Condor Energies' A-23 workovers increase production

Executive Summary

• Condor Energies Inc. reports that its first horizontal well in Uzbekistan, Andakli-23, has reached total depth (TD) in the Jurassic carbonate reservoir, marking a significant operational milestone.
• Two recent workovers in the adjacent North Syuzma field, targeting a newly discovered gas zone identified during the A-23 drilling, have increased average daily production to approximately 11,844 BOEPD, up from 9,978 BOEPD in Q3 2025.
• The company plans to flow test the Andakli-23 well in December and intends to drill up to 12 new wells in 2026, leveraging the successful geo-steering techniques and identifying new horizontal well opportunities in the Jurassic clastics.

Key Details

• Andakli-23 Well Status:
  • Reached Total Depth (TD) of 3,775 metres.
  • Includes 1,007 metres of open-hole horizontal section.
  • Completion string run with the drilling rig; initial flow back of gas and drilling fluids observed.
  • Service rig to be used for flow testing after drilling rig moves off.
  • Expected to be placed on production in December.
  • Next horizontal well planned at the same pad location, targeting a different carbonate reservoir with an up-to-1,500-metre lateral section.
• North Syuzma Workover Results (Zone XVIII-1):
  • North Syuzma-01:
    • Perforated 3.1 metres of discontinuous net sandstone reservoir (18% average porosity).
    • Multirate well test at four choke sizes (12.0 to 18.2 mm).
    • Flow rates: 7.6 to 11.4 MMscf/d.
    • Flowing tubing pressures: 934 to 1,643 psi.
    • Condensate production: 58 to 66 barrels of oil per day (bopd).
    • Water production: 4 to 58 barrels per day (bbl/d).
  • North Syuzma-12:
    • Perforated 2.1 metres of net gas pay across two porous intervals (17% average porosity).
    • Multirate well test at four choke sizes (8.0 to 12.0 mm).
    • Flow rates: 4.0 to 6.6 million standard cubic feet per day (MMscf/d).
    • Flowing tubing pressures: 1,351 to 1,735 psi.
    • Condensate production: 12 to 20 bopd.
    • Water production: 291 to 609 bbl/d (interpreted as load fluid recovery expected to decrease).
• Production Impact:
  • Average daily production increased to 11,844 BOEPD over the past three days.
  • Previous Q3 2025 average daily production was 9,978 BOEPD.
• Future Plans:
  • CEO Don Streu stated the company is focused on drilling up to 12 new wells in 2026.
  • Technical maturation of the Jurassic clastics play type will continue, with analogies drawn to Western Canadian plays (Cardium or Viking).

Notable Quotes

• "We are extremely proud of our operations and asset development teams to have successfully and safely delivered the longest ever drilled horizontal well in Uzbekistan while introducing several new technologies and techniques, including actively geo-steering the 1,007-metre horizontal section to maximize the amount of gas reservoir pay." — Don Streu, President and CEO
• "We are also very encouraged by the performance of the two North Syuzma workovers in the Jurassic clastics that were discovered by the A-23 pilot hole... Condor is pleased with these workover results and will continue technical maturation of this repeatable play type." — Don Streu, President and CEO