Condor Energies' December production at 11,462 boepd

Executive Summary

• Condor Energies Inc. reported a 5.6% increase in average daily production to 10,534 boepd for Q4 2025, driven by successful well workover programs.
• The company is addressing technical challenges with its first horizontal well in Uzbekistan, which features the longest lateral section ever drilled in the country, while simultaneously advancing drilling on two additional wells.
• Management anticipates near-term catalysts for 2026, including a multi-well drilling campaign and infield booster compression, aiming to complete up to 12 new wells and materially increase production rates and cash flows.

Key Details

• Production Metrics:
  • Q4 2025 average daily production: 10,534 boepd (up 5.6% from 9,978 boepd in Q3 2025).
  • December 2025 production: 11,462 boepd (up 7.6% from 10,654 boepd in November 2025).
  • Full year 2025 average: 10,484 boepd (compared to 10,511 boepd in 2024).
• First Horizontal Well Status:
  • Features a 1,007-metre lateral section, the longest ever drilled in Uzbekistan.
  • Coil tubing deployment failed to access the entire lateral section due to diameter limitations and risk of buckling; alternatives (larger-diameter coil tubing or small-diameter drill string) are being sourced.
  • A shallower carbonate zone in the pilot wellbore was successfully completed and tested.
  • Test results (6-hour flow period): 3.6 million cubic feet per day (mcf/d) of gas, 5.1 barrels per day (bpd) of 46-degree-API condensate, and 2.7 bpd of water.
  • Flow conditions: 9.5-millimetre choke, 1,120 psi flowing tubing pressure.
  • Well is tied in and producing while awaiting equipment to access the lateral section.
• Second Horizontal Well:
  • Spudded on the same pad as the first well.
  • Intermediate casing set at 2,178 metres.
  • Lateral section drilling expected to commence later in the week of the release.
  • Targeting the shallower carbonate interval successfully tested on the first well.
  • Completion and testing activities targeted for early February 2026.
• Third Well (Vertical/Underdeveloped Gas Field):
  • Located in the southern region of the company's licenses.
  • Currently drilling intermediate hole section to 2,150 metres.
  • Expected to penetrate targeted reservoirs in January 2026.
  • Planned total depth: 2,400 metres.
  • Objectives: Confirm mapping, collect wireline data and core samples, and provide preliminary test rates (expected mid-February 2026).
  • Followed by a pad-style horizontal development program targeting three reservoirs with up to six horizontal wells.
• Workover Success in Underdeveloped Field:
  • A single down-dip gas well was perforated in an eight-metre-thick carbonate interval.
  • Production increased from 1.1 mcf/d to 7.5 mcf/d for the first 30 days.
  • Averaged 5.5 mcf/d over the past 10 months.
  • This workover derisked the large, undeveloped, up-dip structural closure targeted by the third well.
  • A second pad location is envisioned to develop this structure, potentially representing material reserves.
• Strategic Outlook:
  • CEO Don Streu highlighted a two-rig multiwell drilling campaign and planned infield booster compression as near-term catalysts.
  • Goal is to complete up to 12 new wells in 2026.
  • Expectations for materially increased 2026 production rates and cash flows.

Notable Quotes

• "Our two-rig multiwell 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. The multiple learnings gained and equipment challenges overcome during the first well have been applied and are yielding shorter cycle times on the second and third wells, which will assist in completing up to 12 new wells this year. We look forward to providing numerous market updates given the various impactful activities of 2026." — Don Streu, President and CEO