'
Table of Contents
Table of Contents 2
List of Tables 5
List of Figures 6
Company Snapshot 8
Key Information 8
Company Overview 8
Valeura Energy Inc., Valuation and Financial Data 9
Valeura Energy Inc., Share Price Performance 9
Share Price Performance, Q2, 2015-Q2, 2016 9
Valeura Energy Inc., Key Valuation Metrics 10
Key Valuation Metrics, Q2, 2015-Q2, 2016 10
Valeura Energy Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q2, 2015-Q2, 2016 11
Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2015-Q2, 2016 12
Valeura Energy Inc., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q2, 2015-Q2, 2016 13
Valeura Energy Inc., Quarterly Production Trends 14
Valeura Energy Inc., Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q2, 2015-Q2, 2016 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2015-Q2, 2016 15
Valeura Energy Inc., Natural Gas Production 16
Total Natural Gas Production Trend, Q2, 2015-Q2, 2016 16
Natural Gas Production, By Country/Region, Q2, 2015-Q2, 2016 17
Valeura Energy Inc., Valuation and Financial Data, 2011-2015 18
Valeura Energy Inc., Share Price Performance, 2011-2015 18
Share Price Performance, 2011-2015 18
Key Valuation Metrics, 2011-2015 19
Valeura Energy Inc., Production and Reserves Trends 20
Total Oil and Gas, Reserves and Production 20
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 20
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 22
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 24
Crude Oil/Liquids Production and Reserve 25
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 25
Crude Oil Production and Reserves By Country/Region, 2011-2015 26
Crude Oil/Liquids Reserve Changes, 2011-2015 28
Natural Gas Production and Reserve 29
Natural Gas Production and Reserve Trend, 2011-2015 29
Natural Gas Production and Reserves, By Country/Region, 2011-2015 30
Natural Gas Reserve Changes, 2011-2015 32
Total Crude Oil and Natural Gas Reserves Life Index 33
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 33
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 34
Valeura Energy Inc., E&P Costs Trends 36
Allocation of the Upstream Capital Expenditure 36
Upstream Capital Expenditure, 2011-2015 36
Exploration and Development Costs, By Country/Region, 2011-2015 37
Oil and Gas Cost Per boe, US$/boe 39
Oil and Gas Cost Per boe, US$/boe, 2011-2015 39
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 41
Valeura Energy Inc., Reserve Replacement Ratio 43
Oil and Gas Production Replacement Ratio 43
Oil and Gas Production Replacement Ratio, 2011-2015 43
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 45
Valeura Energy Inc., Results of Oil & Gas Operations Trend 49
Oil and Gas Revenue and Expenses 49
Oil and Gas Revenue and Expenses, 2011-2015 49
Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 50
Oil and Gas Revenue and Expenses, Per boe 55
Oil and Gas Revenue and Expenses, By boe, 2011-2015 55
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 56
Oil and Gas Performance Metrics 60
Valeura Energy Inc., Land Holdings and Well Data 61
Developed and Undeveloped Acreage 61
Gross and Net Developed and Undeveloped Acreage, 2011-2015 61
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 62
Well Statistics 64
Producible Oil and Gas Well, 2011-2015 64
Producible Oil and Gas Well, By Country/Region, 2011-2015 65
Exploration and Development Wells Drilled, 2011-2015 70
Recent Developments 71
Valeura Energy Inc. - Recent Developments 71
Oct 13, 2016: TransAtlantic Petroleum Announces Entry Into Agreement For The Sale Of Its Subsidiary, And Provides A Production Update 71
Aug 19, 2016: Valeura Announces Execution Of Definitive Agreements For Statoil Farm-In On Banarli Licences In Turkey 71
Aug 11, 2016: Valeura Announces Second Quarter 2016 Financial And Operating Results 73
Jul 17, 2016: Valeura Confirms No Impact To Date On Personnel Or Operations From Attempted Coup In Turkey And Provides Operational Update 76
May 11, 2016: Valeura Announces First Quarter 2016 Financial And Operating Results And Yayli-1 Well Completion Update At Banarli 78
Mar 21, 2016: Valeura Achieves First Gas From Banarli 81
Mar 08, 2016: Valeura Announces Fourth Quarter 2015 Financial And Operating Results And Year-End 2015 Reserves 81
Jan 04, 2016: Valeura Confirms Natural Gas Discovery In Its First Banarli Exploration Well And Provides Operational Update 85
Dec 17, 2015: Valeura Announces Encouraging Drilling Results And Commencement Of Completion & Testing Operations On The Initial Two Banarli Exploration Wells 87
Nov 12, 2015: Valeura Announces Third Quarter 2015 Financial And Operating Results And Commencement Of Drilling On The First Banarli Exploration Well 88
Appendix 92
Methodology 92
Coverage 92
Secondary Research 92
Primary Research 92
Data Information Sources 93
Company Source 93
SEC/Other Regulatory Filings 93
Other Sources 93
Expert Panel Validation 93
Data Definition 93
Oil and Gas Reserves 93
Units of Measure 94
About GlobalData 94
Disclosure 94
Disclaimer 94
List of Tables
Table 1: Valeura Energy Inc., Key Facts 8
Table 2: Valeura Energy Inc., Share Price Performance, Q2, 2015-Q2, 2016 9
Table 3: Valeura Energy Inc., Key Valuation Metrics, Q2, 2015-Q2, 2016 10
Table 4: Valeura Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2015-Q2, 2016 11
Table 5: Valeura Energy Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2015-Q2, 2016 12
Table 6: Valeura Energy Inc., Upstream Capital Expenditure, Q2, 2015-Q2, 2016 13
Table 7: Valeura Energy Inc., Total Crude Oil and Natural Gas, Production, Q2, 2015-Q2, 2016 14
Table 8: Valeura Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2015-Q2, 2016 15
Table 9: Valeura Energy Inc., Total Natural Gas Production, bcf, Q2, 2015-Q2, 2016 16
Table 10: Valeura Energy Inc., Natural Gas Production, By Country/Region, bcf, Q2, 2015-Q2, 2016 17
Table 11: Valeura Energy Inc., Share Price Performance, 2011-2015 18
Table 12: Valeura Energy Inc., Key Valuation Metrics, 2011-2015 19
Table 13: Valeura Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21
Table 14: Valeura Energy Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 23
Table 15: Valeura Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 24
Table 16: Valeura Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 25
Table 17: Valeura Energy Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 27
Table 18: Valeura Energy Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 28
Table 19: Valeura Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 29
Table 20: Valeura Energy Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 31
Table 21: Valeura Energy Inc., Natural Gas Reserve Changes, bcf, 2011-2015 32
Table 22: Valeura Energy Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 33
Table 23: Valeura Energy Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 35
