RE:FORGETTING permits in TURKIYE??
I still like Turkiye and particularly the Thrace. One of the toughest and most successful C Suite Engineers (Not with the Company) I know supports the play and is recommending to others. Super conservative guy when it comes to risk exposure. If he can get behind it, that's got my attention.
He of course acknowlege the risk, but also sees that Statoil brought it a long way along with their 100 million dollars+ in seismic, drilling, sciencing the heck out of the thing. Yes they left the party, but to me it was likely that they didn't see the broad extent to the field and rather than 20TCF it was more like 10TCF or even 5TCF. Not big enough for one of the largest E&P companies on the planet, but plenty big for us.
I hope they get a partner experienced in deep unconvential opportunities but it really doesn't need to be a Shell. Lot's of companies between 25,000 to 100,000 boe/d that this could have a material impact if successful. Downside risk is, depending on the deal, +- $50 million which for these midsize companies isn't a problem.
I would also support a smaller program done just by VLE. Riskier, but if they get it .. Big Big lift!
Time will tell, but the Thrace with all of the science and seismic and it's immense potential is a heck of a thing to have in your hip pocket! :)
All the best to Longs and a Happy Easter to all :)
Doc.