Condor Commences Drilling at Kazakh Well

- Condor Commences Drilling at Kazakh Well

Tuesday, June 07, 2011
Condor Petroleum Inc.

Condor announced that Kiyaktysay North-3 ("KN-3") drilling operations have commenced on the Zharkamys West 1 Territory in Kazakhstan. The KN-3 well location targets the same Triassic geologic play that resulted in the recent Shoba discoveries. The KN-3 has a planned total depth of 1000 meters and is located 17 km southeast of Shoba.

Condor has also initiated field acquisition of a 1,280 sq km 3D seismic program in the southeast portion of Zharkamys, designed to image shallow Triassic plays as well as deeper Sub-Canopy and Pre-Salt plays. It is planned to have this program completed in Q4 2011, at which point 90% of Zharkamys will have coverage with high resolution 3D seismic data.

Don Streu, Condor's President and CEO commented, "Condor is continuing with our strategy of using 3D seismic to both explore and appraise multiple play types on the Territory. Condor believes implementation of this approach is one means to mitigate exploration risk while providing data necessary to progress commercial development activities."

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Condor Appraisal Encounters Hydrocarbon Pay

- Condor Appraisal Encounters Hydrocarbon Pay

Tuesday, May 31, 2011
Condor Petroleum Inc.

Condor announced that its Shoba-3 appraisal well has reached a total depth of 943 meters and encountered a 48 meter continuous hydrocarbon column in the Triassic zone. Shoba-3 net pay is comprised of 18.4 meters of oil and 16 meters of gas in sandstone reservoirs. 46.5 meters of core was also recovered to assist with additional reservoir characterization. The Shoba-3 well is located on the 2,610 sq. km Zharkamys West 1 contract territory (the "Zharkamys Territory"), situated in Kazakhstan's Pre-Caspian basin.

The Shoba-3 well further appraised the Shoba structure, offsetting the successful Shoba-1 and Shoba-2 wells. Based on pressure and well log data, all three wells have a common gas-oil and oil-water contacts. Shoba-3 is expected to be completed once regulatory approvals are obtained.

The drilling rig used for the Shoba-3 well is now mobilizing to Kiyaktysay North-3, a separate structure approximately 17 km south east of the Shoba field.

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