CALGARY, AB--(Marketwired - September 08, 2016) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX: CPI) is pleased to announce that the Shoba Production Contract has been executed with the Government of Kazakhstan, which provides for commercial production at the Company's 100% owned Shoba oilfield. Production is expected to re-commence at Shoba during September at rates exceeding 500 barrels per day. The Taskuduk Production Contract is expected to be signed shortly and will provide for additional commercial production at the Company's 100% owned Taskuduk oilfield in Kazakhstan.
The Poyraz 5 well was recently spudded at the Company's 100% owned Poyraz Ridge production license in Turkey. Surface casing has been set at 346 meters and drilling the main hole section is underway. The well is expected to reach total depth in September. The Poyraz Ridge drilling program is designed to extend the gas reserve areas, fully penetrate and evaluate the fractured carbonate productive intervals and determine whether a gas-water contact is present in the trap closure area. Along with providing additional production capacity, the wells are intended to increase the Company's reserves.
The Company recently completed construction of the Poyraz Ridge central gas processing facility location. Two gas compression units designed to provide 15 MMscf per day capacity have been received and gas plant refrigeration equipment has been manufactured and is undergoing factory acceptance testing. Surveying of the 15.3 km, six inch gas sales pipeline has been completed and detailed design is ongoing. The project continues to target first gas in mid-2017, providing access to cash flow from a region with strong domestic gas demand and pricing.
Condor is a Canadian based oil and gas company with a 100% interest in the production rights to the Shoba oilfield and 100% interest in the exploration rights to the 3,777 square kilometer Zharkamys West 1 Territory located in the Pre-Caspian basin in the Republic of Kazakhstan and a 100% working interest in four contiguous production licenses covering 171 square kilometers located in the Gallipoli Peninsula in the Republic of Turkey. Condor is listed on the TSX under the symbol "CPI".
Advisory on Forward-Looking Statements
All statements other than statements of historical fact may be forward-looking statements. Such statements are generally identifiable by the terminology used, such as "seek", "appear", "anticipate", "believe'', "intend", "expect", "plan", "estimate", "continue", "project", "predict", "budget", "outlook", "may", "will", "should", "could", "would" or other similar wording. Forward-looking statements in this news release include, but are not limited to, information concerning; the timing and ability to bring discoveries into commercial production including the timing and ability to obtain production contracts; the timing and duration of production interruptions; the timing and ability to re-commence production; projections and timing with respect to crude oil production; the timing and ability to realize forecasted production rates; actual and forecasted production rates provided may not be indicative of future production rates, capabilities or ultimate recovery; the timing and ability to complete the drilling of the Poyraz 5 well; the timing and ability to extend the gas reserve areas, fully penetrate and evaluate the fractured carbonate productive intervals, determine whether a gas-water contact is present in the trap closure area, provide additional production capacity and increase reserves; the timing and ability to develop the gas reserves, construct the required infrastructure and deliver first gas; the timing and ability to obtain various approvals for the Company's exploration and development activities; the expectations, timing and costs of exploration, appraisal and development activities; funding future development and exploration activities; the timing and ability to access oil and gas pipelines and oil and gas domestic and export sales markets.
Forward-looking statements involve the use of certain assumptions that may not materialize or that may not be accurate and are subject to known and unknown risks and uncertainties and other factors, which may cause actual results or events to differ materially from those expressed or implied by such information. Condor's operations are also subject to certain other risks and uncertainties inherent with oil and gas operations and additional information on these and other factors that could affect Condor's operations and financial results. These factors are discussed in greater detail under Risk Factors - Risks Relating to the Company in Condor's Annual Information Form, which may be accessed through the SEDAR website (www.sedar.com). The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not undertake any obligation to update or to revise any of the forward looking information, except as required by applicable law.
Abbreviations used in this news release.
||Million standard cubic feet
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