Toreador Completes Ayazli #3 Well
Toreador Resources reports that drilling and logging operations on the Ayazli #3 well in the company's South Akcakoca Sub-Basin project were successfully completed on June 30, 15 days after spudding. The well was drilled to a measured depth of 1335 meters. Toreador and its partners, TPAO and Stratic Energy Corporation, have run casing and are now making preparations to commence drilling operations on the Ayazli #2 well.
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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