Bloomberg News

Condor Petroleum Jumps Most Ever on Oil Discovery: Calgary Mover

February 05, 2013

Condor Petroleum Inc. (CPI), a Calgary- based oil and gas producer, soared the most since it became a public company after discovering oil in Kazakhstan.

Condor, which produces about 400 to 500 barrels of oil a day in the Central Asian country, surged as much as 43 percent to 60 Canadian cents in Toronto, the most intraday since April 12, 2011. The shares were up 36 percent to 57 cents at 10:54 a.m. today after rising 16 percent in the year through yesterday.

Don Streu, Condor’s chief executive officer, said the company has about three weeks of drilling to go before it can evaluate the size of the discovery at the Kiyaktysai well in the Zharkamys West 1 territory in Kazakhstan.

“After it warms up a bit we’ll bring it onto production, probably in the June time period we’ll go into 90-day test production,” Streu said in an interview from Calgary. “We started production last year. This is a larger discovery we’ll be able to build on and continue to grow.”

Condor, which has a market value of C$201 million, has been selling its product domestically, and plans to begin exporting to Europe, Russia and China next year, Streu said.

The company holds 100 percent exploration rights to the 2,610 square kilometer (1,008 square miles) Zharkamys territory in western Kazakhstan. Condor is focusing its operations in Europe, and has been selling its Canadian assets, Streu said.

To contact the reporter on this story: Eric Lam in Toronto at elam87@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net


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