Condor Petroleum Inc. ("Condor" or the "Company") (TSX: CPI) is pleased to provide an operations update for the Poyraz Ridge gas field in Turkey.
Construction of the Poyraz Ridge 15 MMscf/day gas processing facility continues on schedule with first gas targeting mid-2017. All of the major gas processing equipment has been installed and the remaining components are arriving in the coming weeks. Installations of the inter-field gas gathering lines and electrical power lines to the facility have been completed. Pipe for the 6" gas sales line has been delivered and pipeline construction is expected to begin by the end of April.
Completion and testing activities have recently been performed on the Poyraz West 1 and Poyraz 5 wells. At Poyraz West 1, the Sogucak carbonate reservoir tested at a stabilized rate of 2.0 MMscf/day in addition to the Lower Gazhanedere sandstone reservoir which had previously tested at a stabilized rate of 500 Mscf/day. At Poyraz 5, a Gazhanedere interval tested at a stabilized rate of 500 Mscf/day. A second Gazhanedere interval was tested with no inflow of gas or condensate, despite having good mud gas responses and reservoir parameters indicated on wireline logs and this interval will be considered for future workover activities. A third test in the Sogucak interval did not flow hydrocarbons although formation water was recovered during swabbing operations, likely through an open, near-vertical fault in the zone.
The service rig is mobilizing to the Poyraz 3 location and will begin re-testing various intervals with the paraffin inhibition equipment. Poyraz 3 was tested in Q1 2017 and the gas flow was restricted by paraffin build-up, limiting the well's ability to provide stabilized measurements.
A drilling rig is mobilizing to the Poyraz West 4 location and is expected to begin operations by the end of April. Poyraz West 4 is a development well with a 500 meter lateral section in the Gazhanedere. The well is expected to be drilled and completed prior to first gas.
The Yakamoz 1 exploration prospect, located 2 kilometers north of the Poyraz Ridge field, is scheduled to be drilled once the current Poyraz Ridge development drilling program is completed. 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.
Condor is a Canadian based oil and gas company with a 100% working interest in two contiguous operating licenses covering 110 square kilometers located in the Gallipoli Peninsula in the Republic of Turkey, a 100% interest in the production rights to the Shoba and Taskuduk oilfields and a 100% interest in the exploration rights to the 3,777 square kilometer Zharkamys West 1 property located in the Pre-Caspian basin in the Republic of Kazakhstan. Condor is listed on the TSX under the symbol "CPI".
SOURCE: Condor Petroleum Inc.
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