Condor Petroleum, through its wholly-owned subsidiary Falcon Oil & Gas Ltd. has a 100% working interest in the Zharkamys West 1 (ZW1) Licence, located in the south-eastern flank of the Pre-Caspian Basin.
The first well here has been delayed for no ovious reason.
Condor is led by two former Chevon executives
The Pre-Caspian Basin is a world class petroliferous basin, which has been explored since the early 1900’s resulting in discoveries exceeding 46 BBO.
Although largely the domain of the super majors (Chevron, ExxonMobil, ENI, Shell, Total and BG) and the NOC’s with several of the world’s largest oil & gas fields (Kashagan, Tengiz, Astrakhan), Condor recognized a wide range of niche investment opportunities for a mid-sized company targeting the full spectrum of rank exploration through to development and production optimization opportunities where projects lacked the technical know-how, technologies and operational expertise required to develop the resources.
Condor currently has 79 prospects identified by proprietary high-resolution 3D seismic.
The ZW-1 contract/permit clearly contains all the salient elements critical for the generation, migration and accumulation of significant hydrocarbons.
Prospect sizes range from relatively shallow (post-salt) depths varying from 10-15MMBO; intermediate (Primary basin) depths varying from 30 – 40MMBO; to deep (Pre-Salt) in the 100+MMBO range.
Its Uzbex assets can be easily brought onstream by modern enhancement technologies, creating substantial near term cash flows.
Condor needs Cash and Valeura has it.
First, it will deal with the closure of the Thrace Deeps