Toreador is on track to begin its offshore drilling program in the shallow waters of the western Black Sea in late April with the spudding of the Akkaya-1 delineation well, which is on trend with and located about seven miles east of the Ayazli-1 discovery well. The Ayazli-1 well found natural gas in the South Akcakoca sub-basin in 2004.
Initial development plans for the South Akcakoca sub-basin include the drilling of three consecutive delineation wells. If successful, the wells will be completed and suspended as future producers. Toreador will have the option to drill up to five additional wells using the same rig that drilled the first three wells. Phased development of the South Akcakoca sub-basin is planned with production beginning in the second half of 2006.
Toreador is operator and holds a 36.75% working interest in this acreage.
In the onshore Sinop area northeast of Ankara, Toreador plans to re-enter the Boyabat-2 well in late April. Initial construction work has begun at the re-entry site, with the rig due on location shortly. The company estimates the re-entry could identify 60-80 billion cubic feet of potential field natural-gas reserves. If the re-entry is successful, Toreador expects to offset the re-entry with a development well during the second half of 2005.
Toreador operates and holds a 100% working interest in six Sinop permits.
Toreador continues its horizontal drilling campaign in the Charmottes Field where it expects to fully exploit additional oil reserves. The Charmottes-110 horizontal development well is drilling ahead in the target Dogger formation. Toreador anticipates completing the well by late April, after which the company will test the Charmottes-108 and -110 wells. Toreador previously shut in the Charmottes-108 until the Charmottes-110 is completed. The Charmottes-108 well was drilled earlier this year and encountered oil shows over 1,122 feet. If the Charmottes-108 and -110 are successful, the company could drill another 2-4 horizontal wells in the field in late 2005 and in 2006.
In addition, Toreador expects to drill at least one additional well in 2005 to further develop reserves in the Charmottes Field's Triassic-age Donnemarie formation, which produces at a depth of about 8,600 feet. Two of the company's wells in this formation together have produced about 500,000 barrels of oil. Recent remapping of the deeper Triassic formation has shown that the structure's areal extent may be larger than originally believed.
Toreador is operator and owns a 100% working interest in the Charmottes Field.
Toreador has re-entered two of six wells on its 1,325-acre Fauresti Block. Upon initial re-entry, the second well flowed at a rate as high as 2.6 million cubic feet of gas per day during two testing periods. Toreador currently is conducting re-entry operations, after which the company will log and test the well. If successful, this well could be placed on production during the second half of 2005.
The first well re-entry has been logged and suspended pending further testing. The company anticipates re-entering four additional wells and drilling up to two new development wells on the block this year. The Fauresti Field license produced approximately 15.5 million barrels of oil equivalent before the government oil company suspended operations in 1999.
Toreador also plans to re-enter a well on the Viperesti Block and will continue to gather geological and geophysical information, as well as reprocess seismic data, on both the Viperesti and Moinesti blocks.
Toreador is operator of and has a 100% working interest in these Romanian concessions.
Toreador holds a 17% nonoperated working interest in the Cowherd-1 well in Marion County, Texas. The well has reached total depth, and testing of the Travis Peak formation, the primary objective, is under way.
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