Condor Commences Commercial Oil Production at Taskuduk
Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce that commercial oil production has commenced at the Taskuduk oilfield in Kazakhstan.
The production from Taskuduk compliments the Shoba commercial production which began in September. The combined flow rates from these 100% owned oilfields have exceeded an average of 600 barrels per day to date during October. The Company has signed the first sales contract since commencing commercial production at the approximate wellhead price of $29 per barrel which, after deducting royalties, provides a netback of $28 per barrel.
In Turkey, the drilling rig has completed the intra-field move from the recently drilled Poyraz 5 well across the shared drilling pad and the Poyraz 3 well has been spud. Surface casing was set as planned and drilling continues in the main hole section. Drilling results for Poyraz 3 are expected in early November. Completion and testing operations will commence once the drilling rig moves off the shared pad.