Condor Petroleum Announces 2013 Q2 results
Condor Petroleum Inc. is pleased to announce the release of its unaudited Interim Consolidated Financial Statements for the period ended June 30, 2013, together with the related Management’s Discussion and Analysis (“MD&A”). These documents will be made available under Condor’s profile on SEDAR at www.sedar.com and on the Condor website at www.condorpetroleum.com. All financial amounts in this news release are presented in Canadian dollars.
Q2 2013 highlights include:
Marsel territory
*In April 2013, Condor’s wholly owned subsidiary entered into a binding agreement to sell its 66% participating interest in Marsel for US $88.0 million, subject to various waivers and consents from the Government of Kazakhstan. In May 2013 the buyer provided a US $5.0 million loan to fund ongoing Marsel exploration activities. In July 2013 the Company received irrevocable bank guarantees totaling US $83.0 million, further confirming the buyer’s intent and ability to complete this transaction.
Zharkamys West 1 territory
*Kazakhstan production increased to 374 bopd in the first half of 2013 compared to 94 bopd in the first half of 2012 due mainly to Shoba trial production. As a result, Company revenues increased 323% to $2.6 million.
*Completion operations on KN-E-201 have finished and the well is now undergoing flow and pressure build up testing to determine deliverability and reservoir properties.
*KN-E-202 was drilled to a total depth of 1,955 meters and encountered similar reservoir and pay intervals to KN-E-201. Approvals are being sought for the completion and testing program.
*Approval for a two year exploration period has been granted which extends the exploration term until August 27, 2015.
