Tuesday, February 5, 2013

Condor Petroleum Inc. - CPI.t

Condor Petroleum Inc. - CPI.t is a junior E&P company focused on developing assets in Kazakhstan.

On February 5, 2013 the company released News

"Condor Petroleum Inc. (“Condor” or the “Company”) (TSX:CPI) is pleased to announce an oil discovery on the Kiyaktysai KN-E-201 well at the Zharkamys West 1 Territory (“Zharkamys”) in Kazakhstan.

KN-E-201 encountered a 136 meter stacked sand – shale interval while drilling to an intermediate casing setting depth of 1,408 meters. Based on wireline logs, this interval has 58 meters of net hydrocarbon pay, consisting of a continuous 41 meter light oil column and a separate 17 meter gas column. An oil-water contact has not been penetrated.

Prior to drilling ahead to a total depth of 2,000 meters, the intermediate casing string is being set to isolate the upper 58 meter pay intervals from a higher pressured oil zone encountered at 1,400 meters."