Condor announces 2014 second quarter results
CALGARY, August 13, 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 three and six months ended June 30, 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.
Q2 2014 highlights include:
- During 2014 the Company completed the sale of its 66% participating interest in the Marsel property for US $88.0 million.
- Net income for the 6 months ended June 30, 2014 was $24.2 million ($0.07 per share) as a result of the $34.5 million gain recognized on the completion of the Marsel Sale.
- June 30, 2014 working capital was $74.9 million, a portion of which the Company will use to fund its 2014 exploration and development program
- The 2014 drilling program commenced in August and includes: 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.
- The Shoba gauging station facility has been commissioned, providing additional oil treatment and storage capacity. The Shoba field is currently producing 250 bopd under trial production.
- Production decreased to an average of 164 bopd in the first six months of 2014 compared to 374 bopd in 2013, due to Kazakhstan regulations limiting production during the exploration period. Production is expected to increase in the second half of 2014 when the Taskuduk West field is brought into commercial production and the two horizontal development wells at Shoba are brought into trial production.