Toreador development remains on schedule offshore Turkey

Toreador has approved the engineering, procurement, installation, and commissioning contract for the offshore production structures in the South Akcakoca Sub-basin project .

Offshore staff

(Turkey) - Toreador's joint operating committee for the South Akcakoca Sub-basin (SASB) project has approved the engineering, procurement, installation, and commissioning (EPIC) contract for the offshore production structures, which was awarded to Momentum Engineering in Dubai, UAE.

The EPIC contract is for the turnkey construction and installation of two to four tripod production platforms in the SASB.

The development of the project's production and transportation infrastructure is continuing on schedule.

Offshore development drilling continues on the Ayazli and Akkaya structures. The re-drilling program has been completed successfully and the two jackup rigs are now on the next two locations, at Dogu Ayazli (to the east of Ayazli) and on Akkaya.

Drilling at both locations is expected to begin this week.

It is expected that further development wells will be drilled once the current wells are completed and that Phase I of the SASB development project will conclude with at least eight wells drilled and completed.

Production from these wells remains on schedule for the second half of 2006.

Phase II of the SASB development project will begin early in 2Q 2006 with the drilling of two wells in deeper waters using the semisubmersible AtwoodSouthern Cross.

Toreador President and CEO G. Thomas Graves III says, "Toreador and its partners in the South Akcakoca Sub-basin project continue to achieve important milestones in our plan to deliver first production in the second half of this year.

We expect to award the contract for construction of the subsea pipelines and to begin construction of the onshore production facilities later in the quarter."

01/26/06

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