Condor’s KN‐501 Primary Basin well reaches intermediate casing point
CALGARY, September 17, 2015 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX:CPI) is please to provide a drilling update on the KN‐501 Primary Basin well located on the Company’s 100% owned Zharkamys West 1 Territory in Kazakhstan.
The KN‐501 well has reached the planned 9‐5/8” intermediate casing point at 3530 meters after successfully drilling a 2800 meter salt section. Intermediate casing has been run and cemented in place. The drilling of the 8‐1/2” main hole section into the primary target zones is expected to commence once the 10,000 psi BOP equipment is installed and tested. The well is targeting a total depth of 4250 meters.
KN‐501 will test a 30 square kilometer 4‐way structural closure which is defined by the base of the salt and has been mapped from high resolu ion 3D seismic. This well offsets the Company’s play opening KN‐E Primary Basin discovery by 8 kilometers and is located under the same salt dome.
The Company currently has estimated working capital of CA$50 million and no debt.