Condor Petroleum begins commercial oil production at Taskuduk field in Kazakhstan

Condor Petroleum has announced that commercial oil production has begun at the Taskuduk oilfield in Kazakhstan.

The production from Taskuduk field compliments the Shoba commercial production that began last month.

To date, the combined flow rates from these oilfields have grown at an average of 600 barrels per day during October.

Condor Petroleum has signed the first sales contract since starting commercial production at the approximate wellhead price of $29 per barrel. This price, after deducting royalties, provides a netback of $28 per barrel.

In Turkey, the drilling rig has completed the intra-field move from the recently drilled Poyraz 5 well across the shared drilling pad and the Poyraz 3 well has been spud.

Surface casing was set as intended and drilling continues in the main hole section, while the drilling results for Poyraz 3 are expected in early next month.

Completion and testing operations will commence once the drilling rig moves off the shared pad.

Condor is a Canadian-based oil and gas company with 100% working interest in four contiguous production licenses covering 171km² located in the Gallipoli Peninsula within the Republic of Turkey, along with 100% interest in the production rights to the Shoba and Taskuduk oilfields and 100% interest in the exploration rights to the 3,777km Zharkamys West 1 Territory located in the Pre-Caspian basin within the Republic of Kazakhstan.