Condor Energies, a Canadian based, internationally focused energy transition company focused on Central Asia has announced the release of its unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2025, together with the related management’s discussion and analysis. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated.
HIGHLIGHTS
- Production in Uzbekistan for the third quarter of 2025 averaged 9,978 boe/d comprised of 9,778 boe/d (58,668 Mcf/d) of natural gas and 200 bopd of condensate.
- Uzbekistan natural gas and condensate sales for the third quarter of 2025 was $18.74 million.
- Drilling of Uzbekistan’s first horizontal well continues and the planned 1000-meter lateral section is currently underway with numerous mud gas shows being encountered.
- A field optimization study and engineering design for the first phase of field compression has been completed, and the procurement process has commenced. Installing compression will increase gas production rates and recoverable volumes by reducing well back pressure.
- On August 12, 2025, the Company executed a USD $5.0 million-dollar bridge loan facility (the “Bridge Loan”) for the First LNG Facility which is scheduled to produce Kazakhstan’s first LNG in the third quarter of 2026.
MESSAGE FROM CONDOR’S CEO
Don Streu, President and CEO of Condor commented: 'Condor is in an envious position given its diverse portfolio of energy-transition initiatives in Central Asia, a region that is drawing increased focus and foreign direct investment for its energy and critical minerals sectors. Our team has decades of experience operating in remote regions and has successfully introduced modern operating techniques and technologies, while maintaining a deep understanding of value realization in these environments.
The Company is currently drilling Uzbekistan’s longest horizontal well and is using Western tools and techniques never before deployed there. Our multi-well drilling campaign is intended to materially increase both gas production rates and associated cash flows, and Condor’s recently reprocessed 3-D seismic data set has generated an extensive inventory of undrilled structures, with numerous infill and undrained attic closure locations identified. Accordingly, we are actively pursuing a second drilling rig to accelerate our planned 12-well drilling program in 2026.
We continue to make strong progress in our efforts to deliver Central Asia’s first LNG production, and we are on track to commence production in the third quarter of 2026. The three LNG feedgas allocations awarded to Condor to-date total more than 625 million cubic meters of natural gas per year and the allocations are strategically located to supply LNG fuel to multiple consumers in various regions of the country. The Government of Kazakhstan supports Condor’s LNG initiative, since it will provide the country with greater energy security while assisting in achieving greenhouse gas reduction targets.
The Company is also conducting an aeromagnetic survey at one of our critical minerals licenses to help further define mineral deposits and structural trends which will allow us to better understand the potential for both copper and lithium development. There has been a dramatic increase in the number of mining licenses awarded in the areas adjacent to the Company’s license areas and active copper exploration activities are underway by major mining companies. Given the heavily faulted systems we’ve mapped in this geothermally active region, it appears that mineralized brines have migrated into the basin’s reservoirs, as is evident by the lithium concentrations on Condor’s blocks, as previously reported by the Ministry of Geology of the Republic of Kazakhstan.
Condor remains committed to advancing its diverse portfolio of assets for the benefit of our shareholders, stakeholders and host governments while continuing to position the Company as a leading energy transition developer in Central Asia'.
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Source: Condor Energies
