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Condor name change takes effect from today


Condor Petroleum to announced that its new corporate name, “Condor Energies Inc.”, takes effect as of today, June 23, 2022. 

Condor operations

Condor Energies, through its wholly-owned subsidiary Marsa Turkey BV (MTBV), has a 100% working interest in two adjoining production licenses located on the Gallipoli (Gelibolu) peninsula in NW Turkey, lying within the SW extension of the prolific  gas-producing Thrace Basin. The company has since proven the area it to be an emerging high-value, low-cost play with significant development and exploration upside. Key to the commercial metrics of the project is the 36” Inter Turkey-Greece-Italy pipeline which transects the Ortakoy license.  The Poyraz Ridge gas field has been tied into the ITGI export pipeline via a 16 km tie-in and is now on production as of December 2017.  Gas sales are marketed via a top tier mid-stream company.  The Poyraz Ridge facilities have been designed to handle up to 15MMscf/d.

Condor is establishing Kazakhstan’s first LNG facilities and will produce, distribute, and sell LNG to offset industrial diesel fuel usage.  Near term LNG applications include mine haul trucks, train locomotives, buses, road transport fleets and other heavy equipment.

Building a multimillion tonne per year ‘conventional’ LNG facility would be cost, time and financially unattractive due to the country’s vast size and lack of an established market. Instead, Condor will construct lower cost ‘modular’ LNG facilities which have a significantly smaller footprint to ‘localize’ LNG production and distribution. Modular facilities are more efficient and cost effective to service numerous industries spread over a large geographic region and can also be built much faster, taking only 12 to 18 months from design to first production.

The Company’s modular LNG solution is planned to be executed in three main Phases (with multiple sub-phases), taking advantage of scalability to address the diverse end-user market demands and physical locations. When all phases are complete, up to 600,000 tonnes of LNG could be produced annually, displacing 670,000 tonnes of diesel fuel and reducing CO2 emissions by over 250,000 tonnes annually.

KeyFacts Energy: Condor Petroleum Turkey country profile   l   Kazakhstan country profile

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