Condor Petroleum's TasW-4 well tests over 700 bopd 2012-05-03 16:38 ET - News Release Mr. Don Streu reports CONDOR PETROLEUM INC PROVIDES OPERATIONS UPDATE Condor Petroleum Inc. is providing an update on its operations at the Zharkamys West 1 contract territory and the Marsel contract territory in Kazakhstan. Zharkamys territory Shoba appraisal program Shoba-8 (Sh-8), the first of four appraisal wells in 2012, has reached its planned total depth of 883 metres. Sh-8 penetrated 15 metres of gross oil pay and resulted in 8.7 metres of net pay above the field oil water contact. Production casing has been set and the well is scheduled to be flow tested once regulatory approvals are obtained. Sh-8's successful results extend the Shoba field north into a separately mapped fault block. The common oil-water contact between the fault blocks suggests a continuous oil pool and should increase the Shoba field's proved plus probable reserves, where possible reserves were previously assigned. Drilling of Shoba-9 (Sh-9), a second well to the north of the mapped fault, has recently commenced. Two other Shoba appraisal wells will be drilled after Sh-9, which are located south of the mapped fault and will be produced as part of the trial production period (TPP) commencing in the third quarter 2012. Testing activities The 90-day production test on the TasW-4 well began in late April, 2012. A 21 m interval was perforated with initial oil rates exceeding 700 barrels per day. Stabilized flow rates will be reported once hydrodynamic testing is completed. A second 90-day test is planned for TasW-4 after the current production test and targets a separate 11 m interval. A service rig is currently moving onto the TasW-3 well to complete a five m interval, with a 90-day production test planned to begin in June, 2012. Marsel territory Asa-1 gas discovery The first well drilled using the new Marsel 3-D seismic data was Asa-1. This well reached a total depth of 2,670 m in April, 2012. The primary Devonian target zone was encountered at 2,408 m, consisting of fractured conglomerates and breccias. Wireline logging, in combination with two successful open-hole drill stem tests (DST), confirms a continuous 262 m gas column has been penetrated, with an estimated 110 m of net pay. The DSTs resulted in flow rates ranging between 2.1 million square cubic feet per day and 11.1 million square cubic feet per day. The gas was dry with no formation water indicated during the flow periods. A gas-water contact was not encountered. Production casing has been set in anticipation of additional flow testing. We seek Safe Harbor. |