"The Black Sea offers exploration opportunities that we want to take advantage of," said G. Thomas Graves, President and CEO, "and our solid working relationship with the Turkish government gives us a competitive advantage in the region. Our host partner views Toreador's cost-efficient plan to drill the Ayazli-1 well for about $4.5 million quite favorably and is extremely supportive of our efforts to help them develop their country's natural resources."
"Recently, the government awarded Toreador about 730,000 acres in the Thrace region between Bulgaria and the Bosporus Straits. We have a 100% working interest in these six permits, the majority of which is located in relatively shallow water depths of 300 feet or less. Initially, we will evaluate seismic information and other data on this acreage," Graves said.
In addition, Toreador has applied for 2.5 million acres in deeper water depths up to 5,700 feet. The acreage is prospective in the Cretaceous and Eocene formations. The block is immediately north of the acreage where the company will drill the Ayazli-1 well.
Most Popular Articles