Condor Energies, a Canadian based energy transition company, has provided an operational update for its eight gas field production enhancement project in Uzbekistan.
Condor continues to make significant progress in Uzbekistan, achieving an average production of 11,354 boe/d in December 2024 month-to-date, despite production being restricted for one day due to downstream infrastructure maintenance at non-Company operated facilities. This represents a 13% increase compared to the average production of 10,010 boe/d in the third quarter of 2024. The Company is currently operating two workover rigs and a wireline unit and will import a third workover rig and second wireline unit with advanced evaluation tools from a North American based services provider in early 2025. The Company has recently placed orders for long lead time items such as tubulars and begun inspecting potential drilling rigs for the 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. Three additional separation units have been ordered for installation in the first quarter of 2025.
One of the workover rigs continues to perforate previously non-depleted and bypassed pay zones in thick Jurassic-aged carbonate platforms while the second rig is now targeting shallower Cretaceous-aged, stacked channel sands that have not previously been penetrated on Condor’s fields. A six-meter Cretaceous interval has been perforated with gas indications observed at surface. Once the completion string is run and the production tree is installed, the rig will be moved off location and the well will be tested. The second rig will be moved to a nearby Cretaceous well and target a separate channel sand.
Don Streu, President and CEO of Condor commented: 'In just under 10 months, we’ve reversed a twenty percent annual production decline rate and increased production volumes using various capital efficient proven Western technologies. We continue to be very pleased with the early results of our workover and facility enhancement programs, which were performed with no lost time incidents.
Our successful $19.4 MM equity raise that was recently completed will allow us to accelerate 2025 production growth plans by providing near term capital for additional workovers, new drills, artificial lift, in-field separation, 3D seismic reprocessing, and field compression. The equity raise also increased our institutional and retail shareholder base and bolstered our balance sheet as we pursue the substantial growth opportunities within the existing asset portfolio and in the neighboring area. Production guidance for 2025 will be disclosed shortly.'
Source: Condor Energies
