Condor Production in Uzbekistan Surpasses 12,000 boepd

Condor Energies Inc. (TSX: CDR), a Canadian-based energy transition company, has achieved a significant milestone in its production enhancement project in Uzbekistan. The company announced that its average production has surpassed 12,000 barrels of oil equivalent per day (boepd) over the past six days, marking a 5% increase from the previous five-day average. This remarkable feat comes just under 10 months after Condor began implementing various capital-efficient proven Western technologies to reverse a 20% annual production decline rate.

Condor's success in Uzbekistan can be attributed to several factors, including its technological expertise, capital efficiency, local knowledge, and access to capital. The company has been operating two workover rigs and a wireline unit, with plans to import a third workover rig and second wireline unit with advanced evaluation tools from a North American based services provider in early 2025. Additionally, Condor has placed orders for long lead time items such as tubulars and is inspecting potential drilling rigs for a multi-well vertical and horizontal drilling campaign to commence in the second quarter of 2025. The company's second in-field flowline water separator is enroute to Uzbekistan, with installation expected to begin later this month, and three additional separation units have been ordered for installation in the first quarter of 2025.

Condor's recent $19.4 million equity raise has bolstered its balance sheet and provided near-term capital for additional workovers, new drills, artificial lift, in-field separation, 3D seismic reprocessing, and field compression. This access to capital enables Condor to accelerate its production growth plans and pursue growth opportunities within its existing asset portfolio and in neighboring areas.

The company's production enhancement project in Uzbekistan has the potential to significantly impact the country's energy security and economic growth. Increased natural gas production can help meet Uzbekistan's domestic energy demand and reduce its reliance on imports, enhancing energy security. The project's success in reversing the production decline rate demonstrates the effectiveness of Condor's approach in maintaining and even increasing production from mature fields. Additionally, the project has created jobs and stimulated economic growth in Uzbekistan, contributing to the country's GDP and creating employment opportunities.

Condor's ongoing project to construct and operate Central Asia's first LNG facility in Kazakhstan can provide an additional revenue stream for Uzbekistan. By exporting LNG, Uzbekistan can tap into global energy markets and generate additional income, further boosting its economic growth.

In conclusion, Condor's production enhancement project in Uzbekistan has surpassed 12,000 boepd, marking a significant milestone in the company's commitment to increasing production and enhancing energy security in the region. The project's success can be attributed to Condor's technological expertise, capital efficiency, local knowledge, and access to capital. As the company continues to invest in its projects and pursue growth opportunities, it is poised to make a significant impact on Uzbekistan's energy security and economic growth.