Toreador Drills Two Dry Holes in Romania
Toreador Resources says that the Naeni-6 well was drilled to a total depth of 1,657 meters and was plugged and abandoned as a dry hole after logging. The Naeni-2 Bis, which was on suspended status, has now been declared a dry hole. The wells were the first two drilled in a multi-well exploration program planned for 2007 and 2008 in the company's Viperesti block in Romania. The outcome of the wells does not effect the viability of the other prospects in the block.
As a "successful efforts" reporter, the company expects to take charges to its income in the first quarter from these two wells, in addition to the expense of other previously announced dry holes, in the amount of approximately $12 to $14 million.
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