Condor announces 2015 second quarter results


CALGARY, August 12, 2015 – 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, 2015, together with the related Management’s Discussion and Analysis. 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 2015 Highlights

  • Drilling operations commenced in July 2015 on the KN-501 Primary Basin well, which is planned to reach a depth of 4,250 meters. The well has a conventional 4-way closure across a 30 km2 area and an extensive salt top seal which ensures robust trap integrity. The KN-501 well offsets the Company’s play opening KN-E Primary Basin discovery by 8 kilometers and is located under the same salt dome. The estimated remaining cost to drill KN-501 is $8 million and is scheduled to reach the targeted zone in September 2015.
  • There was no production or sales for the three months ended June 30, 2015 as Shoba operations were suspended on March 15, 2015 for an indeterminate period due to constraints in local refining capacity and low prices for domestic crude oil and refined crude oil products. Production is expected to resume in the fourth quarter of 2015 once Shoba and Taskuduk development contracts are executed and export sales are permitted.
  • Working capital (defined as current assets minus current liabilities) as of June 30, 2015 was $53 million and the Company has no debt.
  • For the three months ended June 30, 2015, the Company realized a net loss of $2.48 million  (2014: $6.2 million) and for the six months ended June 30, 2015 a net loss of $2.52 million (2014: net income of $24.2 million as a result of the $34.5 million gain recognized on the completion of Marsel Sale).