Condor’s Poyraz West 2 appraisal well in Turkey discovers gas reservoir

Canadian oil company Condor Petroleum has announced the drilling results of the Poyraz West 2 appraisal well that tested the south-west extension of the Poyraz Ridge field.

According to the wireline logs, the well encountered 142m of net pay, which includes the discovery of a 60m Pre-Sogucak reservoir.

The newly discovered reservoir is known to be stratigraphically older and deeper than the Gazhanedere and Sogucak intervals. Initial evaluation found that the reservoir comprises interbedded conglomerates and sandstones.

The company has completed production casing and it intends to complete the testing of the Poyraz West 2 appraisal well before the commencement of first gas production from the field.

Poyraz Ridge is scheduled to commence production from the middle of this year.

Condor Petroleum president and CEO Don Streu said: “We are extremely pleased that all four wells from this recent drilling campaign have encountered significant gas columns.

"The wells have expanded the gas charged reservoirs in the Poyraz Ridge structure by identifying new and deeper pay zones, which should positively impact reserves.

“The existing 3D seismic indicates that the pre-Sogucak reservoir is extending to the north-west, suggesting it is a new geologic play with lateral extent.”

The discovery also increases the prospects of similar looking structures within the licence area. The company also intends to drill Yakamoz 1 exploration prospect located 2km north of Poyraz Ridge this year.

Condor Petroleum has recently established a $10m credit facility, which should offer sufficient funding to implement the drilling projects and achieve first gas from Poyraz Ridge.

The credit is subject to multiple customary conditions that include execution of necessary security documents.

The company expects to receive the loan in this month.

Condor Petroleum is currently analysing and testing the Poyraz 3, while the completion rig is mobilised and deployed in Poyraz 5 and has already begun testing activities.

The company owns full interest in four contiguous operating licences that comprise an area of 171km² in the Gallipoli Peninsula, Turkey.