Condor Provides an Operations Update for Uzbekistan

Executive Summary

• Condor Energies reports a 5.6% rise in average daily production to 10,534 boepd for Q4‑2025 and a further increase to 11,462 boepd in December 2025 versus November 2025.
• The company is actively drilling three horizontal/vertical wells in Uzbekistan: the First Well (tied‑in, awaiting lateral access), the Second Well (lateral drilling to start this week with completion targeted for early Feb 2026), and the Third Well (vertical drill to 2,400 m, test rates expected by mid‑Feb 2026).
• Ongoing workover and booster compression programs are expected to materially boost 2026 production volumes and cash flow, supporting a plan to complete up to 12 new wells in 2026.

Key Details

• Production Trends – Q4‑2025 average daily production: 10,534 boepd (up 5.6% from Q3‑2025). December 2025: 11,462 boepd (up 7.6% MoM). Full‑year 2025 average: 10,484 boepd, slightly below 2024’s 10,511 boepd.
• First Well – 1,007 m lateral (longest ever in Uzbekistan); coil‑tubing acid stimulation limited by small diameter; shallower carbonate zone tested at 3.6 MMscf/d, 5.1 bbl/d condensate (46 °API), 2.7 bbl/d water; well tied‑in and producing while awaiting larger‑diameter coil‑tubing or drill‑string to access full lateral.
• Second Well – Spudded on same pad; intermediate casing set at 2,178 m; lateral drilling to begin later this week in the carbonate interval tested on First Well; completion & testing targeted for early Feb 2026.
• Third Well – Separate under‑developed gas field (southern license area); vertical drill to 2,150 m intermediate hole, total depth planned 2,400 m; reservoir penetration expected Jan 2026 with preliminary test rates by mid‑Feb 2026.
• Under‑Developed Field Production – Prior workover on a downdip well increased output from 1.1 MMscf/d to 7.5 MMscf/d (first 30 days) and averaged 5.5 MMscf/d over the past ten months, de‑risking an up‑dip structural closure targeted by Third Well.
• Future Development Plan – Pad‑style horizontal program envisages up to six horizontal wells across three reservoirs in the under‑developed field; a second pad location is being considered for additional reserves.
• Management Outlook – President & CEO Don Streu cites the multi‑rig campaign, upcoming booster compression, and workover activities as near‑term catalysts expected to “materially increase 2026 production rates and cash flows” and enable drilling of up to 12 new wells in 2026.

Notable Quotes

“Our two‑rig multi‑well drilling campaign, planned infield booster compression program, and ongoing workover operations provide numerous near‑term catalysts that could materially increase 2026 production rates and cash flows.” – Don Streu, President & CEO

All boilerplate, forward‑looking disclaimer, and “About the Company” sections have been omitted for clarity.