Condor Energies' A-23 workovers increase production

Mr. Don Streu reports CONDOR'S FIRST HORIZONTAL WELL IN UZBEKISTAN REACHES TD WHILE TWO NEW ZONE WORKOVERS IN AN ADJACENT FIELD INCREASE DAILY PRODUCTION TO APPROXIMATELY 12,000 BOEPD Condor Energies Inc.'s first horizontal well in the Andakli field in Uzbekistan, Andakli-23, has reached total depth in the Jurassic carbonate reservoir while two recent workovers from a newly discovered gas zone in the A-23 deeper Jurassic clastics interval have increased average daily production of gas and condensate to 11,844 barrels of oil equivalent per day over the past three days. Andakli-23 horizontal well has reached a TD of 3,775 metres, including 1,007 metres of an open-hole horizontal section. The completion string has been run with the drilling rig and an initial flow back of gas and drilling fluids has been observed at surface. Once the drilling rig has been moved off, a service rig will be used to flow test the well, which is then expected to be placed on production in December. Using the same pad location, the next horizontal well will be drilled that targets a different carbonate reservoir which is currently produced from vertical wells in the Andakli field. The target zone of the next well is deemed to be gas bearing based on wireline logs and gas shows encountered in the A-23 vertical pilot wellbore, and is currently planned to be drilled with an up-to-1,500-metre lateral section. During A-23 drilling operations, the vertical pilot hole was drilled through the deep Jurassic clastics to collect wire line log data and evaluate the prospectivity of this sand-shale sequence. In Zone XVIII-1, fair to good reservoir was noted with visual porosities estimated at 9 to 13 per cent. Based on this observation, Condor's technical team identified the same zone as bypassed pay in wells located in the company's neighbouring North Syuzma field. Recompletion operations were initially conducted on the North Syuzma-01 well by perforating 3.1 metres of discontinuous net sandstone reservoir characterized by 18-per-cent average porosity and resulted in a strong gas flow. A multirate well test was conducted at four choke sizes ranging from 12.0 to 18.2 millimetres, and the well was flowed for two hours at each choke size at stabilized conditions with flow rates of 7.6 to 11.4 MMscf/d and flowing tubing pressures of 934 to 1,643 pounds per square inch. In addition to the reported gas rates, the well flowed 55-degree API condensate at rates of 58 to 66 barrels of oil per day and water rates of four to 58 barrels per day. Based on this strong result, a second well, North Syuzma-12, was then perforated in the same zone which also resulted in a strong gas flow and pressure response. A total of 2.1 metres of net gas pay has been interpreted from wire line logs across two porous intervals with average porosities of 17 per cent. A multirate well test was conducted during the cleanup flow period at four choke sizes ranging from 8.0 to 12.0 mm, which were flowed at stabilized conditions for two hours each. Flow rates of 4.0 million to 6.6 million standard cubic feet per day at flowing tubing pressures of 1,351 to 1,735 psi were noted. The well was flowing condensate at rates of 12 to 20 bopd and water of rates of 291 to 609 bbl/d. These water rates are interpreted as load fluid recovery and are expected to decrease with continued well cleanup. Don Streu, Condor's president and chief executive officer, commented: "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. We are excited for the upcoming A-23 test program and remain focused on drilling up to 12 new wells in 2026. "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. Based on analogies to Western Canadian plays such as the Cardium or Viking, these thin, high-porosity zones can be semi-regional in extent and are best developed using horizontal wells. Condor is pleased with these workover results and will continue technical maturation of this repeatable play type. This highlights the significant opportunities available to us for increasing gas and condensate production as demonstrated by the recent growth to 11,844 boe/d over the past three days from the 9,978 boe/d average daily production for the third quarter of 2025." We seek Safe Harbor.