Toreador Encounters Bad Gas in Szolnok, Abandons Well
Toreador Resources Corporation announced that the Tik-1 exploration well located in the southwestern portion of its Szolnok block in Hungary was declared a dry hole and is subsequently being plugged and abandoned. The well encountered approximately 40 net meters of reservoir quality, gas-filled sand in the lower Pannonian sequence, but analysis of the reservoir gas revealed that it was mainly composed of inert gases with only traces of methane. The rig will be moved to the northern part of the Szolnok block to drill the second exploration well in the program, the Nko-Ny-1 in the McLaren prospect.
Toreador's four joint venture partners are funding the drilling of the two exploration wells and a 3D seismic survey in the Szolnok block in return for an aggregate 75% interest in the block. Toreador is being carried for its 25% interest and is the operator. There was no Toreador capital invested in the well and there will be no impact on Toreador's second quarter 2008 earnings as a result of the dry hole.
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