Condor Petroleum Inc. Completes Well Control Operations at the Shoba 7 Well
September 04 2012 - 9:15AM
Marketwired
Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI)
provides an update on its Shoba 7 appraisal well at the Zharkamys
West 1 Contract Territory (the "Zharkamys Territory") in
Kazakhstan.
Well control operations have been successfully completed at the
Shoba 7 appraisal well. The gas zone has been isolated with cement
plugs and there is no further flow of gas or fluids to surface. No
oil was observed at surface throughout this incident. There have
been no injuries to personnel or damage to equipment other than the
drill string, which was cemented in the wellbore.
A Shoba 7 replacement well is being evaluated. The drilling rig
is currently mobilizing to the first 'salt flank' exploration well,
which is expected to begin drilling in September.
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 and status of well
control operations, the environmental impact of the Shoba 7
incident and future drilling plans. 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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