CALGARY, Alberta, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company is pleased to provide an operational update for its eight gas field production enhancement project in Uzbekistan.
Production for the third quarter of 2024 averaged 10,010 boepd with corresponding sales of $19 million. During the third quarter, the Company started a multi-well workover program, and the initial results are exceeding expectations. Seven made-in-Canada artificial lift systems (“plunger lifts”) have been installed with the initial three wells adding a cumulative 330 boepd of incremental production. The corresponding gas flow rates are 100% to 300% higher than prior to the workovers based on 24 hour production tests of each well. The four other wells are currently being reactivated and expected to be producing shortly.
In addition to further plunger lift installations, the ongoing workover program will also perforate by-passed and new gas reservoir intervals that were recently identified from an ongoing logging program and detailed reviews of the existing well stock.
Given the initial workover program successes, the Company has contracted a second workover rig to begin activities by early November 2024. With over 100 wells in the eight fields, there is a large inventory of both producing and shut-in wells available for evaluation, recompletion and optimization opportunities to profitably grow production.
The Company is currently installing a made-in-Canada in-line flow separation system which separates water from the gas streams at the field gathering network rather than at the production facility. This will reduce pipeline flow pressures that can lead to higher reservoir flow rate. This technology has been successfully deployed in similar conditions in Western Canada and is expected to be operational by early November 2024. Additional systems are being manufactured for installation in the coming months.
Don Streu, President and CEO of Condor commented: "We are very excited that the initial workover program results are greatly exceeding expectations. Early operational learnings have reduced subsequent workover days and well reactivation times. As the second workover rig ramps up, we are confident production rates will materially increase as there will be a larger inventory of enhanced wells returning to production. We also anticipate the proven in-line flow separators will add incremental production during this quarter.
"In parallel with our production enhancement activities, we’ve implemented our safety culture through ongoing employee and contractor training which has resulted in zero lost time and environmental incidents since the start of the project."
ABOUT CONDOR ENERGIES INC
Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG facility in Kazakhstan; and a separate initiative to develop and produce lithium brine in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "appear", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "scheduled", "may", "will", "should", "could", "would", "in the process of" or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to install additional plunger lift systems; the timing and ability to reactivate four other wells; the timing and ability to perforate by-passed and new gas reservoir intervals that were recently identified; the timing and ability to contract a second workover rig to begin activities by early November 2024; the timing and ability to install and commission the inline flow separator by November 2024; the timing and ability of the inline separator to reduce pipeline flow pressures that can lead to higher reservoir flow rates; the timing and ability to manufacture additional separation units for installation in the coming months; the timing and ability to reduce subsequent workover days and well reactivation times; the timing and ability to materially increase production rates; and the timing and ability for the in-line flow separators to add incremental production during this quarter.
ABBREVIATIONS
| The following is a summary of abbreviations used in this news release: | |
| boepd | Barrels of oil equivalent per day |
| $ | Canadian dollars |
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.
