Condor Announces Successful New Poyraz Ridge Well Drilled in Turkey
08 Junho 2022 - 8:00AM
Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI), a
Canadian based energy developer with diverse initiatives in Central
Asia and Turkey, is pleased to announce the successful drilling of
the Poyraz-7 well at the Company’s 100% owned and operated Poyraz
Ridge gas field in Turkey.
Based on wireline logging data, the Poyraz-7
well intersected 45 meters of net gas pay in multiple sand packages
and the well is currently being completed and tied into the
company’s adjacent gas plant for processing and onward pipeline
sales. Gas production from Poyraz-7 is expected to commence later
this month, allowing the Company to benefit from strong Turkish gas
prices and generate near-term positive cashflows based on internal
production estimates (see Reserves Advisory). Turkish gas prices,
which are posted in Turkish Lira and converted in CAD at prevailing
exchange rates, have continued their strong escalation, more than
doubling year-to-date to CAD 23.91/Mscf as of June 1, 2022.
An additional Poyraz infill well location has
been matured and will be inventoried for a future date.
Reserves Advisory
This news release includes reserves information
pertaining to the internally generated estimates of Company
reserves for the Poyraz Ridge and Destan Fields, Turkey, based on
Forecast Prices and Costs, effective April 1, 2022, which was
prepared by a qualified reserves evaluators in accordance with NI
51-101.
Statements relating to reserves are deemed to be
forward looking statements, as they involve the implied assessment,
based on certain estimates and assumptions, that the reserves
described exist in the quantities predicted or estimated. The
reserve estimates described herein are estimates only. The actual
reserves may be greater or less than those calculated.
Estimates with respect to reserves that may be
developed and produced in the future are often based upon
volumetric calculations, probabilistic methods and analogy to
similar types of reserves, 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 reserves based upon production history will
result in variations, which may be material, in the estimated
reserves.
"Proved" reserves are those reserves that can be
estimated with a high degree of certainty to be
recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated Proved reserves.
"Probable" reserves are those additional
reserves that are less certain to be recovered than Proved
reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the
estimated Proved plus Probable reserves.
"Possible" reserves are those additional
reserves that are less certain to be recovered than Probable
reserves. There is a 10 percent probability that the quantities
actually recovered will equal or exceed the sum of Proved plus
Probable plus Possible reserves. It is unlikely that the actual
remaining quantities recovered will exceed the sum of the estimated
Proved plus Probable plus Possible reserves.
Forward-Looking Statements
Certain statements in this news release
constitute forward-looking statements under applicable securities
legislation. Such statements are generally identifiable by the
terminology used, such as “anticipate'', “appear”, “believe'',
“intend”, “expect”, “plan”, “estimate”, “budget'', “outlook'',
“scheduled”, “may”, “will”, “should”, “could”, “would”, “in the
process of” or other similar wording. Forward-looking information
in this news release includes, but is not limited to, information
concerning: the timing and ability to complete the Poyraz-7 well
and tie it into the gas plant; the timing and ability of the new
wells to become producing wells; the timing and ability to access
gas pipeline sales markets; historical production rates may not
represent future production rates; historical sales prices and
costs may not represent future sale prices and costs; the ability
to interpret wireline logging data; the timing and ability to
generate near-term positive cashflows; and treatment under
governmental regulatory regimes and tax laws.
By its very nature, such forward-looking
information requires Condor to make 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 risks and uncertainties
include, but are not limited to: regulatory changes; the timing of
regulatory approvals; the risk that actual minimum work programs
will exceed the initially estimated amounts; the results of
exploration and development drilling and related activities;
imprecision of reserves estimates and ultimate recovery of
reserves; historical production and testing rates may not be
indicative of future production rates, capabilities or ultimate
recovery; the historical composition and quality of oil and gas may
not be indicative of future composition and quality; general
economic, market and business conditions; industry capacity;
uncertainty related to marketing and transportation; competitive
action by other companies; fluctuations in oil and natural gas
prices; the effects of weather and climate conditions; fluctuation
in interest rates and foreign currency exchange rates; the ability
of suppliers to meet commitments; actions by governmental
authorities, including increases in taxes; decisions or approvals
of administrative tribunals and the possibility that government
policies or laws may change or government approvals may be delayed
or withheld; changes in environmental and other regulations; risks
associated with oil and gas operations, both domestic and
international; international political events; and other factors,
many of which are beyond the control of Condor. Capital
expenditures may be affected by cost pressures associated with new
capital projects, including labor and material supply, project
management, drilling rig rates and availability, and seismic
costs.
These risk factors are discussed in greater
detail in filings made by Condor with Canadian securities
regulatory authorities including the Company’s Annual Information
Form, which may be accessed through the SEDAR website
(www.sedar.com).
Readers are cautioned that the foregoing list of
important factors affecting forward-looking information is not
exhaustive. The forward-looking information contained in this news
release are 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.
Abbreviations
The following is a summary of abbreviations used in this news
release:
Mscf |
Thousand
standard cubic feet |
CAD |
Canadian dollars |
The TSX does not accept responsibility
for the adequacy or accuracy of this news release.
For further information, please contact Don
Streu, President and CEO or Sandy Quilty, Vice President of Finance
and CFO at 403-201-9694.
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