Toreador spuds Ayazli-1 exploratory well off Turkey

Toreador Resources Corp. and its partners Stratic Energy Corp. and TPAO, the Turkish national oil company, have spudded the Ayazli-1 exploratory well on the South Akcakoca prospect in the shallow waters of the western Black Sea offshore Turkey.

Toreador Resources Corp. and its partners Stratic Energy Corp. and TPAO, the Turkish national oil company, have spudded the Ayazli-1 exploratory well on the South Akcakoca prospect in the shallow waters of the western Black Sea offshore Turkey. The drilling, logging, and, if warranted, testing of the well will be completed in August.

Toreador is drilling Ayazli-1, 5 mi offshore Turkey, to 6,600 ft TD in 250 ft of water with thePrometheus jackup rig supplied by GSP Romania. The primary objective of the Ayazli-1 well is a Tertiary gas sand that tested 3.7 MMcf/d in the nearby Akcakoca-1 well drilled by TPAO in 1975. The secondary objective is a potential oil zone in Mesozoic sand that was indicated on logs in the same well.

As operator of the project through its wholly owned subsidiary Madison Oil Turkey Inc., Toreador estimates drilling costs will be $4.5 million and potential reserves on the South Akcakoca prospect to be 350 bcf based on available information. Per-prospect reserve potential in this frontier area ranges from 100 bcf to 1 tcf of gas.

Toreador is responsible for 75% of the Ayazli-1 well costs and retains a 36.75% working interest in the well. Stratic is funding 25% of the costs of the Ayazli-1 well to earn a 12.25% working interest in eight adjacent permits that comprise 962,000 acres. TPAO is being carried on the well for a 51% working interest and has an option to participate at this rate by funding its pro-rata share of costs related to future exploration, development drilling, and subsequent production activities on the eight permits.

The drilling data and possible test results of the Ayazli-1 well will allow the partners to better evaluate the potential of other structures on the permits. The Ayazli-1 is the first well to be drilled in Turkish Black Sea waters in five years.

07/13/04

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