Condor Energies Announces Kumli Field Extension With K-42 Pilot Well
Condor Energies (CDR.TO) on Monday provided an update on drilling activities on its Uzbekistan gas development project.Kumli-42 (K-42), the vertical pilot well located on the second Kumli NW development pad, reached a total depth of 2,462 meters and confirms the 2.3 km northeast extension of the prolific reservoirs identified in previously drilled K-45 vertical well and the subsequent high-rate horizontal wells at K-46 and K-47, said the company."The continuity of these reservoirs across this portion of the Kumli NW structure demonstrates the repeatability of Condor's development program which reduces risk for future horizontal development drilling and validates Condor's geological models," stated the company.Open-hole wireline logs acquired in K-42 identified 26.5 meters of net carbonate reservoir across six separate intervals, said the company, and added that reservoir quality in the main pay zone replicated the dolomitization and average porosity of 15% encountered in the K-45 well on the first development pad.In addition, K-42 has a 22% thicker net pay interval in this zone, which is currently being produced by the K-46 and K-47 horizontal wells, it added.K-42 is expected to be tested later this month after the completion string is run and the drilling rig is moved to the K-43 horizontal well on the same pad, said the company, and added that the well is then expected to be tied into the pipeline system and start producing in early July 2026.A second rig has begun drilling the K-44 horizontal well on the same pad as K-42 and K-43 which marks the "first pad-drilling operation in Uzbekistan and is expected to provide a faster, lower-cost method" of tying in producing wells while also capturing drilling and operational synergies, added the company."The K-42 results are an important and positive milestone in continuing to materially increase our near-term production volumes and cash flow," said Don Streu, Condor's CEO.The company's shares were last seen down $0.09 at $2.71 on the Toronto Stock Exchange.Price: $2.71, Change: $-0.09, Percent Change: -3.21%