NEWS RELEASE
June 4, 2012
Condor’s Shoba 6 well encounters 19 meters of net oil pay
CALGARY, June 4, 2012 – 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”. |
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