Toreador's Nko-Ny-1 Hungarian Exploration Well Comes Up Dry
Toreador Resources Corporation announced that the Nko-Ny-1 exploration well in the company's Szolnok block in Hungary did not encounter commercial hydrocarbons and was declared a dry hole. The well is part of a farm-out package in which four joint venture partners funded 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. The next step in the exploration program is to process and interpret the data from the recently completed 3D seismic program in the southern part of the Szolnok block.
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