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Toreador Resources agrees to $80m deal to sell off interest in the Turkish Black Sea project

Toreador will sell 26.75% of its 36.75% interest in the gas project, as well as eight contiguous exploration blocks.

Published Aug 11, 2008
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Toreador Resources has agreed a US $80m deal to sell off most of its interest in the South Akcakoca Sub-basin project in the Turkish Black Sea.

Toreador will sell 26.75% of its 36.75% interest in the gas project, as well as eight contiguous exploration blocks.

The firm said net proceeds from the sale will be used to reduce debt and for general corporate purposes. The transaction is expected to be completed early in the fourth quarter.

The deal is subject to Turkish government approval and joint venture partners’ preemption rights. After the transaction Toreador will retain a 10% working interest in the joint venture.