Q2 2014 highlights include:
-- During 2014 the Company completed the sale of its 66% participating interest in the Marsel property for US
$88.0 million. -- Net income for the 6 months ended June 30, 2014was $24.2 million( $0.07per share) as a result of the $34.5 milliongain recognized on the completion of the Marsel Sale. -- June 30, 2014working capital was $74.9 million, a portion of which the Company will use to fund its 2014 exploration and development program -- The 2014 drilling program commenced in August and includes: three exploration wells, targeting 66 mmboe of unrisked prospective resources; two horizontal development wells at Shoba; and one appraisal well of the Kiyaktysai North East discovery. -- The Shoba gauging station facility has been commissioned, providing additional oil treatment and storage capacity. The Shoba field is currently producing 250 bopd under trial production. -- Production decreased to an average of 164 bopd in the first six months of 2014 compared to 374 bopd in 2013, due to Kazakhstanregulations limiting production during the exploration period. Production is expected to increase in the second half of 2014 when the Taskuduk West field is brought into commercial production and the two horizontal development wells at Shoba are brought into trial production.
Condor is a Canadian oil and gas company with a 100% interest in the exploration rights to the 3,777 square kilometer Zharkamys West 1 Territory located in
Advisory on Forward-Looking Statements
All statements other than statements of historical fact may be forward-looking statements. 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. Forward-looking statements in this press release include, but are not limited to: information concerning the commencement and timing of planned drilling operations; the timing and ability to execute contracts with drilling equipment suppliers and providers; results provided are not necessarily indicative of long term performance or ultimate recovery; projections with respect to crude oil production; and the timing and ability to obtain various approvals and permits including production contracts. Forward-looking statements involve the use of certain assumptions that may not materialize or that may not be accurate and are subject to known and unknown risks and uncertainties and other factors, which may cause actual results or events to differ materially from those expressed or implied by such information. Condor's operations are also subject to certain other risks and uncertainties inherent with oil and gas operations and additional information on these and other factors that could affect Condor's operations and financial results. 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
This news release includes information pertaining to internal Condor generated estimates of Company resources effective
Statements relating to resources are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated. The resource estimates of Condor's properties described herein are estimates only. The actual resources may be greater or less than those calculated. Estimates with respect to resources that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and analogy to similar types of resources, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same resources based upon production history will result in variations, which may be material, in the estimated resources.
Prospective Resources disclosed herein are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery (geological chance of success) and a chance of development (economic, regulatory, market and facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. These estimates have not been risked for either chance of discovery or chance of development. There is no certainty that any portion of the Prospective Resources will be discovered and, if discovered, there is no certainty that it will be developed or, if it is developed, there is no certainty as to either the timing of such development or whether it will be commercially viable to produce any portion of the resources. Unless otherwise stated, any reference to Prospective Resources refers to Gross, Mean Recoverable, Prospective Resources (Unrisked).
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Condor Petroleum Inc. Don StreuPresident and CEO 403-201-9694 Condor Petroleum Inc. Sandy QuiltyVice President of Finance and CFO 403-201-9694 Source: Condor Petroleum Inc.