So that's background on the testing. The licenses include a modest back end weighted capital commitment over a five-year period. So there are a variety of things that control the operating leverage, which is sort of half the equation and it is lower than other companies. But it's a long-term effort that we are engaged in here. We did that in part to get some cost advantages on a bigger program. Around a half of the gross section has matrix porosity above our porosity cutoffs and the other half may contribute as well via natural fractures. We drew attention to the trade that we did in mid-June where we swapped some of our USD debt to euro and that will now carry an interest rate of 3.275%.
As we consider today's economic and commodity outlook, we believe it is unlikely that we would achieve fully funded status for our previous dividend at a reasonable level of capital expenditures. We also had to expand CAD2 million in capital to put the necessary equipment in place for trucking and barging.
And I had a question about this earlier today, what the magnitude of that change could be. With respect to oil, we are one-third hedge for the rest of this year at very attractive prices. Let's conquer your financial goals together...faster. Perfect. Okay. Given that the licenses include a modest and back end loaded capital commitment over five years, this provides us with plenty of lead time to plan and execute our future activities. I mean, in general, probably even quite low cost and real high rate of return M&A. ET Contents: Prepared. During the fourth week of July, ExxonMobil tested the well at a final flow rate of 8.8 million cubic feet a day. On June 12, 2019, we entered into a series of cross currency interest rate swaps, with the syndicated banks converting the remaining term of our 5.625% USD300 million senior unsecured notes due March 2025, into a EUR265 million obligation bearing interest at 3.275%. This model has kept us disciplined in a capital-intensive industry and has put substantial cash back in the hands of investors.
We do think -- as I mentioned in the opening remarks, we do think that this in the short to medium-term does qualify as a structural change in the market. I might turn it to Lars for just a second too to comment on our interest cost and cost of debt while we -- while we contemplate that debt level. Finally, Raymond James reissued a “neutral” rating on shares of Vermilion Energy in a research report on Tuesday, July 28th.
Vermilion Energy Inc (NYSE:VET) (TSE:VET)’s stock price traded up 6.7% during trading on Monday . Dennis Fong -- Canaccord Genuity -- Analyst. We -- I would say we generally had a moderately constructed view of oil prices. Cumulative Growth of a $10,000 Investment in Stock Advisor, Vermilion Energy Inc (VET) Q2 2019 Earnings Call Transcript @themotleyfool #stocks $VET, Why Occidental Petroleum, SM Energy, and Vermilion Energy Jumped 10% or More on July 21, Why Oil Stocks Like ExxonMobil, Chevron, and Vermilion Jumped Today, Why Vermilion Energy Stock Soared as Much as 15% Today, Shale Oil Stocks Get Smashed Today by This Bad News, Why These 3 Oil Producers' Stocks Crashed More Than 65% in March, Copyright, Trademark and Patent Information. During the outage, we made arrangements to ship most, but not all of our oil to alternate delivery points in France and Germany on trucks and barges. I'm going to start with that and then I'm going to turn it to Lars to discuss the composition of our balance sheet. Your line is open. Yeah, well, I think that's a great idea and Ukraine definitely need natural gas discoveries, so that they don't have to import from Russia. I do want to turn it to Adam for a minute just to discuss the fundamentals and our view of the market. You did address France, I think on the call. Germany, you just highlighted in the -- in the ops update that you just had some unexpected downtime, I was just trying to gauge if any of that had a knock-on effect to Q3 in the back half of the year. Most importantly, our French staff and their vendors did this without any significant safety or environmental incidents.
Thanks. Lars Glemser -- Vice President & Chief Financial Officer. We expect to commence drilling this well in Q4. Along with our European gas hedging program and our M&A and country entry advantages, we see this cross currency swap as another example of benefiting from our strong presence in Europe. Your next question comes from Asit Sen of Bank of America. This complex well was completed near the end of June and was then handed over to our partner, ExxonMobil for well test activities in July. That covers it for me. We believe in returning capital to the owners of Vermilion. Are you looking at things in that ilk?
