"We are extremely pleased with the results from this well," said G. Thomas Graves III, President and Chief Executive Officer of Toreador. "The logs and pressure tests have indicated more pay zones than the original prognosis for the well, as we continue to see the phenomenon of the upper gas zones in the South Akcakoca Sub-Basin tending to mask the presence of the lower gas zones on our seismic data. Our next step is to complete the well and begin a testing program that will help us further define the reserve potential in the deeper waters of our project area."
The Akcakoca-3 is the 10th successful well drilled in the South Akcakoca Sub-Basin natural gas project and the first well drilled by Toreador and its joint venture partners to assess the reserve potential along the Akcakoca trend, in waters too deep for jack-up rig operations. The original well in the area, the Akcakoca-1, drilled in 1973, discovered gas but was subsequently plugged and abandoned. Toreador used the data from the Akcakoca-1 along with seismic data acquired in 2002 and 2005 to drill a series of successful gas discoveries starting with the Ayazli-1 in late 2004 and continuing through early 2006 with the Akkaya, Dogu Ayazli and Bayhanli discoveries and development wells.
The Akcakoca-3 was drilled to a bottomhole location approximately 300 meters (984 feet) south of the Akcakoca-1 location and higher on structure. Toreador has a 36.75% interest in the project and is the operator in the South Akcakoca Sub-basin, TPAO has a 51% interest and Stratic has a 12.25% interest.
South Akcakoca Sub-Basin infrastructure construction update
Construction of the onshore production center is nearing completion with testing of major equipment and systems expected to begin this month. Due to inclement weather offshore in the Black Sea during November, the offshore pipeline construction is running slightly behind schedule but is due to be complete in January. The Dogu Ayazli tripod has been set and the Dogu Ayazli-1 and -2 wells are being recompleted. As soon as the wells are tied back, the topsides for the Akkaya and Dogu Ayazli tripods are scheduled to be installed, which should occur in late December. The Ayazli tripod is scheduled for installation in February.
Initial production is now expected in January as the production center and gathering system are commissioned. The Ayazli platform will be brought online once installation and well completion activities are complete, which is expected to be in the first quarter of 2007.
Kiha-15 re-entry in Hungary successful, with test rate of 1.7 MMCFD of natural gas
In Hungary, the Kiha-15 well was successfully re-entered and completed as a gas producer. During production testing, the well flowed at a rate of approximately 1.7 million cubic feet of gas per day (MMCFD) with no associated liquids through a 6 millimeter (1/4 inch) diameter choke at slightly over 1,300 pounds per square inch flowing pressure. The production was from approximately 9 meters (30 feet) of perforations from 1,180 to 1, 189 meters (3,872 to 3,902 feet) in Miocene-age Badenian carbonates with net pay estimated at 35 meters (115 feet) true vertical thickness. Toreador management estimates reserves for the well to be approximately 3.5 billion cubic feet of gas.
Operations have commenced on the Ot-Ny-5 well re-entry, with production testing expected to begin next week. The well is targeting Cretaceous-age carbonates that tested approximately 1.6 MMCFD but were never put on production.
First Romanian well preparing to spud
In Romania, preparations are underway to spud the first exploration well in the Toreador's Viperesti block. The Naeni-2 Bis will be drilled to approximately 1,400 meters (4,594 feet) to test the lower compartment of a overturned anticline in Miocene-age Sarmatian sands, and will continue on to test some deeper Meotian sands. A second well, the Naeni-6, should spud sometime next week, and is being drilled to 2,000 meters (6,563 feet) to test the upper compartment of the Sarmatian overturned anticline as well as deeper horizons. The unrisked potential reserves of the Naeni prospect are estimated to be between 6 and 50 million barrels of oil equivalent.
Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of natural gas, crude oil and other income-producing minerals. The company holds interests in developed and undeveloped oil and gas properties in France, Hungary, Romania and Turkey. In the United States, Toreador primarily owns working interests in five states.
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