Toreador has updated the time table for the estimated closing of its previously announced sale of a portion of its South Akcakoca Sub-Basin ("SASB") project.
In late November and early December Toreador met with the Turkish Petroleum Authority and the Minister of Energy to discuss the status of the Turkish government approvals required for the sale of its 26.75% interest in its SASB to Petrol Ofisi AS.
Toreador, based on prior discussions with these authorities, believed that the requisite approvals would be obtained and that the closing of the sale would take place in late November. During the course of the latest discussions, Toreador learned that the approvals are still in process and should be forthcoming prior to the end of the year. Consequently, Toreador management currently believes that the sale transaction should close around year-end.
Settlement of claims relating to 2005 Black Sea incident
Following mediation in London, Toreador and its partners in the SASB have arrived at a full settlement of all claims related to an incident which occurred during the Phase I development of the SASB in October, 2005. The settlement's net proceeds to Toreador of $4.3 million have been added to cash.
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