Condor’s Poyraz West 5 Appraisal Well Encounters 163 meters of Net Gas Pay, Discovers New Lower Carbonate Interval


NEWS RELEASE

DECEMBER 15, 2016

CONDOR’S POYRAZ WEST 5 ENCOUNTERS 163 METERS OF NET GAS PAY, DISCOVERS NEW LOWER CARBONATE INTERVAL  

CALGARY, December 15, 2016 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce drilling results of the Poyraz West 5 appraisal well in Turkey.

Poyraz West 5 successfully evaluated the down-thrown fault block or “footwall” of the Poyraz Ridge field. Importantly, this footwall represents up to 30% of the field’s structural area but currently has no attributed reserves. Based on wireline logs, the well encountered 163 meters of net gas pay in multiple stacked reservoirs. Consistent with the recently drilled Poyraz 5 well (140 meters of net gas pay) and the Poyraz 3 well (135 meters of net gas pay), no gas water contact was penetrated in the Gazhanedere reservoirs. In the Sogucak reservoir, gas bearing intervals were present down to the basement rock without encountering a definitive gas water contact and include a newly discovered lower Sogucak interval. Production casing has been run and cemented and the well will be completed and tied-in prior to first gas, which remains on schedule for mid-2017.

Don Streu, Condor’s President and CEO noted, “The Poyraz West 5 well log results are very impactful as they identify gas pay in the previously untested footwall section with the additional benefit of a new lower Sogucak interval. When combined with the recently drilled Poyraz 5 appraisal well, the gas pools have been significantly extended beyond prior mapped reserves areas. We are very pleased with these positive results which should yield meaningful additional reserves.”

The drilling rig has moved to the Poyraz West 2 appraisal location which is a step-out testing the southwest extension of the field. This well will also evaluate the deeper Sogucak interval that was just discovered in Poyraz West 5 and is expected to reach total depth in January 2017.

Completion and testing operations have commenced at Poyraz 3 with initial flow results expected in January 2017. As previously announced, this well identified the presence of an extensive facture network within the Sogucak carbonate, which should enhance flow performance and reserves.

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