Condor Announces 2013 Second Quarter Results
14 August 2013 - 12:26AM
Marketwired
Condor Petroleum Inc. ("Condor" or the "Company") (TSX:CPI) is
pleased to announce the release of its unaudited Interim
Consolidated Financial Statements for the period ended June 30,
2013, together with the related Management's Discussion and
Analysis ("MD&A"). These documents will be made available under
Condor's profile on SEDAR at www.sedar.com and on the Condor
website at www.condorpetroleum.com. All financial amounts in this
news release are presented in Canadian dollars.
Q2 2013 highlights include:
Marsel territory
-- In April 2013, Condor's wholly owned subsidiary entered into a binding
agreement to sell its 66% participating interest in Marsel for US $88.0
million, subject to various waivers and consents from the Government of
Kazakhstan. In May 2013 the buyer provided a US $5.0 million loan to
fund ongoing Marsel exploration activities. In July 2013 the Company
received irrevocable bank guarantees totaling US $83.0 million, further
confirming the buyer's intent and ability to complete this transaction.
Zharkamys West 1 territory
-- Kazakhstan production increased to 374 bopd in the first half of 2013
compared to 94 bopd in the first half of 2012 due mainly to Shoba trial
production. As a result, Company revenues increased 323% to $2.6
million.
-- Completion operations on KN-E-201 have finished and the well is now
undergoing flow and pressure build up testing to determine
deliverability and reservoir properties.
-- KN-E-202 was drilled to a total depth of 1,955 meters and encountered
similar reservoir and pay intervals to KN-E-201. Approvals are being
sought for the completion and testing program.
-- Approval for a two year exploration period has been granted which
extends the exploration term until August 27, 2015.
About Condor Petroleum Inc.
Condor is a Canadian oil and gas company with assets in
Kazakhstan. Condor holds a 100% interest in the exploration rights
to the 2,610 square km Zharkamys Territory located in Kazakhstan's
Pre-Caspian basin, and 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 is listed on
the TSX under the symbol "CPI".
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,
the anticipated completion of the sale of the interests in Marsel,
the expected timing for closing of the transaction and the use of
the proceeds of the transaction, targets, goals, objectives and
plans together with the respective timing associated therewith.
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.
Such factors and assumptions include, among other things, risks
that the conditions to the transaction including the consents and
waivers of the Government of Kazakhstan and certain third parties
will not be satisfied, regulatory changes, the timing of regulatory
approvals and the ability to obtain sufficient financing on
reasonable terms. Condor's operations are also subject to certain
other risks and uncertainties including, the effects of weather and
climate conditions, fluctuation in interest rates and foreign
currency exchange rates, the availability of suppliers and their
ability to meet commitments, risks inherent with oil and gas
operations, both domestic and international. 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, 2012. The Company believes that the expectations
reflected in these forward-looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward-looking statements should not be unduly
relied upon. The Company does not undertake any obligation to
update or to revise any of the forward-looking information, except
as required by applicable law.
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 www.condorpetroleum.com
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