Condor Energies drills K-46 well to 3,150 m total depth

Executive Summary

• Condor Energies provided a material operational update on its Uzbekistan project, detailing the successful drilling of the Kumli-46 horizontal well, which encountered strong gas shows consistent with previous high-quality reservoir results.
• The company announced the internal promotion of Matt Pachell to Chief Operating Officer, tasked with overseeing operations, project execution, and technical functions to drive Central Asian growth strategies.
• K-46 is currently undergoing completion activities with pipeline tie-ins underway, while drilling operations advance to the next well, K-47, with multiple additional horizontal locations planned for both upper and lower reservoir intervals.

Key Details

• Kumli-46 Well Specifications: Reached total depth of 3,150 meters, including an 817-meter open-hole lateral section. It is the third horizontal well and fourth well in the multiwell campaign.
• Gas Shows & Reservoir Data: Recorded strong gas shows of over 25% in 141 meters of the lateral section, and shows of 50% or greater in more than 65 meters. Consistent with offsetting K-45 vertical well, which identified average porosities of 16% and streaks exceeding 20% in the dolomitized upper reservoir interval.
• K-45 Testing Results: Previously tested and flowed at 5.3 million standard cubic feet per day (Mscf/d) through a 1/2-inch choke for seven hours at a flowing tubing pressure of 1,053 psi.
• Completion & Sales Timeline: K-46 is being completed with an acid wash of the lateral section and a flow/buildup test. Testing expected to complete by mid-April 2026. Pipeline tie-in activities are underway for rapid transition to gas sales.
• Future Drilling Plans: Drilling rig moving to K-47 on the same pad, targeting the same upper reservoir interval in an opposing direction. Two additional upper reservoir horizontal locations planned from a second drilling pad to the northeast. Up to four additional horizontal wells planned targeting a lower reservoir identified by K-45.
• Management Appointment: Matt Pachell appointed as Chief Operating Officer, moving from Senior Vice-President of Asset Development and Exploration. He will oversee operations, project execution, and all technical functions to deliver Central Asian growth strategies.
• Accounting/Ownership Structure: Condor recognizes 100% of production volumes, sales, revenues, royalties, and expenses for the Uzbekistan PEC project, with 49% of comprehensive income/loss allocated to a non-controlling interest (meaning 51% is attributable to Condor).