Condor’s Poyraz 5 Appraisal Well Encounters Over 140 Meters of Net Gas Pay
CALGARY, October 3, 2016 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce drilling results of the Poyraz 5 appraisal well in Turkey.
Based on wireline log interpretation, the Poyraz 5 well encountered over 140 meters of net gas pay in multiple stacked reservoirs of Miocene (Kirazli and Gazhanedere sandstone formations) and Eocene (Sogucak carbonate formation) age. No gas-water contact was encountered in the Gazhanedere and the gas-water contact in the Sogucak was confirmed to be located beneath Condor’s mapped structural spillpoint. Don Streu, Condor’s President and CEO noted that “the Poyraz 5 appraisal well validates both our seismic interpretation / modelling and petrophysical analysis. The results are very encouraging as only ‘gas down to’ volumes were used to calculate existing Proved reserves. As the ‘gas down to’ depth is now deeper based on Poyraz 5, it should positively impact reserves. Also, since our petrophysical analysis indicates that Poyraz Ridge is filled to the structural spill point, this fact should also enhance existing reserves”.
Production casing has been run and cemented on Poyraz 5. The drilling rig is moving to drill Poyraz 3, which is on the same drilling pad. Completion and testing operations will commence once the drilling rig moves off the shared pad.
In Kazakhstan, the Taskuduk Production Contract has been executed with the Government of Kazakhstan and provides for commercial production at the Company’s 100% owned Taskuduk oilfield. Production at Taskuduk is expected to re-commence during October. The Shoba oilfield, which commenced commercial production in September, continues to produce at rates exceeding 500 barrels per day as forecast.