Falcon is a global energy company with projects in Hungary, Australia & South Africa
Developing large acreage positions of unconventional and conventional oil and gas resources
Message: Toreador
Toreador Resources starts drilling in Hungary
http://www.portfolio.hu/en/cikkek.td...
Monday, 9, February 2009 03:24:00 PM
Toreador Resources Corporation, an independent international energy company, has announced on Monday, that on 6 February it successfully spudded the Balotaszállas-E-1 well which is located in the Tompa Block in Hungary.
The THL Ba-E-1 well, in which Toreador holds a 25% working interest, is planned to be drilled to a total vertical depth of around 12,500 feet and is expected to take approximately 90 days to drill. Toreador is the operator of the Tompa Block.
View Larger Map
“I am pleased to report that we have begun our exploration program in Hungary, which is a core area of focus outside of France. Given we will drill this well with no cash outlay, it is consistent with our strategy to continue pursuing significant growth opportunities for the Company without adversely affecting our balance sheet," said Craig McKenzie, interim CEO of Toreador in a statement.
| Toreador Resources Corporation |
|
Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of natural gas and crude oil. The company holds interests in developed and undeveloped oil and gas properties in France, Turkey and Hungary.
In early 2004, Toreador sold its U.S. mineral and royalty assets, which repositioned the company as an international explorer and developer. The sale empowered the company to take advantage of higher-potential exploration opportunities overseas that create greater long-term value for investors. In 2004, Toreador along with its joint venture partners TPAO (the Turkish national oil company) and Stratic Energy discovered natural gas in the shallow coastal waters of the Turkish Black Sea. This is the first commercial discovery ever in these waters and has opened up a new frontier for hydrocarbon exploration. |
Toreador in Hungary
Toreador has 100% interests in one exploration permit over two blocks, the Szolnok block in the north and the Tompa block in the south, totaling approximately 764,000 acres. The company acquired the blocks through the purchase of the assets of Pogo Hungary in June 2005.
In the Szolnok block, Toreador currently has a 15% interest and is the operator. Four joint venture partners currently hold the remaining 85% interest. A 3-D seismic program and two wells are expected to be completed by early 2009 in the southern part of the block.
In the Tompa block, a private European energy fund will drill, case and test a well projected to cost up to USD 16 million in return for a 75% interest in any unconventional hydrocarbon resources discovered by the joint venture in the Kiskunhalas Trough area located in the northwest corner of Toreador's Tompa block. The well is targeting deep, high-pressure gas up-dip of two wells drilled in the 1980's that were drilled to about 4,500 meters (14,760 feet) depth. Toreador is being carried for its 25% interest in the well.
|
Click on image
|
New Message
Please
login
to post a reply