As for the Thrace...Things are definitely different thought wise for VLE. I still believe TAT is in the oil window of the basin, while that may only be a 25% cut of the overall flows, it is worth more per boe. If anything, VLE test #4 may give more confidence in that a shallower 2,500-3,200 meter test may be very wet/oily. We know alacaoglu 1 had oil and gas shows between 3,000-3,700 meters without fracking.
TAT is regularly drilling 3,000 meter wells in the molla area, and I believe Bahar 12 is planned to drill to the deep bedinan, so we should have plenty of expertise to do the test TAT is planning, and shouldn't be much extra for expense as what the company has been doing. But they need to drill a second well or deepen Karli 1 before summer 2020 when the Temrez licenses expire. And to get a 2 year extension may require 1 or 2 more commitment wells. And I assume a 2020 term loan will happen, which the amount will likely be based on these results. Along with YE production exit rate