Toreador Logs Pay in Black Sea Well

Toreador Resources and its partners TPAO (the Turkish national oil company) and Stratic Energy report that the Dogu Ayazli-2 development well confirmed the presence of significant accumulations of natural gas in the Dogu Ayazli structure.

Preliminary log analysis indicates natural gas in approximately 106 meters (348 feet) of sands in 10 zones from 727 to 1,173 meters (2,386 to 2,849 feet) true vertical depth in the same Kusuri producing formations as the Dogu Ayazli-1 exploration well. The Dogu Ayazli-2, which was drilled to a bottom hole location approximately 600 meters (1,969 feet) west northwest of the discovery well, will be tested when it is tied back to the Dogu Ayazli production tripod which will be installed later this year.

"The Dogu Ayazli-2 results confirm that this structure contains a significant amount of natural gas and closely mirrors the excellent outcome of the Dogu Ayazli-1 well," said G. Thomas Graves III, Toreador's president and CEO. "Compared to the Ayazli wells, the deeper sands are thicker and additional pay zones are present."

Graves added that the developments have good implications for further development of this field and for other prospects and leads in the South Akcakoca Sub-basin. "Results from our drilling operations in the South Akcakoca Sub-basin have been consistently better than expected," he said.

Thanks to the success of the two Dogu Ayazli wells, the joint venture operating committee has exercised the option on deploying a third tripod production structure along with the Ayazli and Akkaya tripods in the May-July time frame. Toreador said that bids for the construction of the subsea pipeline connecting the tripods to the onshore production center are being evaluated. The construction contract should be awarded in the next few weeks.

The Prometheu jackup, which was used to drill the Dogu Ayazli-2, is preparing to move to a new location approximately 2.5 kilometers (1.6 miles) to the east to drill the Bayhanli-1, an exploration well on a prospect located between the Dogu Ayazli and Akkaya discoveries.

In the Akkaya field, located approximately 6 kilometers (3.7 miles) to the east of the Dogu Ayazli wells, the Akkaya-3 development well is nearing total depth and results are expected within the next two weeks. Toreador expects that the first production tripod will be ready for installation over the Akkaya wells after the Saturn jackup has tested the Akkaya-2 and -3 wells.

The Dogu Ayazli (or "East Ayazli") field is located in a broad, flat anticlinal structure located to the east of, and deeper than, the Ayazli structure along the same fault trend. The South Akcakoca Sub-basin represents approximately 50,000 acres out of the joint venture's 964,000 acre Western Black Sea permit area, or approximately 5 percent of the total area.

Toreador is the operator in the South Akcakoca Sub-basin and has a 36.75-percent working interest in the permit. TPAO is the owner of a 51-percent working interest and Stratic has a 12.25-percent working interest.

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