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CALGARY - Junior oil and gas explorer Valeura Energy Inc. (TSXV:VLE) says it has reached an agreement to invest close to US$9 million for a stake in a joint venture in Turkey.
The Calgary-based company said Thursday it will work with its partners, two affiliates of Turkey-based Sayer Group, to develop the Kahta heavy oil field in southeastern Turkey.
Valeura will invest a minimum of US$8.8 million for the first phase of exploration.
Upon successful completion of the phase, it will acquire a 25 per cent stake in the Kahta production lease and three of eight exploration licences in the area.
It will also acquire 12.45 per cent in the five other exploration licences.
"Kahta is a technology play that is right up our alley and could set up a number of other opportunities in heavy oil reservoirs in Turkey."
Valeura Energy Inc. is involved in exploitation, development and production of petroleum and natural gas in Western Canada.
It is also pursuing an international strategy to expand into selected countries in Latin America, the Middle East and North Africa (MENA) region and the Mediterranean basin.
Shares in the company were up 30 per cent or 8.5 cents to 36 cents apiece Thursday on the Toronto Venture Exchange.
