Condor Petroleum Inc.: Operations Update
10 April 2012 - 6:10AM
Marketwired
Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is
pleased to provide an update on its operations at the Zharkamys
West 1 Contract Territory (the "Zharkamys Territory") and the
Marsel Contract Territory (the "Marsel Territory") in
Kazakhstan.
Zharkamys Territory
Shoba Appraisal Program: Drilling is about to commence on the
first of four appraisal wells at the Shoba field. The initial two
wells target oil in the untested northern fault block. The other
two appraisal wells will offset the three existing Shoba wells.
Approvals are being sought to transition Shoba into the Trial
Production Period by the third quarter 2012, allowing Shoba to be
produced continuously.
Testing Activities: A service rig is currently moving onto
Taskuduk W-4 (TasW-4) for the initial well completion and the
ninety day production test is expected to begin this month. TasW-4
was drilled in the fourth quarter of 2011 and penetrated 19 meters
of net oil pay within two Triassic intervals.
3D Seismic Processing: Pre-Stack Time Migration (PSTM) of the
1,280 km2 3D seismic acquired in the fourth quarter of 2011 was
completed in late March 2012. Condor received the final Pre-Stack
Depth Migration (PSDM) of the 1,252 km2 3D seismic acquired in the
fourth quarter of 2010. Both datasets image multiple play types,
ranging from salt-flank and sub-canopy plays to deeper structures
that are fully encapsulated in salt or are pre-salt structures.
This has expanded the number of play types and will result in a
more diversified prospect inventory.
Marsel Territory
Asa-1 Gas Discovery: The Asa-1 well was drilled to 2,580 meters.
The primary Devonian target zone was encountered at 2,408 meters,
consisting of fractured conglomerates. Wireline logs and drill stem
test ("DST") data indicate a continuous 172 meter gas column
(estimated 76 meters of net pay) has been penetrated. Two DSTs were
performed at the top and base of the zone resulting in flow rates
ranging between 2.1 and 11.1 MMscf/day. The gas was dry with no
water indicated during the flow periods. Based on these positive
results, an additional 100 meters of drilling is planned to confirm
a projected gas-water contact, after which the well will be cased.
Asa-1 drilling costs are within budgeted amounts.
2D Seismic Processing: The processed data from the recently
acquired 900 km 2D program was received in the first quarter of
2012. Preliminary interpretation and mapping has identified several
prospects in the southern region of the territory, focusing around
the Bugudzilskaya structure. The region is interpreted as being
highly prospective with multiple targets within the Lower
Carboniferous and Devonian clastics. Based on the mapping of this
structure, two locations have been identified for exploration
drilling in 2012.
About Condor Petroleum Inc.
Condor is a Canadian oil and gas company with assets in
Kazakhstan and Canada. Condor holds a 100% interest in the
exploration rights to the 2,610 square km Zharkamys Territory,
located in Kazakhstan's Pre-Caspian basin. Condor also holds a 66%
interest in Marsel Petroleum LLP which has the exploration rights
to the 18,500 square km Marsel Territory, located in Kazakhstan's
Chu- Sarysu basin. The Company operates certain oil and natural gas
properties in Alberta and Saskatchewan and holds non- operated
working interests in a number of other properties in Alberta. The
Company is listed on the TSX under the symbol "CPI".
Forward-Looking Statements
Certain statements and information contained herein constitute
forward-looking statements under applicable securities legislation.
Such statements are generally identifiable by the terminology used,
such as "seek", "anticipate'', "believe'', "intend", "expect",
"plan", "estimate", "continue", "project", "predict", "budget'',
"outlook'', "may", "will", "should", "could", "would" or other
similar wording. All statements other than statements of historical
fact may be forward -looking statements. Forward- looking
statements include, but are not limited to, statements and
information with respect to estimates of reserves and/or resources,
acquisition, processing and interpretation of 3D and 2D seismic,
future production levels, future capital expenditures, Condor's
targets, goals, objectives and plans, including the Company's
drilling, completion, production testing, seismic acquisition and
seismic processing plans, together with the timing associated
therewith. By its very nature, such forward- looking information
requires the use of assumptions that may not materialize or that
may not be accurate. Forward- looking information is subject to
known and unknown risks and uncertainties and other factors, which
may cause actual results, levels of activity and achievements to
differ materially from those expressed or implied by such
information. Such factors and assumptions include, but are not
limited to: the results of exploration and development drilling and
related activities; imprecision of reserves and resources
estimates; ultimate recovery of reserves; prices of oil and natural
gas; general economic, market and business conditions; industry
capacity; competitive action by other companies; fluctuations in
oil and natural gas prices; the ability to produce and transport
crude oil and natural gas to markets; the effects of weather and
climate conditions; fluctuation in interest rates and foreign
currency exchange rates; the ability of suppliers to meet
commitments; actions by governmental authorities, including
increases in taxes; decisions or approvals of administrative
tribunals; changes in environmental and other regulations; risks
attendant with oil and gas operations, both domestic and
international; international political events; expected rates of
return; and other factors, many of which are beyond the control of
Condor. Capital expenditures may be affected by cost pressures
associated with new capital projects, including labour and material
supply, project management, drilling rig rates and availability,
and seismic costs. These factors are discussed in greater detail in
filings made by Condor with Canadian securities regulatory
authorities.
Readers are cautioned that the foregoing list of important
factors affecting forward-looking information is not exhaustive.
Furthermore, the forward-looking information contained in this news
release is made as of the date of this news release and, except as
required by applicable law, Condor does not undertake any
obligation to update publicly or to revise any of the included
forward-looking information, whether as a result of new
information, future events or otherwise. The forward-looking
information contained in this news release is expressly qualified
by this cautionary statement.
Contacts: Condor Petroleum Inc. Don Streu President & Chief
Executive Officer (403) 201-9694 Condor Petroleum Inc. Sandy Quilty
Vice President, Finance & Chief Financial Officer (403)
201-9694
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