Toreador Resources Outlines Turkish Operations for 2003
Toreador Resources is continuing a successful drilling and development program in Turkey. In the shallow-water western Black Sea, Toreador has identified at least six gas prospects with per-prospect reserve potential ranging from 200 billion cubic feet to 1 trillion cubic feet. The analysis is the result of a 2D seismic survey completed on four contiguous permits in 2002. The company anticipates selecting two well locations, with drilling targeted to begin by early 2004. Toreador is operator and holds a 49% working interest in eight Black Sea permits. The Turkish national oil company, TPAO, holds the remaining interest.
In addition to the prospects in the Black Sea later this year Toreador plans to complete the Barbaros-1 well on a promising prospect in the proven Thrace Basin gas play in northwest Turkey about 75 miles west of Istanbul. Based on well-log evaluation, Toreador estimates the Barbaros-1 could produce at an initial rate of 2 million cubic feet of gas per day. Depending on test results of the Barbaros-1 well, Toreador intends to drill an appraisal well to confirm the discovery and proceed with project development. In addition, Toreador plans to drill three Thrace Basin exploration wells on the Gallipoli peninsula, 40 miles southwest of Barbaros-1, to follow up on gas shows encountered by other operators. The wells would be shallow and require minimal investment. Toreador holds working interests in six Thrace Basin licenses ranging from 25%-100% and operates four of them. PEMI operates two licenses.
In the Sinop area northeast of Ankara, Toreador plans to re-enter one high-potential well that encountered numerous oil and gas shows when it was drilled by TPAO in the late 1980s. Depending on the results, Toreador intends to drill a subsequent well in the vicinity. Toreador is operator and holds a 100% working interest in six Sinop permits.
In the Cendere Field in south central Turkey, Toreador's solid development project continues. It is anticipated that a 3D seismic survey of the field in mid-2003 should delineate the northeastern portion and help the company identify additional drilling locations on the structure. The Cendere Field, in which Toreador holds a 19.6% working interest, is operated by TPAO and producing at a gross rate of 2,100 barrels of oil per day (BOPD) (350 BOPD net).
The Zeynel Field, 15 miles to the southwest of Cendere, is producing at a gross rate of 625 BOPD (50 BOPD net). Upcoming work in the field includes re-entering the Zeynel-6 development well to test the deeper Derdere formation, one of the deepest and most prolific formations in the south central Turkey oil province. Toreador has an 8.5% royalty interest in the Zeynel Field, which is operated by Aladdin Middle East. In late 2002, the East Hasancik-1 well, a new-field wildcat on the Zeynel permit, discovered oil on a previously untested structure. The East Hasancik-1 well is on long-term test and will be deepened to the primary objectives of the Karababa and Derdere formations. Toreador has a 6.75% royalty interest in the East Hasancik-1 well, located west-southwest of the Zeynel Field on the Zeynel permit. Well operator is Aladdin Middle East.