Tsakos Energy Navigation Ltd T.TNP

TAT Leases in Thrace

[kcac1]

This is from the STO website.  For anyone not clear of TATs leases, on this map, they outline the leases in black, they are not showing them to scale.  The width is correct, but the leases are rectangular like the outlined STO leases.  So, they extend northward about double the length shown.  TATs leases sit directly north of the STO leases.  The most eastern lease is the C shaped lease with the border almost directly north of the Yam-1 well STO is now calling a discovery.  The carve out in that lease did belong to TP.  TAT owns the leases west of that all across the top of the STO/VLE leases.  And MM estimates 50k acres of the 120k acres to be within the BCGA.  Almost all of the 2 easternmost leases are in it, much inside the inner condensate zone as outlined on the VLE map on presentation page 10.  I would think at some point, assuming this basin is proven out, those TAT leases become valued at least 40% the value of VLEs 100k net acres.  They are tied into VLE's pipeline and VLE processes what little gas they produce in Thrace.

I wish MM would take some of his drilling money and drill one deep well in the area they deem has the most potential which is likely within that inner condensate zone.