Financing
CALGARY, ALBERTA--(Marketwired - Jul 11, 2013) - Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is pleased to announce that it has received irrevocable bank guarantees totaling US $83.0 million for the sale of the Company's interest in the Marsel Territory in Kazakhstan ("Marsel"). The total sale price is US $88.0 million.
The irrevocable bank guarantees were received from a multinational, publically listed financial institution and confirm the buyer's intent and ability to complete this transaction. As previously announced, the transaction is expected to be completed by the fourth quarter of 2013, once the necessary waivers and consents from the Government of Kazakhstan are obtained. In the interim period prior to closing, the buyer has provided a US $5.0 million loan to fund ongoing Marsel exploration activities.
The Company intends to use the proceeds from the Marsel sale to continue it's near term focus on the exploration and development of the Company's Zharkamys Territory and to pursue other oil-related growth opportunities within Kazakhstan.