VLE: The first flow test reults are expected tomorrow from a program intended to test at least 4 different zones in two vey different wells and the company is still sitting on >$50 million cash for the exploration program, so I think it's a bit early to be declaring '...Valeura ended up being' anything at this point.
They began testing in Inanali-1 which was intentionally drilled into a highly fractured part of the formation, so although they are only doing single stage fracs to standardize their data collection across the different zones, there still potential to see some significant flows from those naturally fractured zones.
Then when they move to Devepinar-1, they encountered more porous rock than anticipated at depth and kept drilling deeper than they originally intended because they believed it's the type of porosities that can be productive.....and these two holes are 20 km apart....so the potential implications of good flow data are significant.
I completely understand being at the max pain point though, over the past year it has taken them to drill these two very deep holes, Ergoan's Turkey has done nothing but foment geopolitical instability in the region and cast doubt on the long-term stability of the Turkish economy, which I believe has been the major cause for the attrition in share price here....and as a result of recent EU sanctions for their drilling around Cyprus, Valeura's list of prospective take out targets has dropped down to Azerbaijan and Qatar, who seem to be Turkey's only remaining friends at this point, but at least they're good friends with deep pockets and shared interest in regional energy security.
"Our houses are such unwieldy property that we are often imprisoned rather than housed in them." - Henry David Thoreau, Walden: Economy, 1854
