Project Profile

Location: Zharkamys West 1 2610 sq km, in the oil rich North Caspian Basin
Area: 2,610 sq km
Production: 600 bpd (October 2016)
Start-up year: 2016


In 2007, Condor completed the acquisition of a 66% participation interest in Marsel, which subsequently acquired oil and natural gas exploration rights covering the Marsel Contract Territory in Kazakhstan. Condor’s interest in the 18,500 km2 Marsel Contract Territory is held through a wholly-owned Netherlands subsidiary. Since acquiring its interest in the Marsel Contract Territory, Condor has drilled two exploration wells, is processing data from its third seismic program, and has encorporated numerous Soviet-era well records into subsurface modelling efforts. In 2007, New Horizon acquired a 100% ownership in Falcon Oil & Gas, which holds the rights to explore for hydrocarbons pursuant to the terms of the Zharkamys West 1 Contract. The Zharkamys West 1 Contract permits Falcon to explore for oil and natural gas within a 2,610 km2 region of the pre-Caspian basin in western Kazakhstan. On August 16, 2010, Condor completed an amalgamation with New Horizon, pursuant to which it acquired 100% of New Horizon’s oil and natural gas exploration rights (held through Falcon) to the Zharkamys West 1 Contract Territory. Triassic play proven at Zharkamys, providing an excellent analog for the remainder of property Multiple geologic play-types .5 play-types have already identified from 650 m to 3,500 m Modern 3D dataset acquired to mitigate exploration risk.


Operator:

Condor Petroleum Inc.: Operator with 100% interest