Toreador Resources Abandons Romanian Well

Toreador Resources says that TPAO, the project operator, has confirmed that natural gas production from the three wells on the Akkaya platform in the South Akcakoca Sub-basin has been flowing at approximately 18 million cubic feet of gas per day. For May and June, the gas price received under the sales contract was approximately $8.40 per thousand cubic feet.

Repair operations on the pipeline spur to the Dogu Ayazli platform have commenced, and are expected to take approximately 30 days to complete. The spur was inadvertently damaged during marine operations around the platform.

Operations on the Ayazli platform continue, with the Ayazli-3A well completion finished and the Ayazli-2A completion underway. After the Ayazli-2A is completed, topsides will be installed on the Ayazli tripod and tieback operations will commence.

The Prometeu jackup will be released from the South Akcakoca Sub-basin project after completing the Ayazli-2A and will proceed to drill an exploratory well, designated Karaburun-1, for partners Toreador and HEMA (a Turkish industrial conglomerate) in the Thrace Black Sea permit area. The well is targeting a potential upper Eocene-age reef in the Sogucak formation and the lower Eocene-age Hamitabat sands. Both formations are productive onshore in the Turkish Thrace Basin. The permit area consists of eight offshore blocks in the Turkish Black Sea totaling approximately 800,000 acres between Bulgarian waters and the Bosporus. Toreador has a 50% interest in the permit area and is the operator, with HEMA holding the other 50% interest.

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