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 operations update.
Drilling has commenced on the Yakamoz 1 exploration well which is located 2 km north of the Company's 100% owned and operated Poyraz Ridge gas field in Turkey. Based on existing seismic data and well results from Poyraz Ridge, the Yakamoz prospect could be more highly fractured and gas rich than the reservoirs encountered at Poyraz Ridge. The well is expected to reach its planned total depth of 2000 meters in early Q3 2017.
Poyraz Ridge development remains on track to begin gas production in Q3 2017. Construction of the Central Processing Facility is 85% complete and commissioning activities are planned to commence in early Q3 2017.
Construction of the 6" gas sales line is ongoing, with surface right-of-way access rights continuing in parallel with pipeline construction.
The Poyraz West 4 development well was drilled to 2164 meters with the horizontal leg commencing at 1714 meters and penetrating the upper Gazhanedere sandstone interval. The high wellbore placement, in conjunction with the inherently lower drawdown pressures associated with a horizontal well, is expected to mitigate any paraffin production as experienced on some of the other Poyraz Ridge wells although no paraffin issues have been encountered on prior tests of this upper Gazhanedere interval. The Poyraz West 4 well is expected to have higher deliverability than prior vertical wells and will be completed and tied into the processing facilities once the Yakamoz 1 well has been evaluated.
Paraffin mitigating equipment was installed at the Poyraz 3 well and successfully prevented blockage in the tubing string although sustained commercial gas flow rates from this well were not realized. Next steps are being reviewed, although this well was only expected to contribute 300 mscf/day and has a negligible impact on the overall field production rates.
Condor Petroleum is an internationally-focussed, publicly traded oil and gas company uniquely positioned on the doorstep of European and Asian markets. With producing oil assets, and gas properties to be on-stream mid-2017, we’ve built a strong foundation for reserve, production and cashflow growth. We’re leveraging off our reliable and diverse asset base, in-house proven expertise and exposure to jurisdictions with strong market demand and pricing, to deliver significant growth in countries with high-value and low cost reserves.
SOURCE: Condor Petroleum Inc.
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