The Ayazli-2 well successfully tested approximately 20 meters of gas pay in two zones between 920.5 meters and 1045.0 meters at an aggregate rate of 9.0 million cubic feet of gas per day through a 48/64-inch choke. Other productive intervals are present between depths ranging from 725.0 meters to 877.0 meters. The Company expects, following common industry practice, to ultimately perforate and produce an additional 31 meters of gas-bearing sands uphole after the deeper zones described above are fully depleted. As previously announced, wireline logs indicated the presence of gas in six intervals with approximately 64 meters of gas-producing sands in the Eocene-age Kusuri formation.
The Ayazli-3 well also successfully tested approximately 33 meters of gas pay in five intervals between 747.0 meters and 1067.0 meters at an aggregate rate of 8.7 million cubic feet of gas per day through a 48/64-inch choke. Several additional zones remain to be tested. The aggregate flow rate does not represent the full capacity of the intervals tested; due to the higher pressure encountered in the lower zones, the flow from the lower pressure upper zones was severely limited during the well test. Based on these results, future wells will be designed for dual completion in order to maximize flow rates.
"The Ayazli-2 and Ayazli-3 are the two best wells drilled in the project to date," said G. Thomas Graves III, Toreador President and Chief Executive Officer. "The series of four wells drilled in our South Akcakoca Sub-Basin project area have established six distinctive productive sand packages."
Continued Graves, "As we further refine our knowledge of the area we will be able to maximize production on future wells to enhance the economics of the project. We continue to be optimistic about our estimates of potential reserves and believe that further drilling will confirm the presence of other significant natural gas reserves in our western Black Sea concession."
As operator of the wells, 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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