Toreador Resources Corporation (Toreador Resources), a company engaged in the acquisition, development, exploration and production of oil and gas, has provided an update on its operations. The Balotaszallas-E-1 (THL Ba-E-1) well is situated in Tompa block in Hungary. The probe has attained its final total measured depth of 3,620 meters.
The well tapped the target geologic horizon as a 560 meter over-pressured section of primarily thin, the inter-bedded layers consisting of siltstones, shale, and sandstones with some interspersed conglomerates; electric logs, mud logs and gas readings of more than 100,000 ppm encountered across the interval confirm the presence of natural gas.
The well has been concluded and the rig has been released. Design of a fracture program to stimulate the well is being confirmed and operations to perform the treatment, followed by an extensive flow back period, are anticipated to begin in May 2009. Toreador Resources holds a 25% working interest in this well and costs are carried by its partner, Delta Hydrocarbons BV.
Toreador Resources Cendere 22 development well in the southeast of Turkey reached a total depth of 2,871 meters and encountered 21 stands of pure oil during a drill stem test. The well is currently being concluded and is anticipated to begin production by the end of April 2009. Toreador Resources holds a 19.6% working interest in the Cendere field.
The company and its partners HEMA Energy and Sherritt International Oil and Gas Limited will spud its Durusu-1 exploration well in the Black Sea before the end of May 2009 by making use of the GSP Romania owned Saturn jack-up drilling rig. The Durusu-1 well is located within the seven Western Black Sea licenses held by Toreador Resources and its partners, about 20 kilometers offshore in 80 meters of water. The Durusu-1 well will target both the Danisman and Osmancik formations and the intended total depth is 2,500 meters subsea. The company holds a 25% working interest in the seven licenses and is carried for the first $10.7 million of Durusu-1 well costs; HEMA Energy and Sherritt International Oil and Gas Limited hold 33% and 42% working interests, correspondingly.
Toreador Resources has retained Gaffney, Cline & Associates, to manage all future reserves verifications.
Craig McKenzie, president and chief executive officer of Toreador Resources, said “We are working aggressively against our 2009 strategic priorities and I am particularly pleased to be able to provide an update on our recent and upcoming well activities. With minimal capital commitments, we will continue pushing forward with these significant growth opportunities without adversely affecting our balance sheet.”