of 2020, compared to the last quarter of 2019, the company said on Tuesday.
The net petroleum and natural gas sales of the Turkey-focused company in the first quarter of this year averaged 716 barrels of oil equivalent per day, marking an 11% increase from the fourth quarter of 2019.
The company said it successfully drilled two commitment wells under the West Thrace exploration license with preliminary indications of hydrocarbons in both wells.
Despite the COVID-19 pandemic, it has maintained operations without sacrificing safety, the company said.
"Keeping our people safe is our highest priority, and we are taking direction from public health authorities and medical professionals on how to both remain safe and continue operations. Our results are an example of how even in the face of substantial new challenges due to the COVID-19 pandemic, we can maintain our health and safety record while continuing critical operations to maintain the supply of gas to our customers," Sean Guest, CEO of Valeura said.
Guest said that by having direct control of the value chain all the way from the wellhead to the customer, coupled with pricing that has not been influenced by the recent sharp decline in crude oil prices.
"Valeura's shallow gas business is fundamentally well-positioned to remain resilient in these times."
He added that Valeura remains in a strong financial position, with a gas production asset that is generating cash flow even in times of economic turmoil, with a significant value option on a potentially very large unconventional gas play.
"We will continue to closely monitor economic conditions in Turkey, and to course-correct our operations as required to protect our ongoing revenue generation," Guest said.
By Murat Temizer