Condor Energies drills first well in Uzbekistan

Mr. Don Streu reports CONDOR PROVIDES AN OPERATIONAL UPDATE ON ITS FIRST HORIZONTAL WELL IN UZBEKISTAN Condor Energies Inc. has finished drilling the vertical portion of its first well in Uzbekistan to a total depth of 2,805 metres. The initial portion of the first well was drilled as a vertical pilot to penetrate and evaluate currently producing carbonate reservoir sections, as well as deeper, underexploited stacked clastic reservoir sections. Based on petrophysical analysis of wireline log data, 28.5 metres of non-contiguous net gas pay was intersected in the carbonate reservoirs and 9.1 metres of non-contiguous net gas pay was intersected in the deeper clastics sections. In addition to extensive wireline logs collected to characterize the reservoirs, full-diameter core was obtained from the reservoir targeted for the upcoming 1,000-metre horizontal wellbore. A cement kickoff plug has been positioned beneath the existing intermediate casing string and the first well is being sidetracked to approximately 90 degrees to penetrate the targeted carbonate reservoir. The horizontal section will be geosteered within the reservoir toward the crest of the structure using LWD technology. If drilling conditions allow, the first well's horizontal section could be extended beyond the planned 1,000 metres, which will already be the longest horizontal section ever drilled in Uzbekistan. The horizontal portion of the first well is expected to be completed and tested in November, 2025, and, as previously disclosed, could achieve an internally estimated initial production rate between 13 million and 20 million square cubic feet per day. The company is engaging a contractor to provide a second drilling rig to concurrently drill at an underdeveloped gas field located in the southern region of the company's licences in Uzbekistan. This field is currently producing from a single downdip gas well, where Condor recently perforated an eight-metre-thick carbonate interval, which increased the well's average daily production from 1.1 million square cubic feet per day to 7.5 million square cubic feet per day for the first 30 days and has produced an average of 6.2 million square cubic feet per day for the past five months. This recompletion has also derisked the large undeveloped, updip structural closure that was identified on the company's recently reprocessed and interpreted 3-D seismic data. With the second drilling rig, Condor plans to drill a vertical well through the top of the structure to confirm current mapping, collect modern wireline and core data, and provide test rates. This will be followed by a pad-style horizontal development drilling program targeting three reservoirs with up to five horizontal wells drilled in 2026 to further accelerate production. Don Streu, Condor's president and chief executive officer, commented: "Our team has done a great job in successfully and safely initiating Condor's multiwell drilling campaign and collecting much needed data from the pilot section to confirm gas pay across a significant underdeveloped area. Our understanding of the hydrocarbon system, the proven carbonate reservoirs and the less understood clastic reservoirs is now greatly enhanced and positions Condor for future success in the development and growth of our gas assets. We are excited to be drilling Uzbekistan's first 1,000-metre horizontal well and look forward to the step change this will bring Condor and Uzbekistan." We seek Safe Harbor.