Condor’s Poyraz West 2 appraisal well discovers a new pre-sogucak reservoir
CALGARY, January 12, 2017 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce drilling results of the Poyraz West 2 appraisal well in Turkey.
Poyraz West 2 is a step-out appraisal well testing the southwest extension of the field. Based on wireline logs, the well encountered 142 meters of net pay which includes 60 meters of a newly discovered Pre- Sogucak reservoir. The new reservoir is stratigraphically older and deeper than the previously evaluated Gazhanedere and Sogucak intervals and consists of interbedded conglomerates and sandstones. Production casing has been set and the well will be completed and tested prior to Poyraz Ridge first gas, which is on schedule to commence in mid-2017.
Don Streu, Condor’s President and CEO noted, “We are extremely pleased that all four wells from this recent drilling campaign have encountered significant gas columns. The wells have expanded the gas charged reservoirs in the Poyraz Ridge structure by identifying new and deeper pay zones which should positively impact reserves. The existing 3D seismic indicates that the pre-Sogucak reservoir is extending to the northwest, suggesting it is a new geologic play with lateral extent”.
The Poyraz West 2 discovery also serves to enhance the prospectivity of similar looking structures located within the license area. Planning is underway to drill the Yakamoz 1 exploration prospect this year, which is only 2 km north of Poyraz Ridge and shares many of the same attributes. Additional 3D seismic may also be acquired in the near term. The Company recently established a US$10 million credit facility which should provide sufficient funding to execute these programs and achieve Poyraz Ridge first gas. The receipt of the loan proceeds from the credit facility is subject to certain customary conditions precedent including, but not limited to, the execution of various security documents. The loan proceeds are expected to be received in January 2017.
Operations have shifted to completion and testing activities for the recently drilled wells and testing of Poyraz 3 has commenced. Prior to ‘cleaning up’ and establishing stabilized flow rates, completion fluid and paraffin (wax) were observed in the surface testing equipment, hindering the ability to accurately test the well. Additional equipment is being installed before continuing to flow Poyraz 3. In the meantime, the completion rig has mobilized to Poyraz 5 and has started completion and testing activities on that well.