Condor's total production increases by more than four times with gas from Turkey
Thursday, Jan 25, 2018
Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI), a Canadian based oil and gas company focused on production and exploration activities in Turkey and Kazakhstan, is pleased to announce that commercial production has commenced at the Company’s 100% owned and operated Poyraz Ridge natural gas field in Turkey.

Condor’s total production is currently ranging from 1,600 to 1,700 boepd, an increase of more than four times the 2017 average of approximately 400 bopd from the Company’s oilfields in Kazakhstan. Optimizing and de-bottlenecking activities are continuing at the Poyraz Ridge facilities in Turkey and gas production from 4 wells has ramped up to 7 MMscf/day over the past 3 days. Additional wells will be brought on-line in the coming days after downhole choke installation operations are completed. During commissioning activities to-date, 124.5 MMscf of sales gas has been produced over a period of 30 producing days. Turkish domestic gas prices remain highly attractive and gross sales prices, before transportation costs, are currently $7.25 per mcf.

Don Streu, President and Chief Executive Officer commented: “Successfully delivering the Poyraz Ridge project on budget and without injuries is a significant achievement and an important growth milestone for our Company since it has transitioned us into positive cash flow. According to production statistics provided by the Government of Turkey, the Poyraz Ridge project increases Turkish domestic gas production by more than 15%. We are very appreciative of the strong support and pro-business attitude provided by all levels of the Government of Turkey”. Mr. Streu went on to mention that “over the past 15 months, we have initiated commercial production on three separate oil and gas projects in Kazakhstan and Turkey and we look forward to maturing additional development and growth opportunities”.

The Company’s court proceedings related to the extension of the Zharkamys exploration contract are ongoing. A preliminary Civil Court hearing was held on January 16, 2018 and the Company’s legal arguments were accepted as tabled. The next Civil Court hearing is scheduled for January 31, 2018 and a written decision should be provided shortly afterwards. The Company and the Ministry of Energy of the Government of Kazakhstan both retain the right to appeal future court rulings.

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