CALGARY, AB--(Marketwired - October 31, 2016) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX: CPI) is pleased to announce drilling results of the Poyraz 3 development well in Turkey.
Based on wireline log interpretation, the Poyraz 3 well encountered a minimum 135 meters of net gas pay in multiple stacked reservoirs of Miocene (Kirazli and Gazhanedere sandstone formations) and Eocene (Sogucak carbonate formation) age. No gas-water contact was encountered in the basal Gazhanedere reservoirs and the gas-water contact in the Sogucak was confirmed to be at the structural spill-point of the Poyraz Ridge field. Don Streu, Condor's President and CEO, noted that, "Borehole imaging of the Sogucak carbonate in Poyraz 3 confirms the presence of an extensive network of fractures within the pay column which should serve to enhance flow performance. Our drilling results continue to be very encouraging as only 'gas down to' volumes were previously used by the independent reserve auditor to calculate existing Proved reserves. The advanced wireline logging techniques we've used continue to provide higher resolution and improved characterization of the multiple reservoirs within the Poyraz Ridge field."
Production casing has been run and cemented on Poyraz 3 and completion and testing equipment will be mobilized once the drilling rig has moved. The next well to be drilled is Poyraz West 5, which is an appraisal well on a different drilling pad and is designed to test the northwestern extension of the Poyraz Ridge field. This region represents up to 30% of the mapped Poyraz Ridge trap closure area but currently has no reserves attributed to it.
Condor is a Canadian based oil and gas company with a 100% working interest in four contiguous operating licenses covering 171 square kilometers located in the Gallipoli Peninsula in the Republic of Turkey, a 100% interest in the production rights to the Shoba and Taskuduk oilfields and a 100% interest in the exploration rights to the 3,777 square kilometer Zharkamys West 1 property located in the Pre-Caspian basin in the Republic of Kazakhstan. 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; wireline log interpretations related to the Poyraz 3 well including determining net pay, the ability to identify and confirm the location of the gas-water contacts; the ability to confirm the presence of fractures and their impact on flow performance; the quality of the wireline resolution and ability to characterize reservoirs within Poyraz Ridge, the ability and timing to increase reserves based on Poyraz 3 drilling results, future well completion, testing and production results; the timing and ability to conduct completion and testing operations; the ability of the Poyraz 3 well to become a future gas producing well; the ability and timing of drilling the Poyraz West 5 well; historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the timing and ability to develop the gas reserves, construct the required infrastructure and to commence producing and selling 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; and funding future development and exploration activities.
Statements relating to reserves are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated. The reserve estimates described herein are estimates only. The actual reserves may be greater or less than those calculated. Estimates with respect to reserves that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and analogy to similar types of reserves, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same reserves based upon production history will result in variations, which may be material, in the estimated reserves. "Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated Proved reserves.
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.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.