Condor Receives Final Approval for the Sale of Marsel
CALGARY, January 16, 2014 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce the receipt of Kazakhstan Antimonopoly Agency approval for the sale of Condor’s 66% interest in the Marsel Territory for US$88 million (the “Marsel Transaction”). All conditions for completion have now been satisfied and the Marsel Transaction is expected to close by the end of January, 2014.
The Company plans to use a portion of the Marsel Transaction proceeds for exploration, appraisal and development activities at the Zharkamys West 1 Territory during 2014. Expected activities include drilling three development wells and the construction of production facilities at Shoba, drilling three shallow exploration wells, each less than 2,000 meters in depth and targeting a total of 20 mmbbls of Prospective Resources, drilling a deeper primary basin well to a depth of 4,600 meters and targeting 50 mmboe Prospective Resources, and continued appraisal of the KN-E discovery. The expected cost of these activities is $34 million.