Condor Petroleum Gains Interest In Kazakh Oil Terminal

To purchase 90% WI in oil storage & rail terminal in Kazakhsta, gaining 7,500 BO of oil storage capacity.

Condor Petroleum Inc., Calgary, (Toronto: CPI) plans to purchase a 90% interest in an existing oil storage and rail terminal in Kazakhstan from an undisclosed seller for an undisclosed price.

The oil terminal is 12 kilometers northwest of Condor's Zharkamys West 1 contract territory and includes 1,200 square meters (7,500 barrels) of oil storage capacity and is designed to load four rail cars simultaneously. The terminal has a rail spur which ties directly into the main rail line between Aktobe and Atyrau.

The terminal's existing access to the rail system should expand Condor's future oil marketing options.

The deal is subject to facility upgrades and relicensing of the terminal.