As we started 2020, oil prices moved higher, partially offset by lower gas prices and our funding status continued to improve to an overfunded position as represented by the FFO bar as of January 6. The bars represent the evolution of our 2020 FFO estimates, including the major commodity price drivers of changes in forecasted FFO.
That's why the discussion that we had earlier about the potential for capital reductions. As has been our previous practice, our Q1 2020 call will be pre-empted by our AGM presentation on April 28. Ladies and gentlemen, thank you for standing by and welcome to the Vermilion Energy Inc. But I think on this other one I'd like to turn it to Mike Kaluza, our COO. Vermilion Energy (NYSE: VET) Q4 2018 Earnings Conference Call Feb. 28, 2019 11:00 a.m. Penn Virginia (NASDAQ:PVAC) Shares Up 6.8%, Castor Maritime (NASDAQ:CTRM) Trading 8.3% Higher, St. Johns Investment Management Company LLC Acquires 586 Shares of Coca-Cola Co (The) (NYSE:KO), Optas LLC Purchases 1,145 Shares of Home Depot Inc (NYSE:HD), Optas LLC Buys 408 Shares of Thermo Fisher Scientific Inc. (NYSE:TMO), LSV Asset Management Sells 650,636 Shares of Verizon Communications Inc. (NYSE:VZ), Ritholtz Wealth Management Acquires 3,825 Shares of Verizon Communications Inc. (NYSE:VZ), Ritholtz Wealth Management Has $779,000 Stake in Paypal Holdings Inc (NASDAQ:PYPL), Lockheed Martin Co. (NYSE:LMT) Shares Bought by Executive Wealth Management LLC, Optas LLC Purchases 1,971 Shares of Visa Inc (NYSE:V), St. Johns Investment Management Company LLC Sells 60 Shares of iShares S&P 500 ETF (NYSEARCA:IVV), Ritholtz Wealth Management Has $1.74 Million Stock Holdings in Vanguard FTSE Emerging Markets ETF (NYSEARCA:VWO), Sitrin Capital Management LLC Purchases 26,817 Shares of Verizon Communications Inc. (NYSE:VZ), The Walt Disney Company (NYSE:DIS) Shares Acquired by Executive Wealth Management LLC, Alibaba Group Holding Limited (NYSE:BABA) Shares Acquired by Executive Wealth Management LLC, Target Co. (NYSE:TGT) Holdings Cut by Executive Wealth Management LLC, St. Johns Investment Management Company LLC Cuts Stake in SPDR Gold Shares (NYSEARCA:GLD), St. Johns Investment Management Company LLC Sells 55 Shares of Alphabet Inc. (NASDAQ:GOOGL), Executive Wealth Management LLC Buys 126 Shares of NIKE, Inc. (NYSE:NKE), Intel Co. (NASDAQ:INTC) Shares Sold by Bernardo Wealth Planning LLC, Facebook, Inc. (NASDAQ:FB) Shares Acquired by Executive Wealth Management LLC, Executive Wealth Management LLC Lowers Stock Holdings in Invesco QQQ Trust (NASDAQ:QQQ), Profit margin is different from the revenue, MarketBeat.com's FREE daily email newsletter, adidas Given a €240.00 Price Target at Credit Suisse Group, Vestas Wind Systems A/S Given Buy Rating at Goldman Sachs Group, Daimler’s Sell Rating Reaffirmed at DZ Bank, Scout24 AG PT Set at €77.30 by Goldman Sachs Group, Credit Suisse Group Analysts Give Deutsche Telekom a €18.00 Price Target, UBS Group Analysts Give Carl Zeiss Meditec AG a €126.00 Price Target. See you at the top! Your line is open. We delivered record production of 100,357 boed in 2019, representing year-over-year growth of 15% or 5% on a per share basis. So the one that kept us flat, at -- so we CAD300 million and a CAD400 million budgets. Okay. Yeah, the current price weakness in Europe is really the confluence of a few factors.
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