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Valeura Energy Inc
April 2012 Corporate Presentation
| Jim McFarland | Page 44 of 11 |
May 05, 2016
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[Partnerships & Agreements]
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44 OTTO PRODUCING ASSET PURCHASE Definitive agreement signed Dec 14, 2010 to acquire 35% interest in Edirne Licence 3839 in Thrace Basin held by Edirne Enerji (wholly owned by Australia - based Otto Energy Ltd.) Purchase price US$3.1MM (including taxes) with effective date Oct 1, 2010 Acquisition closed Mar 24, 2011 (ROFR waived by TransAtlantic) at adjusted purchase price at closing of $1.9MM GDPA approved licence interest transfer to Valeura on Sept 10, 2011 Edirne Licence performance 4 th quarter 2011: - 8 to 9 wells producing from six shallow gas fields in 100,080 acre licence area (35,028 acres net) - Average natural gas sales 3.3 MMcf/d (gross) (1.1 MMcf/d net) Operated by subsidiary of TransAtlantic Petroleum Ltd. 2011 capex approximately US$1.4MM (net) for drilling, workovers and wellhead compression: - 4 wells drilled in 2011 (2 abandoned); 1 successful workover - Currently reassessing potential drilling and workover inventory for 2012