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Earnings Routine +

Condor Announces 2026 First Quarter Results

Condor Energies Secures Funding and Grows Output, Yet LNG Capex Looms as Key Capital Constraint

By The Northwire Desk — AI Analysis May 13, 2026 · 17:00 CDR · 2.76 CONDOR ENERGIES INC. J
Executive Summary
  • Q1 2026 Performance: Condor reported average production of 11,832 boe/d for Q1 2026, a 12.3% increase over Q4 2025 and $22.56 million in sales revenue (up 10.7%).
  • Financing Completion: The company closed a $29.9 million brokered bought deal at $2.60 per share on April 21, 2026, issuing 11.5 million shares and raising net proceeds of $27.6 million.
  • Operational Milestones: The K46 horizontal well was tied into the pipeline in April with a peak flow of 18.3 MMscf/d. Fabrication for the first LNG liquefaction facility is complete, scheduled to arrive in Kazakhstan in September 2026.
  • Asset Divestiture: An agreement was entered to sell the Turkish subsidiary for a gross overriding royalty (0-15% capped at $10M) and nominal cash ($18,000).
  • Future Drilling: A second drilling rig is contracted for early Q3 2026, with plans to drill up to 12 wells in 2026.
Material Impact
  • Financing Impact: The $29.9 million equity raise was previously announced and closed in April (NewsId 862409). While it secures capital for Uzbekistan development, the dilution is significant relative to Q1 revenue ($22.5M), increasing annualized debt/equity burden.
  • Production Consistency: The Q1 average production of 11,832 boe/d is lower than the April peak record of 14,000 boe/d reported earlier in the month (NewsId 457205). This indicates operational volatility rather than a sustained step-change in output.
  • LNG Project Status: The LNG facility fabrication completion is positive but remains a capital expenditure sink ($31.6M remaining) with no revenue generation until late Q4 2026.
  • Strategic Focus: Selling the Turkish assets for a royalty stream simplifies the portfolio and reduces operational overhead, aligning focus on Central Asia gas and critical minerals.
  • Overall Materiality: The news confirms previously announced financing and validates production growth trends but does not introduce new transformative variables (e.g., major M&A, strategic investor entry) that would fundamentally alter valuation beyond current expectations.
CDR · Price
Company Overview
  • Company: Condor Energies Inc. operates primarily in Uzbekistan (natural gas) and Kazakhstan (LNG, critical minerals).
  • Flagship Project: Uzbekistan Natural Gas Fields (Kumli and Andakli fields) utilizing horizontal drilling to increase production rates significantly over legacy vertical wells.
  • Secondary Projects: LNG Liquefaction Facility in Kazakhstan (Saryozek site) targeting 80 MT/day capacity; Critical Minerals licenses for Lithium/Copper in Kazakhstan.
  • Development Stage: Uzbekistan operations are in commercial production/expansion phase; LNG project is in construction/commissioning phase pending revenue generation.
Read the original news release →

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