CALGARY, ALBERTA--(Marketwired - Oct. 8, 2015) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) has reached a total depth of 3,992 meters on the KN-501 Primary Basin well located on the Company's 100% owned Zharkamys West 1 Territory in Kazakhstan.
Numerous gas shows were encountered while drilling the main hole section from 3,530 meters to TD, although no commercial hydrocarbon reservoirs were identified. The quality of reservoir rock penetrated in the Company's play opening KN-E Primary Basin discovery was not present in KN-501 and the well will be abandoned.
KN-501 results confirm that the Company's high resolution 3D seismic can identify sedimentary units and variations in lithology within the Primary Basins. Additionally, the well data will aid in assessing the risk of reservoir potential in both the remaining Primary Basin and Pre-Salt prospects that have been mapped from the 3D seismic.
The final cost of drilling KN-501 is estimated at CA$8 million. The Company currently has estimated working capital of CA$48 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 ability to, and timing of abandoning the KN-501 well; the ability to identify sedimentary units and variations in lithology; the ability to assess the risk of reservoir potential; the estimated cost of drilling the KN-501 well; and the estimated working capital. 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.
(October 8, 2015 - 9:15 AM EDT)
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