Valeura is working in partnership with Norwegian major Equinor to appraise the unconventional gas accumulation at the Banarli block in the Thrace Basin following a successful exploration well -- Yamalik-1 -- in 2017.
An appraisal well, Inanli-1, has now been drilled at the site and will be stimulated and tested in the second quarter of 2019, the company said.
"Early results from the Equinor/Valeura drilling program at Yamalik-1 and Inanli-1 are encouraging and the company's efforts are squarely focused on further de-risking the play with a view towards commercial development," the company said as it announced approval of its listing in London.
Turkey is almost entirely dependent on imports from Russia, Iran and Azerbaijan -- as well as imports of LNG -- to meet gas demand of around 50 Bcm/year.
"Many European investors the company has met have demonstrated a strong understanding of Turkish gas market dynamics -- including the fact that Turkey imports over 99% of its gas supply -- and have expressed a willingness to invest," Valeura said.
The company said it believed the 10.1 Tcf of estimated unrisked mean prospective resources of gas equivalent -- including some condensate -- at its licenses in the Thrace Basin would be attractive to European investors.
Shares in the company will also continue to be traded on the Toronto Stock Exchange, it said.
Valeura is currently drilling the second well in the campaign which is Devepinar-1, located approximately 20 km to the west of Yamalik-1 and Inanli-1.
The appraisal drilling and testing program is expected to continue into late 2019 and will guide plans for further appraisal and/or an early development project in 2020 and 2021, the company said.
"By applying 3D seismic, modern reservoir stimulation technology and horizontal and deeper vertical well drilling, Valeura is aiming to achieve commercial scale operations from this tight gas resource," it said.
Valeura -- created in 2010 when it changed its name from PanWestern Energy -- has made Turkey is primary geographic focus and now has 20 exploration and production licenses.