La Garenne. After completing a review of its conventional growth opportunities in France and finishing initial drilling/testing on the well, Toreador confirmed a five-meter reservoir within a 50-meter oil column in the target Dogger formation. The Company believes the well has low risk and is forecast to prove up to [30] million barrels of oil in place, which should expose Toreador to a two-fold potential increase in net barrels of proved and probable reserves. Following a thorough analysis, Toreador plans to present a development plan for La Garenne to the Board. The Company has a 100% interest in the well.
Paris Basin Shale Oil. Toreador is pursuing the exploitation of unconventional resources in the Paris Basin, which is a tremendous untapped resource and transformational growth opportunity for the Company. Toreador's work in this area has shown that the Paris Basin has exceedingly similar characteristics to the Bakken Formation in the Williston Basin (North America). The Company has the right to develop 750,000 acres in the heart of the Paris Basin, which is the source of an estimated 100 billion barrels of oil of which the Company believes a substantial part remains trapped in the source rock. Toreador has also applied for additional acreage and hopes to close in the near future.
The Company intends to use proven experience with the Bakken Formation in Europe to exploit the vast resources that are demonstrated to be in the Paris Basin, using technologies commonplace in the U.S., but not yet employed in Europe. Pursuit of the Paris Basin Shale Oil will comprise four phases, with the scope of the latter three phases depending on previous results. Next steps include advancing to the proof-of-concept phase through the drilling of a number of pilot wells, and potential partnerships to assist in the development of the project.