Condor Petroleum Inc. announces that its wholly owned subsidiary, Falcon Oil & Gas Ltd has received the CA$5.1 million initial deposit (US$3.8 million at the current exchange rate of 1.33) as part of the overall CA$32.7 million total proceeds Falcon is to receive for the sale of its 100% interests in the Shoba and Taskuduk production contracts and associated field equipment. As per the binding sales agreement, the remainder of the Total Proceeds is due upon closing the transaction, which is expected in the first quarter of 2020.

The transaction requires various consents from the Government of Kazakhstan and is subject to the satisfaction of certain commercial conditions that are customary for a transaction of this nature. The Company intends to use the Total Proceeds to: pursue larger value growth opportunities within the region; pay down amounts owing under its existing credit facility; conduct additional activities to increase natural gas production in Turkey; and resume Kazakhstan exploration activities once the 630 day exploration extension is formalized for the Zharkamys Contract.

Link to Condor Petroleum Kazakhstan country profile