Condor announces 2014 first quarter results
CALGARY, May 14, 2014 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce the release of its Unaudited Interim Consolidated Financial Statements for the period ended March 31, 2014, together with the related Management’s Discussion and Analysis (“MD&A”). These documents will be made available under Condor’s profile on SEDAR at www.sedar.com and on the Condor website at www.condorpetroleum.com. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated.
Q1 2014 highlights include:
- On January 28, 2014 the Company completed the sale of its 66% participating interest in, and certain indebtedness of, the Marsel property for US$88.0 million.
- First quarter net income was $30.4 million, $0.09 per share, as a result of the $34.5 million gain recognized on the completion of the Marsel Sale.
- March 31, 2014 working capital was $81.6 million, a portion of which the Company will use to fund its 2014 exploration and development program, including the drilling of: three exploration wells, targeting 66 mmboe of unrisked prospective resources; two horizontal development wells at Shoba; and one appraisal well of the Kiyaktysai North East discovery.
- Drilling equipment including a rig and supporting services are currently being contracted and drilling is planned to begin in June 2014.
- Production decreased to an average of 164 bopd in 2014 compared to 559 bopd in 2013, due to Kazakhstan regulations limiting production during the exploration period. Production is expected to increase in 2014 when the Taskuduk West field is brought onto commercial production and the two Shoba development wells are brought onto trial production.