BRIEF-Valeura Energy - Execution of definitive agreements for Statoil farm-in on Banarli licences in Turkey

Fri Aug 19, 2016 12:16pm EDT
 
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Aug 19 (Reuters) - Valeura Energy Inc

* Valeura announces execution of definitive agreements for Statoil farm-in on Banarli licences in Turkey

* Agreements include a farm-in agreement, a joint operating agreement to apply post-earning and a number of ancillary agreements

* Says unit, Corporate Resources B.V. has executed definitive transaction documents with Statoil Holding Netherlands B.V.

* Statoil has option to earn a 50% participating interest in deep formations on Banarli licences

* Statoil can earn participating interest by investing in exploration program that includes payments, carried costs of at least $36 million

* Says Valeura will receive US$6.0 million at closing as a contribution to past exploration costs incurred on Banarli licences Source text for Eikon: Further company coverage: