Initial production is from three wells on the Akkaya platform, the Akkaya-1a, -2 and -3 at a rate of approximately 20 million cubic feet of gas per day (MMCFD). The production rate from the three wells will be adjusted as the remaining two platforms in the first phase of production are brought online over the next few months. When all three platforms are on full production, estimated to be early in the third quarter, the projected flow rate will be approximately 50 MMCFD to the 100% interest. Toreador has 36.75% interest in the project, TPAO has 51% interest, and Stratic has 12.25% interest.
Pricing for the gas is based on the BOTAS (Turkish national pipeline company) posted guaranteed industrial tariff which in May is approximately $8.90 per thousand cubic feet of gas (MCF). After discounts, the wellhead price based on current pricing is estimated to be $8 per MCF. Pricing is adjusted monthly and will vary with the BOTAS posted price.
Dedication of the production center occurred on Sunday, May 20th, and was officiated by Turkish Energy Minister Hilmi Guler and former Foreign Minister Yasar Yakis. The production is the first ever from the Turkish Black Sea and adds significantly to Turkish domestic production of natural gas.
In other operational news, intermediate casing has been set at approximately 745 meters measured depth on the Lapos-2 exploratory well in Romania and the rig is currently drilling out of the casing shoe. Projected total depth will be between 1,500 and 2,000 meters. The primary target for the well is a series of Sarmatian-age sands which are productive in the area.
Toreador Resources Corp. 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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