The Charmottes-109 well, located in the company's 100%-owned Charmottes Field, was spudded last week and drilled to a measured depth of 7,197 feet where a significant oil flow was encountered in the Jurassic Dogger formation, the objective for the well.
Upon successful completion of the well, its production rate is expected to be about 250 barrels of oil per day (BOPD), constrained by the capacity of existing production facilities. Toreador estimates the well's sustainable production capacity could range from 400 to 500 BOPD as soon as expanded production facilities are completed later this year.
Toreador expects production from the Charmottes-109 well should result in the company exceeding its goal of replacing the 675 barrels of production-per-day lost as a result of Toreador's sale of its U.S. mineral and royalty portfolio in January. The company completed an extensive workover program in its 100%-owned French fields earlier this year, which recouped about 250 BOPD of the lost production.
Toreador anticipates that the Charmottes-109 well should confirm three additional locations for similar wells in the Charmottes Field. The company had planned to drill the Charmottes-109 from its surface location horizontally to a bottom hole location about one-half mile to the west. Toreador decided to complete the well at its present location due to the significant amount of oil pay encountered rather than drill to the planned bottom hole location.
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