During drilling of the Ayazli #3, gas shows were recorded on the mud log over multiple intervals between 725 meters and 1070 meters. Logs indicate the presence of gas in potentially 6 intervals between 743 meters and 1070 meters. Toreador has identified approximately 44 meters of potential gas producing sands in the well. This analysis is based solely on information derived from the mud and electric logs. For reference, the Ayazli #1 well tested approximately 16 meters of gas pay in three zones at an aggregate rate of 15 million cubic feet of gas per day.
The Ayazli #3 well was directionally drilled to a bottom hole location approximately 1100 meters southwest of the Ayazli #1 well. The Ayazli #2 well will be directionally drilled from the same surface location without moving the rig to a bottom-hole location approximately 380 meters southwest of the Ayazli #1 well. After the completion of drilling on the Ayazli #2 well, both the #2 and #3 wells will be tested in sequence. This procedure will save several days of rig time. Based on the current drilling schedule, testing should begin in the latter part of July 2005.
Due to the positive result of the Ayazli #3, at an Operating Committee Meeting ("OCM") on June 30, 2005, Toreador and its partners agreed to exercise their option with their drilling contractor to drill 5 additional wells immediately after the completion of all work at the Ayazli #2 and #3 location. Therefore, it is anticipated that an aggregate of 8 wells will be drilled with the jackup Prometeu in the South Akcakoca Sub-Basin project during 2005. Additional wells could be drilled if the partnership is successful in its negotiations for a second rig that would be able to begin work in the area during 2005. Other actions taken at the OCM included approval of the purchase of steel plate for five more Guardian production structures, authority to begin work on both the onshore and offshore portions of the project's pipeline system and to initiate the civil engineering work associated with the onshore gas processing facility. Each of these represents long-lead time action items on the critical path to achieve first production in 2006. Toreador operates and owns a 36.75% working interest, TPAO owns a 51% working interest and Stratic owns a 12.25% working interest in the Western Black Sea permit area.
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