Condor Petroleum announces drilling results of Poyraz-3 in Turkey

CALGARY -- Condor Petroleum Inc. has announced drilling results of the Poyraz-3 development well in Turkey.

Based on wireline log interpretation, the Poyraz-3 well encountered a minimum 135 m of net gas pay in multiple stacked reservoirs of Miocene (Kirazli and Gazhanedere sandstone formations) and Eocene (Sogucak carbonate formation) age. No gas-water contact was encountered in the basal Gazhanedere reservoirs and the gas-water contact in the Sogucak was confirmed to be at the structural spill-point of Poyraz Ridge field. Don Streu, Condor’s president and CEO noted that “borehole imaging of the Sogucak carbonate in Poyraz-3 confirms the presence of an extensive network of fractures within the pay column, which should serve to enhance flow performance. Our drilling results continue to be very encouraging as only ‘gas down to’ volumes were previously used by the independent reserve auditor to calculate existing Proved reserves. The advanced wireline logging techniques we’ve used continue to provide higher resolution and improved characterization of the multiple reservoirs within the Poyraz Ridge field."

Production casing has been run and cemented on Poyraz-3 and completion and testing equipment will be mobilized once the drilling rig has moved. The next well to be drilled is Poyraz West-5, which is an appraisal well on a different drilling pad, and is designed to test the northwestern extension of Poyraz Ridge field. This region represents up to 30% of the mapped Poyraz Ridge trap closure area, but currently has no reserves attributed to it.