20.07.2006 12:50:00
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Toreador Provides Update on Operations Offshore Turkey
In the SASB project, the "Prometheus" jack-up rig recentlycompleted drilling the Kuzey Akkaya-1 well and has been moved tocommence installation of the Akkaya production tripod. The KuzeyAkkaya-1 well, which was located on a small stratigraphic prospect tothe north of the Akkaya discovery, found well-developed sands in thetarget Kusuri formation but did not encounter any hydrocarbons.
After completing the installation of the tripod at the Akkayalocation, the Prometheus will drill one more development well on theDogu Ayazli structure and will then install and tie back twoadditional production tripods on the Dogu Ayazli and Ayazlistructures. The "Saturn" jack-up rig, which was previously on theAkkaya location, has been released after completing its drillingprogram and is being deployed to work for another operator in theBlack Sea.
Current development plans for the SASB project call for eightwells to go on production in the first phase of development. The eightwells include two wells on the Ayazli structure, three wells on theDogu Ayazli structure, and three wells on the Akkaya structure.Successful wells drilled in the Ayazli and Bayhanli structures will betied into the production system at a later date. First production isexpected in the fourth quarter of this year at an initial rate ofbetween 60 to 70 million cubic feet of gas per day.
Upon completion of the SASB work program described above, thePrometheus will move to the TPAO-operated sector of the joint venturearea that is located to the northeast of the SASB project and drill upto three exploration wells. A high-resolution 2-D seismic survey wasconducted in late 2005 and early 2006 to delineate the prospects inthis acreage. Toreador and Stratic hold the same working interest inthe TPAO-operated exploration acreage as they do in the SASB projectarea, 36.75% and 12.25% respectively. It is anticipated that drillingwill start in the fourth quarter of this year.
In the acreage to the west of the SASB project, a 2-D seismicsurvey is planned to determine if the trend of gas-bearing sands foundin the project area extends onto the adjoining acreage. Dataacquisition is anticipated to start before the end of the year. Thereare approximately one and one-half blocks to the west of the SASB thatare included the joint venture exploration permit area.
The "Southern Cross" semi-submersible rig, which is currentlydrilling in the Mediterranean, is expected to commence operations inthe SASB by mid-October, depending on when it is released by itscurrent operator. The rig will drill up to three wells on the Akcakocatrend in the SASB project area, including a well which will twin theAkcakoca gas discovery drilled in 1975. Toreador will be the operatorfor the three wells. If successful, the wells in the Akcakoca trendwill be put on production in the second phase of development which isscheduled for completion during the first half of 2007.
In Toreador's Thrace Black Sea permits, preliminary geological andgeophysical work has been completed and the company is planning anapproximately 1,000 kilometer 2-D seismic program beginning inSeptember. The program will delineate prospects for a drilling programwhich is expected to commence in 2007. The Thrace Black Sea permitsencompass seven blocks totaling approximately 800,000 acres in Turkishcoastal waters starting at the Bulgarian border and continuing pastthe Bosporus. Toreador has a 50% interest in the permits and is theoperator. HEMA, a Turkish industrial conglomerate, will earn theremaining 50% interest in the permits by paying for the first $1.5million in exploration expenditures.
About Toreador
Toreador Resources Corporation is an independent internationalenergy company engaged in the acquisition, development, explorationand production of natural gas, crude oil and other income-producingminerals. The company holds interests in developed and undeveloped oiland gas properties in France, Hungary, Romania and Turkey. In theUnited States, Toreador primarily owns working interests in fivestates. More information about Toreador may be found at the company'sweb site, www.toreador.net.
Safe-Harbor Statement -- Except for the historical informationcontained herein, the matters set forth in this news release are"forward-looking statements" within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended. Toreador intends that all suchstatements be subject to the "safe-harbor" provisions of those Acts.Many important risks, factors and conditions may cause Toreador'sactual results to differ materially from those discussed in any suchforward-looking statement. These risks include, but are not limitedto, estimates of reserves, estimates of production, future commodityprices, exchange rates, interest rates, geological and politicalrisks, drilling risks, product demand, transportation restrictions,the ability of Toreador to obtain additional capital, and other risksand uncertainties described in the company's filings with theSecurities and Exchange Commission. The historical results achieved byToreador are not necessarily indicative of its future prospects. Thecompany undertakes no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise.
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