CALGARY, ALBERTA--(Marketwire - Aug. 20, 2012) - Condor Petroleum Inc. ("Condor" or the "Company") (CPI.TO) provides an update on its Shoba 7 appraisal well (the "Well") at the Zharkamys West 1 Contract Territory (the "Zharkamys Territory") in Kazakhstan.
The Well was drilled to core point at 730 meters. While tripping out of the hole for core barrels, an uncontrolled gas influx occurred in the wellbore and as a result the Well was shut in and well control operations were commenced.
Currently the gas from the influx is being safely flared and the fluids (mud and water) released at surface have been contained. In addition, a surface breach of drilling mud and gas has occurred adjacent to the Well's drilling location. This area has been contained to minimize any environmental impact or fire hazard. The targeted oil bearing zone had not been penetrated and to date no oil has been observed at surface. There have been no injuries to personnel or damage to equipment other than the drill string which may be damaged or lost in the wellbore.
The Company intends to continue well control operations until the Shoba 7 gas zone has been isolated and sealed from flow to surface. If the current well control operations are unsuccessful, the Company may need to take additional measures which may include drilling a relief well.
About Condor Petroleum Inc.
Condor is a Canadian oil and gas company with assets in Kazakhstan and Canada. Condor holds a 100% interest in the exploration rights to the 2,610 square km Zharkamys Territory, located in Kazakhstan's Pre-Caspian basin. Condor also holds a 66% interest in Marsel Petroleum LLP which has the exploration rights to the 18,500 square km Marsel Territory, located in Kazakhstan's Chu-Sarysu basin. The Company operates certain oil and natural gas properties and holds non-operated working interests in a number of other properties in Canada. The Company is listed on the TSX under the symbol "CPI".
Certain statements and information contained herein constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "seek", "anticipate", "believe", "intend", "expect", "plan", "estimate", "continue", "project", "predict", "budget", "outlook", "may", "will", "should", "could", "would" or other similar wording. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements include, but are not limited to, the results of the well control operations, the ongoing remediation efforts at Shoba-7 including the gas flare, the containment of fluids released at surface and the containment of fluids from the surface breach, the environmental impact of the gas flaring and fluid containment and the potential need for additional well control measures including drilling a relief well. By its very nature, such forward-looking information requires the use of assumptions that may not materialize or that may not be accurate. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include risks associated with and the inherent uncertainty of well control operations and risk factors associated with exploring for and producing oil and natural gas. These factors are discussed in greater detail under Risk Factors - Risks Relating to the Company in Condor's Annual Information Form for the year-ended December 31, 2011.
Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this news release is made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
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Condor Petroleum Inc.
President & Chief Executive Officer
Condor Petroleum Inc.
Vice President, Finance & Chief Financial Officer