Condor's Shoba 6 Well Encounters 19 Meters of Net Oil Pay
June 04 2012 - 3:15PM
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") in
Kazakhstan.
Shoba Appraisal Program: Shoba-6 (Sh-6), the third well of the
Shoba appraisal program, reached a total depth of 896 meters in May
2012. The wellbore encountered 19 meters of net oil pay and 10
meters of net gas pay (39 meters of gross pay) within the Triassic,
sharing a common oil/water contact with previously drilled wells.
In addition, a new oil zone in the Basal Jurassic has been
interpreted from petrophysical analysis with 3.5 meters of net pay.
Mapping and further analysis is in progress to better define the
Jurassic zone's potential across the field. Production casing has
been set and the well is scheduled to be produced as part of the
Trial Production Project which is expected to commence in Q3
2012.
Sh-6 results confirm the continuity of the reservoir within the
Triassic to the southeast of Sh-1, in addition to defining new
reserves potential across the field from the Basal Jurassic
zone.
Shoba-9 (Sh-9) was also drilled in May 2012 to a total depth of
843 meters. The wellbore penetrated 3 meters of net oil pay
(approximately 10 meters of gross interval) within the Triassic.
Production casing has been set and the well is scheduled to be
flow-tested once regulatory approvals are obtained.
Sh-9's results extend the Shoba field to the southeast of the
recent Sh-8 well and north of the primary fault in the field,
confirming that a common oil-water contact exists between fault
compartments. In addition to defining the near zero-edge of the
field, the Sh-9 results will be used to upgrade reserves contained
in the northern fault block from their current 'Possible'
category.
The three Shoba appraisal well costs have averaged less than
$800,000. One additional Shoba appraisal well will be drilled in
2012, along with up to 10 exploration wells targeting multiple
play-types and depths.
Testing Activities: The ninety day production test on the TasW-4
well began in late April 2012. A 21 meter interval was perforated
with production rates averaging 350 barrels per day of 38 to 40 API
gravity oil during the first month. Upon completion of the current
test, an additional ninety day test is planned for TasW-4 to target
a separate 11 meter interval.
A 5 meter interval on TasW-3 has been completed and the ninety
day production test is expected to begin in June, adding to the
test production volumes from TasW-4.
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 and holds non-operated working interests in a number of
other properties in Canada. 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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