Condor’s Yakamoz 1 Exploration Well Update
CALGARY, July 6, 2017 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI), a Canadian based oil and gas company focused on exploration and production activities in Turkey and Kazakhstan, provides an update on the Yakamoz 1 exploration well in Turkey.
The Yakamoz 1 well targeted an independent fold-thrust structure on a separate and parallel prospective Miocene-Eocene trend/fairway lying 2 km north of the Poyraz Ridge gas field. The well reached a total depth of 2250 meters and encountered numerous gas shows while drilling, including a gas influx that required an increase in drilling fluid weight. Wireline logging results however indicated insufficient reservoir-quality pay in this location and the well was deemed non-commercial and is currently being abandoned. Further analysis is ongoing to determine whether the well was drilled within structural closure.
Yakamoz 1 confirmed that an active petroleum system extends to the north and west of Poyraz Ridge and, as predicted, an extensive fracture system prevails along the Miocene-Eocene sub-thrust trend. In addition, the well has provided critical structural and stratigraphic information that can be tied back to the regional 2D seismic as it relates to trap, reservoir and seal within this fairway. Condor is currently integrating this data into its geological model in order to high grade prospective areas for future 3D seismic and additional exploration drilling along and sub-parallel to this trend. The Yakamoz structure remains prospective.