Valeura hit by market turbulence

The Turkish shale gas developer sees its appraisal programme results cause ripples amid nervous oil and gas investor sentiment

Turkey-focused Canadian independent Valeura Energy has had a busy second half of 2019, announcing the results of no less than five production tests on its unconventional gas assets in the Thrace basin. Unsurprisingly, investors have closely scrutinised the results. A majority of the tests—four at the Inali-1 well and a fifth at Devepinar-1—were positive. The exception was the fourth Inanli-1 result, which was more disappointing. Yet it was this latter set of findings that had a substantial impact on the share price. This begs the question of whether, in an environment where ESG and energy transition issues are racing up the investment agenda, oil and gas investors’ antennae are more sensitiv