Condor Initiates Shoba Commercial Oil Production


CALGARY, September 26, 2016 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce that the Company has commenced commercial oil production at the Shoba oilfield in Kazakhstan on September 18, 2016. Current stabilized production is exceeding 500 barrels per day as forecast and oil sales are expected to resume in the fourth quarter. During the second quarter of 2016, Condor received $20.21 per barrel wellhead price for Shoba oil previously held in inventory.

The Taskuduk Production Contract is expected to be signed in the fourth quarter of 2016 and will provide for additional commercial production at the Company’s 100% owned Taskuduk oilfield in Kazakhstan.

The Poyraz 5 well in Turkey has reached a total depth of 1878 meters and wireline operations are underway. Poyraz 5 will be cased and suspended as a future gas producer. The next well to be drilled in the Poyraz Ridge development plan is expected to be spud by mid-October. The Poyraz Ridge development continues to target first gas in mid-2017, providing access to cash flow from a region with strong domestic gas demand and pricing.

 

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