CALGARY, ALBERTA--(Marketwired - Sept. 17, 2015) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased 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 resolution 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.
About Condor: Condor is a Canadian based oil and gas company with a 100% interest in the exploration rights to the 3,777 square kilometer Zharkamys West 1 Territory located in Kazakhstan's Pre‐Caspian basin. The Company is listed on the TSX under the symbol "CPI".
Advisory on Forward-Looking Statements:
All statements other than statements of historical fact may be forward-looking statements. Such statements are generally identifiable by the terminology used, such as "seek", "anticipate'', "believe'', "intend", "expect", "plan", "estimate", "continue", "project", "predict", "budget'', "outlook'', "may", "will", "should", "could", "would" or other similar wording. Forward-looking statements in this news release includes but is not limited to: the planned drilling depth of KN-501; and the timing of future drilling operations. Forward-looking statements involve the use of certain assumptions that may not materialize or that may not be accurate and are subject to known and unknown risks and uncertainties and other factors, which may cause actual results or events to differ materially from those expressed or implied by such information. Condor's operations are also subject to certain other risks and uncertainties inherent with oil and gas operations and additional information on these and other factors that could affect Condor's operations and financial results. These factors are discussed in greater detail under Risk Factors - Risks Relating to the Company in Condor's Annual Information Form which may be accessed through the SEDAR website (www.sedar.com). The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not undertake any obligation to update or to revise any of the forward looking information, except as required by applicable law.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
Source: Marketwired (Canada)
(September 17, 2015 - 9:15 AM EDT)
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