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In Turkey, Toreador holds several acreage packages totaling nearly 3.5 million gross acres, the company’s largest international acreage package.
Offshore
Western Black Sea Permits. Toreador’s Ayazli-1 exploratory well discovered natural gas in September 2004 in shallow waters about five miles offshore Turkey. The discovery area, designated as the South Akcakoca Sub-basin, has been the scene of intense development and delineation activity since then. From 2005 through 2007 a series of 15 delineation and development wells were drilled in the project area with 13 successfully encountering natural gas pay. First gas sales from the project occurred in May 2007. Initial production, which currently is approximately 15 million cubic feet of gas per day (MMcfd) from one platform is projected to ramp up to approximately 50 MMcfd when the second and third platforms are brought online in the third quarter of 2007.
The second phase of development started in November 2006 with the drilling of the Akcakoca-3, -4 and Guluc-1 wells in the deeper waters of the South Akcakoca Sub-basin, and is expected to deliver first gas in mid-2009. Toreador holds a 36.75% interest in this acreage package that comprises eight permits covering 962,000 gross acres (353,500 net acres). TPAO (the Turkish national oil company) has a 51% interest in the permit area with the remaining 12.25% interest held by Stratic Energy Corporation. The South Akcakoca Sub-basin comprises approximately 50,000 of the 962,000 total acres in the permit area.
Thrace Black Sea Permits. In 2006, Toreador conducted a seismic survey on its 844,000-acre Thrace Black Sea permit area between Bulgaria and the Bosporus Straits. The company is the operator in the permit area and holds a 50% working interest.
Central and Eastern Black Sea Permits. Toreador has a 100% working interest in two exploration permits comprising about 589,000 acres in coastal waters offshore central and eastern Turkey in the Black Sea.
Onshore
Cendere Field. In south central Turkey, Toreador holds a 19.6% interest in the Cendere Field, which produces oil.
Sirt Permit. Toreador has a 100% interest in this approximately 96,000-acre explortation permit which is on trend with producing areas in Syria, Iraq and Turkey.
Van Permit. Toreador has been recently granted this 964,000-acre exploration permit in southeast Turkey near the city of Van. The permit lies in a basin on trend with producing basins in Iran.
Buyukbey Permit. Toreador was recently granted this approximately 39,000-acre explortation permit which is located near the Cendere Field in the oil-producing area of southeast Turkey.
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