CALGARY, ALBERTA, May 17, 2011 (MARKETWIRE via COMTEX News Network) --
Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX: CPI) is pleased to announce that it has successfully completed and performed an initial flow test of the Shoba-1 discovery well in Kazakhstan.
The Shoba-1 well initially flowed 250 to 280 barrels per day of 35 degrees API gravity oil from 6.5 meters of perforations at 747.5 m to 754.0 m in the oil pay zone. The well stabilized at a flow rate of 210 bbls of oil per day with 20 psi surface pressure during a 3 day test period. The fluid and flow data information acquired during the initial flow period will be used to aid in the design of a long term production test expected to be performed in the third quarter of 2011. The Corporation anticipates that the well will be put on production with a downhole pump which could further enhance these initial production rates.
Don Streu, Condor's President and CEO commented: "Condor is extremely pleased with initial flow rates from the Shoba-1 well. The information confirms that the deliverability of the Shoba-1 exceeds economic thresholds and moves the project closer to full commercialization".
The service rig that tested Shoba 1 is now being mobilized to complete and obtain initial flowrates from Shoba-2. In addition, the drilling of Shoba-3 has just reached its total depth of 943 meters and a wireline evaluation program is commencing. 46.5 meters of core was recovered through the zone of interest on Shoba-3.