Condor begins commercial oil production at Shoba oil field

Canadian oil and gas company Condor Petroleum has commenced commercial production at the Shoba oil field in Kazakhstan.

The production is currently producing more than 500 barrels of oil per day, and the company anticipates that the oil sales will resume in the fourth quarter.

During the second quarter of this year, the company received $20.21 per barrel wellhead price for Shoba oil previously held in inventory.

Condor anticipates that the Taskuduk Production contract will be signed in the fourth quarter this year, which would result in an additional commercial production of oil at the company's wholly owned Taskuduk oilfield in Kazakhstan.

The Poyraz 5 well located in Turkey has already reached a depth of 1,878m, and the company is presently carrying out wire-line operations at the site.

Upon completion of the works, Poyraz 5 will be cased and suspended for future gas needs. The company also plans to drill another well in the Poyraz Ridge, set to begin by mid-October this year.

The Poyraz Ridge development continues to target first gas by next year and expects cash flow from a region with huge domestic gas demand and pricing.

Condor has 100% interest in the production rights to the Shoba oilfield, as well as the complete exploration rights to the 3,777km² Zharkamys West 1 Territory located in the Pre-Caspian basin in the Republic of Kazakhstan.