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Condor announces a Zharkamys contract update

Gasoil News - Published on Mon, 16 Apr 2018

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Condor Petroleum Inc. provides an update on the extension of the Zharkamys exploration contract (“Zharkamys Contract”). As disclosed on March 1, 2018, the Company received a favorable Kazakhstan Civil Court (“Civil Court”) ruling related to the extension of the Zharkamys exploration contract (“Zharkamys Contract”). The ruling confirmed that a force majeure event had occurred, which under Kazakhstan subsurface use law, can be the basis for the Zharkamys Contract validity period to be extended for a period of 630 days.

The Ministry of Energy of the Government of Kazakhstan (“Ministry”) has appealed the Civil Court ruling and the case has been passed to the Kazakhstan Court of Appeal (“Court of Appeal”) for its review scheduled to commence on May 3, 2018.

The on-going court proceedings do not affect the Company’s production rights for the Shoba and Taskuduk oilfields which are each governed by separate production contracts.

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Posted By : Nanda Koijam on Mon, 16 Apr 2018
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