Condor Energies: Pioneering Central Asia's Energy Transition with Drilling and LNG Catalysts

Central Asia is emerging as a critical hub for the global energy transition, and Condor Energies Inc. (CDE.V) is positioning itself at the forefront of this transformation. With a dual focus on unlocking hydrocarbon value in Uzbekistan and pioneering clean energy solutions in Kazakhstan, the company is leveraging a series of near-term catalysts to drive production growth, reduce carbon footprints, and create a compelling investment thesis for resource-backed energy transition plays.

Uzbekistan: Drilling and Compression as Production Powerhouses

Condor's Uzbekistan operations are set to deliver a material production uplift in 2025 and beyond. The company is preparing a multi-well drilling campaign in the PEC Project, with the first vertical well targeting deeper Jurassic Clastics and fractured basement rock formations. This well, expected to begin in early September 2025, will provide critical data to optimize subsequent horizontal drilling. Two horizontal wells, utilizing Western MWD and LWD technologies, are slated for Q4 2025, with each projected to produce 13–20 MMscf/day—a significant jump from the current average of 10,258 boe/d.

The drilling program is supported by 1,462 km² of reprocessed 3D seismic data, which has identified eight potential gas targets. Condor's use of surgical geo-steering and acid stimulation techniques represents a novel application in Uzbekistan, offering a competitive edge in reservoir optimization.

Simultaneously, field compression projects are advancing to address pipeline pressure constraints. These systems, expected to be operational by 2026, could boost production by 25–55%, directly enhancing cash flow. The company has already deployed four in-field flowline water separation units, reducing backpressure and enabling higher reservoir flow rates.

Kazakhstan: LNG as a Clean Energy Catalyst

In Kazakhstan, Condor is constructing Central Asia's first modular LNG facility at the Saryozek site, a cornerstone of its energy transition strategy. The First LNG Facility, acquired in May 2025, is on track to produce 48,000 gallons (80 MT) of LNG per day by Q2 2026. This facility will supply a 1.5 million liters of diesel-equivalent fuel daily, displacing fossil fuels and reducing CO2 emissions by 390,000 metric tons annually—equivalent to removing 85,000 cars from the road.

The project is supported by a $5.0 million bridge loan from a major shareholder, Eurasia Resource Value SE. This unsecured loan, bearing 9% annual interest, funds long-lead equipment procurement and ensures the project stays on schedule until third-party financing is secured. The bridge loan's terms—no covenants and deferred repayment until early 2026—provide flexibility while minimizing near-term financial risk.

The LNG facility is strategically aligned with the Transcaspian International Transport Route (TITR), the shortest and most geopolitically secure corridor between Asia and Europe. With Kazakhstan investing heavily in rail and road infrastructure, Condor's LNG will fuel rail locomotives, long-haul trucks, and mining equipment, creating a scalable, replicable model. Two additional modular LNG facilities are planned to fully utilize the third gas allocation, further expanding margins.

Critical Minerals and Synergies: Diversifying the Value Proposition

Beyond hydrocarbons, Condor is exploring lithium and copper in its Sayakbay and Kolkuduk licenses in Kazakhstan. Historical drilling identified lithium brine concentrations of 67–130 mg/L, with initial development costs estimated at $6.7 million. While drilling is slated for 2027, this initiative diversifies revenue streams and aligns with the global shift toward electrification.

The synergy between drilling, LNG, and critical minerals creates a multi-layered value proposition. Uzbekistan's production growth funds LNG development, while critical minerals exploration positions Condor to capitalize on the energy transition's next phase.

Investment Rationale: Near-Term Catalysts and Resource-Backed Growth

Condor's strategy is underpinned by concrete, time-bound milestones:
1. Q3 2025: Start of Uzbekistan drilling program.
2. Q4 2025: Completion of horizontal wells and production data.
3. 2026: Field compression and LNG production ramp-up.
4. 2027: Critical minerals drilling and potential lithium extraction.

The $5.0M bridge loan ensures the LNG facility's timely completion, while the company's $2.9M in LNG development costs to date and $33.3M CAD remaining highlight disciplined capital allocation. With a 100% working interest in Uzbekistan assets and a robust balance sheet, Condor is well-positioned to execute its plan.

Conclusion: A High-Impact Entry Point

For investors seeking resource-backed energy transition plays, Condor Energies offers a rare combination of near-term production growth, clean energy innovation, and diversified resource potential. The company's strategic alignment with Central Asia's energy infrastructure expansion, coupled with its technical expertise and financial discipline, makes it a compelling candidate for those looking to capitalize on the region's transformation.

With $5.0M in bridge financing, a $33.3M LNG project timeline, and a $6.7M lithium exploration budget, Condor is not just adapting to the energy transition—it's leading it. The time to act is now, as the company's catalysts align with a global shift toward cleaner, more sustainable energy solutions.