Condor Energies, a Canadian based, internationally focused energy transition company with active Central Asian operations is pleased to provide an operational update on its Uzbekistan project.
Condor has achieved another corporate milestone by reaching 15,283 boe/d average daily production over the past 72 hours due to the recently drilled Kumli-47 horizontal well ('K-47') starting production. The well initially flowed at a peak rate of 18.4 MMscf/d (or 3,067 boe/d), but was rate restricted to manage the high gas stream velocities. A single rate well test was conducted at a stabilized flowing rate of 14.8 MMscf/d (or 2467 boe/d) through a ¾” choke at a flowing tubing pressure of 1,385 psi for six hours. A preliminary condensate-gas ratio from the flow test is 10.7 barrels per MMscf. K-47 was drilled on the Kumli NW Pad 2 ('Pad 2') to a TD of 3,444 meters in 28 days and includes a lateral section of 1,118 meters that encountered the same dolomitized carbonate reservoir encountered in the neighboring K-46 well, which was also drilled on Pad 2. It took only 40 days from the start of drilling K-47 to commencing production.
The first drilling rig has moved to Kumli NW Pad 1 ('Pad 1') which is 2.3 km to the northeast of Pad 2 and will drill the K-42 vertical well to confirm the presence of the same dolomitized reservoir. Surface casing on K-42 has already been set at 511 meters, and the well is expected to reach TD in June. The Company plans to follow up K-42 by drilling up to four additional horizontal wells on Pad 1. A second drilling rig is being mobilized to Pad 1 to accelerate production growth and is expected to spud in June.
Don Streu, Condor’s President and CEO commented: 'With another horizontal well success at K-47, our 2026 year-to-date production has now increased by 41% despite a 20% natural decline rate of the legacy fields. The K-47 well result clearly demonstrates that this high-quality reservoir is capable of exceptional, repeatable production rates that can be quickly monetized to yield well payouts in under one year. Given the strong depth of our drilling inventory, we expect to continue to materially grow our 2026 gas production.
Earlier this month, supermajor BP announced that it had acquired a 40% interest in a production sharing agreement covering six exploration blocks in the northern part of Uzbekistan approximately 750 km north of Condor’s operations. BP’s entry into the country reflects the growing international recognition of Uzbekistan’s significant upstream oil and gas potential and reinforces Condor’s 'first mover' strategy.'
ABOUT CONDOR ENERGIES INC
Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover energy security initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG ‘lower carbon fuel’ diesel substitution facility in Kazakhstan; and a separate initiative to develop and produce critical minerals from brines in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.
The Company recognizes 100% of the production volumes, sales volumes, sales revenues, royalties and expenses related to the production enhancement contract project in Uzbekistan ('PEC Project') and then allocates 49% of the comprehensive income (loss) attributable to the non-controlling interest holder. This is consistent with the accounting and disclosure in the Company’s financial statements. Accordingly, the production volumes disclosed in this news release related to the PEC Project are 100% of the amounts attributable to the PEC Project, of which 51% are attributable to the Company.
Source: Condor Energies
