Condor Announces 2025 Third Quarter Results

Executive Summary

• Condor released its unaudited interim condensed consolidated financial statements for Q3 and nine‑month periods ended September 30 2025, showing modest production growth in Uzbekistan and a strong operating netback increase for natural gas.
• The Company is actively drilling its first horizontal well in Uzbekistan (1000 m lateral underway) and plans up to 12 wells in 2026, supported by a field‑compression design expected to add >20 MMscf/d incremental production.
• A USD 5.0 million bridge loan was secured on August 12 2025 to fund the First LNG Facility in Kazakhstan, which is slated for commissioning in Q3 2026; total estimated remaining capex for the facility is USD 23.6 M (CAD 32.9 M).

Key Details

• Financial Highlights
• Production (Q3 2025) – 9,978 boe/d (9,778 boe/d gas, 200 bopd condensate).
• Sales for Q3 2025 – $18.74 M (Uzbekistan natural gas & condensate).
• Operating netback (natural gas) Q3 2025: $6.238 M vs $6.993 M FY‑24; per‑Mcf netback improved to $1.24 from $1.40.

• Condensate operating netback Q3 2025: $0.824 M vs $1.314 M FY‑24; per‑bbl netback $45.62 vs $60.40.

• Drilling Program – Uzbekistan

• First Well: pilot vertical hole 2,805 m completed; identified 37.6 m non‑contiguous net gas pay (28.5 m carbonate, 9.1 m clastic).
• Horizontal lateral section (~1,000 m) currently being drilled; numerous mud‑gas shows encountered. Expected tie‑in: December 2025.
• Second Well: planned 1,000 m open‑hole horizontal from same pad, targeting shallower carbonate zone; simplified casing design to reduce cost/time.

• Additional rig procurement underway to enable up to 12 wells in 2026 across the license area, including a vertical well on an under‑developed southern field that previously increased production from 1.1 MMscf/d to 7.5 MMscf/d after perforation.

• Field Compression

• Phase 1 engineering design completed; procurement started.

• Independent simulation predicts >20 MMscf/d incremental gas production once compression is installed (commissioning targeted Q4 2026).

• LNG Project – Kazakhstan (First LNG Facility, Saryozek Site)

• Initial capacity: 48,000 gal/day (≈80 MT/day) of LNG. Two additional identical modules planned.
• Equipment purchase completed May 2025; construction ≈90 % complete.
• Incurred costs to date: CAD 5.24 M (CAD 4.58 M PP&E, CAD 0.66 M gas allocation).
• Estimated remaining capex: USD 23.6 M (CAD 32.9 M) for equipment, feed‑gas hookup, power, storage and loading infrastructure.

• Bridge loan terms: $5.0 M unsecured, 9% annual interest, maturity earlier of March 30 2026 or ten business days after third‑party financing receipt; proceeds earmarked for capital expenditures & G&A related to the LNG facility.

• Critical Minerals Licenses (Kazakhstan)

• 100 % working interest in Sayakbay (37,300 ha) and Kolkuduk (6,800 ha) licenses – lithium & copper focus.
• Historical brine samples: Li up to 130 mg/L (Kolkuduk) and 67 mg/L (Sayakbay); column thicknesses of tested/un‑tested brine ≈1,000 m (Kolkuduk) and 670 m (Sayakbay).

• Development plan for Sayakbay: two drill/test wells to verify deliverability; estimated cost USD 6.7 M (CAD 9.1 M), drilling not expected before 2027.

• Production & Netback Summary – Uzbekistan

• Three‑month gas volume: 5,397,457 Mcf vs 5,394,729 Mcf FY‑24 (+0.05%).
• Nine‑month gas volume: 16,702,386 Mcf vs 12,794,678 Mcf FY‑24 (+31.5%).
• Condensate production down modestly Q3 2025 (−15.6% QoQ) but up YoY for nine‑month period (+46%).

Notable Quotes

“Condor is in an enviable position given its diverse portfolio of energy‑transition initiatives in Central Asia… We are on track to commence LNG production in the third quarter of 2026.” – Don Streu, President & CEO

All forward‑looking statements are qualified by risks and uncertainties detailed in the release.