Valeura Energy's natural gas production increased quarter-on-quarter by approximately 22% in the fourth quarter of 2019, according to a company statement on Wednesday.
The Canadian upstream gas firm, which is focused on appraising and developing the unconventional gas accumulation play in Turkey's Thrace Basin, said gas production in the fourth quarter of last year averaged 646 barrels of oil equivalent per day (boe/d), and composed of gas produced from the firm's ongoing conventional program.
The amount represents a 21.65% increase compared to the third quarter of 2019 when gas production averaged 531 boe/d, according to Valeura's financial results for the third quarter of last year.
"Valeura’s shallow gas play provides a reliable stream of production and cash flow," the statement said, adding "Price realizations were relatively stable throughout 2019, averaging $7.40 per million cubic feet (28,317 cubic meters) in the fourth quarter of 2019."
The company said its revenues increased in the fourth quarter of 2019 due to a combination of reasons, including higher production and gas prices, which were more than sufficient to cover the company's operating costs.
Valeura said it has a net working capital surplus of approximately $37 million as of Dec. 31, 2019.
The firm is expected to announce its fourth quarter and full year results for 2019 next month.
By Ovunc Kutlu