Tuesday, December 18, 2007
Dallas-based Toreador announces plans for two more oil wells in Hungary
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DALLAS — Toreador Resources Corporation announced an agreement has been reached on the terms for a joint venture agreement to drill two exploratory wells and acquire 170 square kilometers of 3-D seismic in the southern portion of the company’s Szolnok exploration block in Hungary.
Photo not provided by Toreador Resources
The company has opted to take on most of the venture's risk
“This is the first in a series of joint venture agreements we are pursuing to fund our exploration programs in 2008 and 2009,” said Toreador President and Chief Executive Officer Nigel Lovett. “There has been good interest from multiple parties in farm-out arrangements in all our countries. We expect to announce additional agreements in Turkey and France in the first quarter of 2008. In Romania we recently completed a seismic program and are now processing that data with a view to farming out identified prospects later in 2008. We will report on further progress as we complete additional joint venture agreements.”
The drilling and seismic acquisition program in Hungary, projected to cost approximately $10 million, is planned to take place in 2008. The exploration program will be funded by four joint venture partners, who have agreed to pay 100% of the program’s cost to earn an aggregate of 75% working interest. Toreador will retain a 25% working interest in the joint venture and will be the operator. The joint venture partners include three independent oil and gas exploration companies, one of which presently operates in Hungary, and a private investment company.
Source: Toreador Resources Corporation
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