Condor Strikes Oil at Kazakh Shoba Appraisal

Condor Petroleum Inc. provided an update on its operations at the Zharkamys West 1 Contract Territory (the Zharkamys Territory) in Kazakhstan.

Shoba Appraisal Program

Shoba‐6 (Sh‐6), the third well of the Shoba appraisal program, reached a total depth of 2,940 feet (896 meters) in May 2012. The wellbore encountered 62 feet (19 meters) of net oil pay and 33 feet (10 meters) of net gas pay (128 feet or 39 meters of gross pay) within the Triassic, sharing a common oil/water contact with previously drilled wells. In addition, a new oil zone in the Basal Jurassic has been interpreted from petrophysical analysis with 11.5 feet (3.5 meters) of net pay. Mapping and further analysis is in progress to better define the Jurassic zone’s potential across the field. Production casing has been set and the well is scheduled to be produced as part of the Trial Production Project which is expected to commence in 3Q 2012.

Sh‐6 results confirm the continuity of the reservoir within the Triassic to the southeast of Sh‐1, in addition to defining new reserves potential across the field from the Basal Jurassic zone.

Shoba‐9 (Sh‐9) was also drilled in May 2012 to a total depth of 2,766 feet (843 meters). The wellbore penetrated 9.8 feet (3 meters) of net oil pay (approximately 33 feet or 10 meters of gross interval) within the Triassic. Production casing has been set and the well is scheduled to be flow‐tested once regulatory approvals are obtained. Sh‐9’s results extend the Shoba field to the southeast of the recent Sh‐8 well and north of the primary fault in the field, confirming that a common oil‐water contact exists between fault compartments. In addition to defining the near zero‐edge of the field, the Sh‐9 results will be used to upgrade reserves contained in the northern fault block from their current 'Possible' category.

The three Shoba appraisal well costs have averaged less than $800,000. One additional Shoba appraisal well will be drilled in 2012, along with up to 10 exploration wells targeting multiple play‐types and depths.

Testing Activities

The ninety day production test on the TasW‐4 well began in late April 2012. A 69 foot (21 meter) interval was perforated with production rates averaging 350 barrels per day of 38 to 40 API gravity oil during the first month. Upon completion of the current test, an additional ninety day test is planned for TasW‐4 to target a separate 36 foot (11 meter) interval.

A 16 foot (5 meter) interval on TasW‐3 has been completed and the ninety day production test is expected to begin in June, adding to the test production volumes from TasW‐4.


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