"We believe that this event, while disappointing, will not cause any delay in achieving first production in the second half of 2006," said G. Thomas Graves III, Toreador President and CEO. "As operator, we will recommend the deployment of a second jack-up rig, which is currently available, to keep the project on schedule." Graves added the Company believes that the incident is covered by insurance and after recoveries the financial impact of the incident is not expected to be material. He also commented that the other elements of the South Akcakoca Sub-basin project, including construction of pipelines and the onshore production facility, are on schedule.
In related news, the Prometeu is expected to move to the next well location, the Cayagzi-1, within the week.
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