Toreador Resources reported that in Hungary, the second well in the previously announced farmed-out Szolnok block exploration program, the Nky-Ny-1, is being drilled to a planned total depth of 1,400 meters. The well is targeting a potential gas reservoir in a Pannonian sand sequence. Results from the well are expected in the next week to ten days. The 3-D seismic survey in the southern part of the Szolnok block has been completed and the results are being processed.
In Turkey, a winning bidder has been selected from the previously disclosed offers for a portion of Toreador's working interest in its South Akcakoca Sub-basin project and surrounding Western Black Sea exploration acreage. The company has an exclusivity agreement with the bidder that may possibly result in a closing sometime in the third quarter subject to completion of due diligence, final negotiation, and board approvals.
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