Tertiary gas exploration well to be first in Turkish Black Sea waters in 5 years

06/21/2004
Toreador Resources Corp., Dallas independent, has farmed out 25% of its 49% working interest in eight contiguous permits on the western Black Sea shelf off Turkey to Stratic Energy Corp., Calgary.Under the agreement, Stratic will fund one quarter of the costs of the Ayazli-1 exploratory well to earn a 12.25% working interest in the permits, which cover 3,893 sq km offshore. The well location lies in about 250 ft of water on the South Akcakoca prospect and is 8 km offshore, so a shallow-water jack-up will be capable of handling the drilling assignment.Toreador, serving as the well's operator through wholly owned subsidiary Madison Oil Turkey Inc., will pay 75% of the well's costs a...
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