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Condor commences commercial oil production at Taskuduk

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Oilfield Technology,

The production from Taskuduk compliments the Shoba commercial production which began in September. The combined flow rates from these 100% owned oilfields have exceeded an average of 600 bpd to date during October. The company has signed the first sales contract since commencing commercial production at the approximate wellhead price of US$29/bbl which, after deducting royalties, provides a netback of US$28/bbl.

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 planned and drilling continues in the main hole section. Drilling results for Poyraz 3 are expected in early November. Completion and testing operations will commence once the drilling rig moves off the shared pad.

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