Toreador Resources Outlines 2003 Turkish Drilling Program
Toreador's exploration focus in 2003 will be the Thrace Basin and Sinop areas of western and northern Turkey. The low-cost program, which is estimated to range from $1.0-1.5 million, is expected to include the drilling of shallow wells and a well re-entry.
"On an unrisked basis, these wells could add about 40 million BOE net proved reserves to Toreador," said G. Thomas Graves, President and CEO. "The program is part of our strategy to participate in these types of international projects -- low-risk/high-reward ventures that offer substantial upside. Based on our three-year projection, we believe we have opportunities in our portfolio that have potential reserves on an unrisked basis of more than 270 million BOE."
As previously reported, Toreador plans to complete the Barbaros-1 well in the Thrace Basin gas play west of Istanbul. Based on well-log evaluation, Toreador estimates the Barbaros-1 could produce at an initial rate of 2 million cubic feet of gas per day. Depending on test results of the Barbaros-1, the company could drill an appraisal well to confirm the discovery and proceed with project development. In addition, Toreador plans to drill three low-cost, high-potential Thrace Basin exploration wells on the Gallipoli Peninsula, 40 miles southwest of Barbaros-1, to follow up on gas shows encountered by other operators. Toreador holds working interests in six Thrace Basin licenses ranging from 25%-100% and operates four of them. Toreador's partner, PEMI, operates the remaining two licenses.
In the Sinop area northeast of Ankara, the company plans to re-enter a high-potential well that encountered numerous oil and gas shows when it was drilled by another operator in the late 1980s. Toreador operates and holds a 100% working interest in six Sinop permits.
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