3km after Ürgüp, a road to the right runs down to the two churches of the Kepez Valley. Dug out of a group of cones, these churches once belonged to a large monastery. The second church, built on two levels, still retains some of its frescoes which have a red geometric decor and which date from the Iconoclastic period. Just below, an isolated cone houses the beautiful 10C Pancarlik Church, which is dedicated to St Theodore.