Accordingly, Toreador as operator recently secured an option on the "Saturn" jack-up rig, a sister-ship to the "Prometeu." The Saturn is expected to be available in December to begin work. The Prometeu and Saturn will complete the initial drilling program in the South Akcakoca sub-basin, including the re-drilling of the Ayazli-2 and -3 wells, and will then be utilized to set production platforms in the sub-basin. Toreador also signed a letter of intent to contract the "Southern Cross" semi-submersible rig, owned by Atwood Oceanics, to drill exploration wells in the Eregli sub-basin and deepwater wells in the South Akcakoca sub-basin beginning in April, 2006. The company expects to obtain approval to enter into the final drilling contracts at the operating committee meeting scheduled on November 9 in Dallas. Specific well locations for the drilling program will also be determined at the committee meeting.
In the South Akcakoca sub-basin, the Prometeu jack-up rig has been moved to the Cayazli-1 location, and is expected to begin drilling the well later this week. The well location is south-southeast from the Akkaya-1 delineation well and approximately three kilometers from shore. It is expected that the well will be completed in the second half of November.
Construction has begun on the pipeline tying in the onshore South Akcakoca sub-basin production facility to the Turkish natural gas delivery infrastructure.
Onshore Turkey, Toreador has re-entered the Calgan-2 well this week to drill a lateral drain along the top of the Sayitepi formation. Toreador is the operator and has 100% interest in this well.
The Company announced that it has relinquished the Sinop permits onshore Turkey, and has been awarded three exploration permits offshore in the eastern Black Sea totaling 357,062 gross acres, and one permit onshore in southeast Turkey totaling 95,879 gross acres. Toreador is operator and has 100% interest in the new permits. Following the relinquishment of the Sinop permits and acquisition of the four new permits, Toreador has approximately 2.6 million gross acres in Turkey and 2.0 million net acres.
In the Fauresti Field rehabilitation permit, Toreador has successfully completed four out of five re-entry wells to date, and has begun re-entry operations on the Fauresti-180, the sixth well in the program. The latest well to be tested, the Fauresti-164, produced 1.75 million cubic feet of gas per day, 20 barrels of condensate and 20 barrels of water through a 32/64-inch choke. A modular production facility which has the capacity to process seven to eight million cubic feet of gas per day is under construction and expected to be completed by year end. There are a total of 12 re-entry wells planned for the Fauresti rehabilitation program, which will continue through 2006.
In the Paris basin, the Charmottes-6D well, which is being drilled to exploit the Donnemarie formation, is expected to reach total depth early next week. Based on prior wells drilled into this formation, production is expected to be approximately 250 barrels of oil per day if the well is successful.
Remedial operations on the Charmottes-108 and -110 horizontal wells are expected to begin later this month and the wells are expected to be back on production by mid-November. The remedial operations have taken longer than expected due to the high demand for oilfield equipment and services in France over the past few months.
In the Nemours exploration permit, drilling operations on the La Tonnelle-1 exploration well are ongoing. Lundin Petroleum is the operator and Toreador holds a 50% interest in the well.
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