Condor Signs a Production Enhancement Contract for Eight (8) Producing Gas-Condensate Fields in the Republic of Uzbekistan
31 1월 2024 - 9:25PM
Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a
Canadian based energy transition company is pleased to announce
that it has entered into a production enhancement contract (the
“Project”) with the Uzbekistan government to increase the
production and overall recovery rates from an integrated cluster of
eight conventional natural gas-condensate fields in the country
(the “Fields”). The Project will increase the country’s domestic
supply of natural gas while also contributing to carbon emissions
reductions.
Condor, through a local subsidiary, will conduct
the production enhancement services under an agreement with the
national company, JSC “Uzbekneftegaz (“UNG”). Natural gas will be
sold to the authorized state entity responsible for the purchase
and sale of natural gas for use in the domestic market. Condor will
be responsible for all costs of the Project, and in exchange for
performing its services, the Company will receive a percentage of
net revenues realized from the Project.
The Fields consist of stacked carbonate and
clastic reservoirs that are geologically similar to those in the
Western Canadian Sedimentary Basin. The Fields are experiencing
high annual decline rates and low recovery factors which the
Company intends to mitigate while also reducing carbon emissions by
introducing proven modern technologies and operating techniques.
Production increases are planned by implementing artificial lift,
workover and infill drilling programs and investigating deeper
horizons in the Fields that are productive in other regions of the
country. Seismic reprocessing and a 3-D seismic program are also
planned to support these efforts.
The Company expects to commence operations in
the first quarter of 2024 after an environmental baseline audit and
technical inspections are completed. There are no local communities
or environmentally sensitive areas in proximity to the Fields.
Additional reservoir and production data will be collected in the
near term and a National Instrument 51-101 compliant reserves
report will be completed thereafter.
Don Streu, President and CEO of Condor
commented: “We are very excited about this investment opportunity
and are honored to be selected as UNG’s first Western strategic
operating partner to contribute to increasing Uzbekistan’s natural
gas production rates and recoverable reserves. Our plan will
introduce proven technologies, mature field optimization practices,
reduce carbon emissions, and take advantage of Condor’s
long-standing regional presence and experience. In addition to the
production fees paid to UNG, it will also benefit from being able
to deploy its capital and the Company’s proven technologies to its
core projects. The Uzbekistan government will benefit from
increased taxes and royalties derived from the increased gas
production and additional foreign investment. The local communities
will benefit from increased employment and skills-training.
In addition to other milestones recently
achieved in Kazakhstan, which include receiving a feed gas
allocation for our first LNG project and the award of our first
lithium brine project, our ‘first mover’ advantage in Uzbekistan
supports a strong foundation for continued growth, which could be
supplemented by other gas revitalization projects, LNG applications
and exploration opportunities”.
Readers are invited to review the Company’s
latest corporate presentation available on the Condor website at
“condorenergies.ca”.
ABOUT UZBEKISTAN
Uzbekistan is a resource-rich nation with the
world’s 17th largest natural gas production (higher than the United
Kingdom) and the world’s second largest gold production from a
single mine. The extensive reforms introduced by the government
have revitalized the economy and international investment in the
country has increased tenfold over the last six years. Although
sustainable energy is a top priority and renewable power production
(solar and wind) is rapidly growing, natural gas continues to be
the primary transition fuel source for power generation and
heating. Accordingly, the government has made it a priority to
increase production and maximize the recoveries from existing
fields.
ABOUT CONDOR ENERGIES INC
Condor Energies is a TSX-listed energy
transition developer focused on diverse initiatives in Central Asia
and Turkey. With producing gas assets, an ongoing project to
construct and operate Central Asia’s first LNG facility and a
separate project to develop and produce lithium brine, the Company
has 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 increase natural gas and
condensate production and reserves; the timing and ability to
access natural gas pipeline and condensate sales markets; the
timing and ability to complete the environmental baseline audit and
technical inspections; the timing and ability to commence
operations; the timing and ability to receive a percentage of net
revenues less costs and the amounts; the timing and ability to
mitigate high annual decline rates and low recovery factors and
reduce carbon emissions by introducing proven modern technologies,
mature field optimization practices and operating techniques; the
timing and ability to increase production by implementing
artificial lift, workover and infill drilling programs; the timing
and ability to investigate deeper horizons; the timing and ability
to conduct seismic reprocessing and 3-D acquisition programs; the
timing and ability to collect additional reservoir and production
data: the timing and ability to complete a National Instrument
51-101 compliant reserves report; the timing and ability to fund,
permit and complete the planned activities; the timing and ability
to take take advantage of the Company’s long-standing regional
presence and experience; the timing and ability for UNG, the
Uzbekistan government and local communities to benefit from the
Project; the timing and ability to realize growth; the timing and
ability to obtain other gas revitalization projects, LNG
applications and exploration opportunities; the timing and ability
to increase reserves, production and cashflow; and the timing and
ability to minimize the Company’s environmental footprint.
The TSX does not accept responsibility
for the adequacy or accuracy of this news release.
For further information, please contact Don
Streu, President and Chief Executive Officer or Sandy Quilty, Vice
President of Finance and Chief Financial Officer at
403-201-9694.
Abbreviations
LNG3-D |
liquified natural gasthree-dimensional |
Condor Energies (TSX:CDR)
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부터 4월(4) 2024 으로 5월(5) 2024
Condor Energies (TSX:CDR)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024