Toreador Updates on Paris Basin Drilling Ops

Toreador has provided an operations update on the La Garenne LGA-1D conventional exploration well, which is located on the 100% Toreador-owned 'Rigny le Ferron' permit in the Paris Basin in France.

Due to a delay in the arrival of the SMP N°2 rig owned by Société de Maintenance Pétrolière (SMP), the completion and production testing of the LGA-1D well is now expected to begin in the last week of January. As was communicated previously, the LGA-1D well was drilled in the fourth quarter of 2009; results confirmed a 5-meter reservoir within a 50-meter oil column in the target Dogger formation. Based on the Company’s continued evaluation of the La Garenne LGA-1D well results, the Company believes that the well confirms a porous and hydrocarbon-bearing reservoir with a localized low-permeability area at the crest of the structure, which is a geologic feature seen in other fields in the basin.

For clarity, the Dogger formation contains a conventional reservoir and is unrelated to Toreador's Paris Basin shale oil assets.

Toreador President and CEO Craig McKenzie commented, "Given the previous results of the Flacy-1 and Flacy-2 wells drilled in the 1980s on the flank of the reservoir, combined with the LGA-1D well results, we estimate that the Dogger has at least 6 mmbo of oil in place; however, recoverable reserves associated with this oil will be modeled and calculated as part of a development plan for La Garenne, which management intends to submit later this quarter for Toreador Board approval."

 

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