Condor receives Zharkamys contract extension


CALGARY, April 27, 2015 – Condor Petroleum Inc.  (“Condor” or the “Company”)   (TSX:CPI) is pleased to announce  that    the  Government  of  Kazakhstan  has  approved  an  extension  to  the  Zharkamys  West 1 exploration contract for ten months until December 14, 2016. The Zharkamys exploration contract will be amended in due course.

Drilling Update: A drilling contractor has been selected to drill the KN‐501 Primary Basin well. The well location will be constructed in May and drilling is expected to commence in June. 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 well is planned to reach 4,250 meters and is targeting 67 MMboe unrisked mean prospective resources (internal Company estimate – see Resource Advisory).

Working Capital: The Company’s current working capital is CA$55 million and the Company has no debt.

 

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