Toreador: La Garenne Well Results Inconclusive
As previously reported, the La Garenne LGA-1D conventional exploration well, which is unrelated to Toreador's Paris Basin shale oil program, confirmed a 5-meter reservoir within a 50-meter oil column in the target Dogger formation (which the Company estimates has at least 6 mmbbl of oil in place based on previous data and current well results). Production testing of the LGA-1D well is now complete, and results were inconclusive. The well flowed only limited quantities from one of its two horizons in the Dogger. As previously reported on January 19, 2010, the well penetrated a localized low-permeability area in the reservoir. Following a more detailed analysis of the data later this quarter, management intends to submit a development plan for Board approval. The Company expects that the vertical LGA-1D well would be used as water disposal in the development of this field.
Toreador President and CEO Craig McKenzie commented, "We are very pleased with the results of the GCA audit of our conventional oil reserves. Notwithstanding our growth focus on the Paris Basin Shale Oil program, increasing our conventional oil reserves is also a key component of our strategy to create value for shareholders."
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