Table 24: Valeura Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 36
Table 25: Valeura Energy Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 38
Table 26: Valeura Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 40
Table 27: Valeura Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 42
Table 28: Valeura Energy Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 44
Table 29: Valeura Energy Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 48
Table 30: Valeura Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 49
Table 31: Valeura Energy Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 54
Table 32: Valeura Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55
Table 33: Valeura Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 59
Table 34: Valeura Energy Inc., Oil and Gas Performance Metrics, 2011-2015 60
Table 35: Valeura Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 61
Table 36: Valeura Energy Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 63
Table 37: Valeura Energy Inc., Producible Oil and Gas Wells, 2011-2015 64
Table 38: Valeura Energy Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 69
Table 39: Valeura Energy Inc., Exploratory and Developed Wells, 2011-2015 70
List of Figures
Figure 1: Valeura Energy Inc., Share Price Performance, CAD/Share, Q2, 2015-Q2, 2016 9
Figure 2: Valeura Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q2, 2015-Q2, 2016 10
Figure 3: Valeura Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2015-Q2, 2016 11
Figure 4: Valeura Energy Inc., Upstream Capital Expenditure, US$ mil, Q2, 2015-Q2, 2016 13
Figure 5: Valeura Energy Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q2, 2015-Q2, 2016 14
Figure 6: Valeura Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2015-Q2, 2016 15
Figure 7: Valeura Energy Inc., Total Natural Gas Production, bcf, Q2, 2015-Q2, 2016 16
Figure 8: Valeura Energy Inc., Natural Gas Production, By Country/Region, bcf, Q2, 2015-Q2, 2016 17
Figure 9: Valeura Energy Inc., Share Price Performance, CAD/Share, 2011-2015 18
Figure 10: Valeura Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 19
Figure 11: Valeura Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 20
Figure 12: Valeura Energy Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 22
Figure 13: Valeura Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 22
Figure 14: Valeura Energy Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 24
Figure 15: Valeura Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 25
Figure 16: Valeura Energy Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 26
Figure 17: Valeura Energy Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 26
Figure 18: Valeura Energy Inc., Crude Oil Reserve Changes, mmbbl, 2015 28
Figure 19: Valeura Energy Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 29
Figure 20: Valeura Energy Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 30
Figure 21: Valeura Energy Inc., Gas Production, By Country/Region, bcf, 2011-2015 30
Figure 22: Valeura Energy Inc., Natural Gas Reserve Changes, bcf, 2015 32
Figure 23: Valeura Energy Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 33
Figure 24: Valeura Energy Inc., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 34
Figure 25: Valeura Energy Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 34
Figure 26: Valeura Energy Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 35
Figure 27: Valeura Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 36
Figure 28: Valeura Energy Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 37
Figure 29: Valeura Energy Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 37
Figure 30: Valeura Energy Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 39
Figure 31: Valeura Energy Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 41
Figure 32: Valeura Energy Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 41
Figure 33: Valeura Energy Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42
Figure 34: Valeura Energy Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 43
Figure 35: Valeura Energy Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 45
Figure 36: Valeura Energy Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 45
Figure 37: Valeura Energy Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 46
Figure 38: Valeura Energy Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 46
Figure 39: Valeura Energy Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 47
Figure 40: Valeura Energy Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 47
Figure 41: Valeura Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 49
Figure 42: Valeura Energy Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50
Figure 43: Valeura Energy Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50
Figure 44: Valeura Energy Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51
Figure 45: Valeura Energy Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 51
Figure 46: Valeura Energy Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52
Figure 47: Valeura Energy Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 52
Figure 48: Valeura Energy Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53
Figure 49: Valeura Energy Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55
Figure 50: Valeura Energy Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 56
Figure 51: Valeura Energy Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 56
Figure 52: Valeura Energy Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 57
Figure 53: Valeura Energy Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 57
Figure 54: Valeura Energy Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 58
Figure 55: Valeura Energy Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 58
Figure 56: Valeura Energy Inc., Oil and Gas Performance Metrics, 2011-2015 60
Figure 57: Valeura Energy Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 61
Figure 58: Valeura Energy Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 62
Figure 59: Valeura Energy Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 62
Figure 60: Valeura Energy Inc., Producible Oil and Gas Wells, 2011-2015 64
Figure 61: Valeura Energy Inc., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 65
Figure 62: Valeura Energy Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 65
Figure 63: Valeura Energy Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 66
Figure 64: Valeura Energy Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 66
Figure 65: Valeura Energy Inc., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 67
Figure 66: Valeura Energy Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 67
Figure 67: Valeura Energy Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 68
Figure 68: Valeura Energy Inc., Exploratory and Developed Wells, 2011-2015 70