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.
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