BRIEF-Valeura announces deal with Statoil in Turkey

Sun May 15, 2016 7:11pm EDT
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May 16 (Reuters) - Valeura Energy :

* Valeura Announces Binding Letter Agreement With Statoil For Farm Out on Banarli licences in Turkey

* Says under terms of letter agreement, Statoil will fund exploration program in deep formations on Banarli licence

* Completion of phase 3 Statoil would have invested at least $36 million to complete earning of its 50% interest in Banarli licences

* Says following earning phase, Statoil will have option to assume operatorship of joint venture.

Source text for Eikon:

Further company coverage: (Bengaluru Newsroom)