Condor Petroleum Inc. Provides Update on Its Shoba 7 Appraisal Well
August 20 2012 - 9:00AM
Marketwired
Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI)
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".
Forward-Looking Statements
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.
Contacts: Condor Petroleum Inc. Don Streu President & Chief
Executive Officer (403) 201-9694 Condor Petroleum Inc. Sandy Quilty
Vice President, Finance & Chief Financial Officer (403)
201-9694
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