Stratic Energy scores successful appraisal wells in Turkey

April 7, 2006
The Dogu Ayazli No. 2 appraisal well was successfully completedand will be tested when it is tied back to the production tripod to be installed later this year.

Offshore staff

(Turkey) - Stratic Energy and its partners Toreador Resources Corp. and TPAO, the Turkish national oil company, say the Dogu Ayazli No. 2 appraisal well was successfully completed after being drilled to a total measured depth of 1,456 m (4,778 ft) with a bottomhole location approximately 600 m (1,969 ft) west northwest of the Dogu Ayazli No. 1 exploration well.

Logs indicate natural gas in 106 m of net pay in 10 zones in the same Kusuri producing formations as the Dogu Ayazli No. 1 well.

The well will be tested when it is tied back to the Dogu Ayazli production tripod to be installed later this year.

Operations on the well have been suspended, and the jackupPrometheus is preparing to move to a new location approximately 2.5 km to the east to drill the Bayhanli No. 1 exploration well on a separate prospect between the Dogu Ayazli and Akkaya discoveries.

Following the success of the two Dogu Ayazli wells, the joint venture operating committee has exercised the option on a third tripod production structure which will be set along with the Ayazli and Akkaya tripods over the summer period.

Bids for the construction of the subsea pipeline connecting the tripods to the onshore production center have been opened and are undergoing evaluation.

It is expected that the contract for the construction and laying of the offshore pipelines will be awarded in the next few weeks.

In other operational news in Turkey, the Akkaya No. 3 development well, which is being drilled using the jackupSaturn, is nearing total depth and results are expected to be announced within the next two weeks.

It is anticipated that the first production tripod will be ready for installation on the Akkaya field, once theSaturn has completed testing the Akkaya No. 2 and No. 3 wells.

The Dogu Ayazli discovery is a broad, flat anticlinal structure located to the east of, and deeper than, the Ayazli structure along the same fault trend.

Stratic has a 12.25% working interest. Toreador, as operator, has a 36.75% working interest, and TPAO is the owner of a 51% working interest.

04/07/06