Other productive intervals are present between depths ranging from 927 meters to 853 meters. The company expects, following common industry practice, to ultimately perforate and produce an additional 36 meters of gas bearing sands uphole after the deeper zones described in the preceding paragraph are fully depleted. Therefore, the estimated net pay section in the Akkaya-1 well is 47 meters.
The Akkaya-1 well was drilled in the company's South Akcakoca Sub-Basin project about five miles offshore in the shallow waters of the western Black Sea. The well is productive from the Eocene-age Kusuri formation. The Akkaya well is the first confirmation well drilled after the successful completion of the Company's Ayazli-1 well, which is located approximately 7 kilometers to the northwest, that was completed in September 2004. This Tertiary sequence that tested gas in the Ayazli-1 and the Akkaya-1 also tested gas in the nearby Akcakoca-1 well drilled by TPAO in 1976.
The Akkaya-1 well will be temporarily suspended as further development activity in the South Akcakoca Sub-Basin continues. The first Guardian II production sleeve has been moved by barge from the fabrication yard in Izmit, Turkey and is now anchored near the location to be prepared for installation during the second week in June. The Prometeu jackup will be moved to a new location that is an immediate offset to the Ayazli-1 discovery well as soon as operations are complete at the current location. The company has previously reported that it would drill at least two and as many as seven more wells.
The Akkaya-1 discovery supports Toreador's previous estimate of potential reserves in the South Akcakoca area of approximately 350 billion cubic feet of natural gas based on available information. Drilling costs for the Akkaya-1 well will be approximately $4.0 million. The well was spudded on May 5, 2005, and had reached a total depth of 1275 meters on May 25.
"Our success on the Akkaya-1 is particularly gratifying. First, this positive test is an immensely important step towards forwarding the economic and geologic validation of the South Akcakoca Sub-Basin Project. We are well on our way to developing the first offshore gas field on the Black Sea coast of the Republic of Turkey. In addition, there are analogs on our permits that offer outstanding potential for further exploration and development," said G. Thomas Graves III, Toreador President and Chief Executive Officer.
"Second, the Akkaya well demonstrates the ability of our project development team to move quickly and accomplish a great deal in what, especially by oil industry standards, has been a very short period of time. In less than nine months, we have shot and interpreted 190 kilometers of 3-D seismic, completed engineering and project design for the South Akcakoca Sub-Basin development program, finished fabrication on two shallow water production structures and have successfully drilled the first of a series of delineation wells. This truly establishes Toreador's credentials as a capable international operating company," Graves added.
As operator of the well, Toreador has a 36.75% working interest, TPAO is the owner of a 51% working interest and Stratic holds a 12.25% working interest.
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