September 27, 2012 09:15 ET Condor's Shoba Field Commences with Trial Production
CALGARY, ALBERTA--(Marketwire - Sept. 27, 2012) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to announce that Trial Production has commenced at the Shoba field at the Zharkamys West 1 Contract Territory ("Zharkamys") in Kazakhstan.
The significance of this milestone is that Condor has achieved sustained oil production from its Kazakhstan operations as planned. The Shoba wells are currently being commissioned and production rates will be reported once oil flow has stabilized.
Condor has approval during the Trial Production Phase to produce from up to five Shoba wells. Two additional wells could be added once oil reserves are recognized by Kazakhstan regulatory bodies relating to recent Company drilling success from the Shoba-8 and Shoba-9 appraisal wells. Shoba will continue in the Trial Production phase until mid-2014, when the field is expected to transition into commercial production. Shoba production rates are forecast to peak at up to 1,500 barrels of oil per day during commercial production.
The Zharkamys prospect inventory continues to expand with interpretation of the pre-salt potential utilizing 3D Pre-Stack Depth Migration seismic data. From an area equal to approximately one half of the Zharkamys territory, Condor has mapped gross mean un-risked prospective resources of 582 MM boe for the pre-salt formations, which has been reviewed by Sproule International as an independent evaluator. Pre-salt prospect mapping of the remaining Zharkamys territory is ongoing and expected to be completed by year end. |