Market Impact: Neutral: Valeura announced 4Q15 production of 809 boe/d, which trakced our estimates. The Company reported funds from operations of C$1.6 mm (FCC C$1.8 mm), with the difference due to fluctuations in the Turkish Lira and higher business development expenses, partially offset by lower production costs.Valeura achieved impressive operating netbacks of C$44.56/boe during the quarter, which is due to the strength of the Turkish natural gas price of C$9.93/mcf.
