Chart

Having a look at the TTE daily chart we can see a bullish flag formation in action.
We had an attempted breakout on Friday with an increase in volume, however it dropped back down to within the flag 'range'.
The breakout upwards is likely to occur when (or just before) news is release about the wells.
The target is in the area of 4.3-4.5c.  
This target aligns with a number of FA/TA factors, not only is it the 'flagpole' target, but the timing coincides with the expected drilling news and on top of this it puts the TTEO options in the money.  
We have these 3 factors all converging within the next couple of weeks and should see the target reached.
However, the flag formation has a positive gradient for the flag which has a lower chance of playing out than one with a negative gradient.
This next week we should see volume increasing, due in part to the anticipated news but also because TA traders will be watching closely for the breakout. I would expect 3.5c to be tested again this week. Staying above 3.5c would be very bullish and may lead to 4c+ the week thereafter.