Condor Announces 2025 First Quarter Results and Purchase of Its First LNG Facility

Core Viewpoint - Condor Energies Inc. is making significant progress in its energy initiatives across Central Asia, particularly in Uzbekistan and Kazakhstan, with a focus on increasing natural gas production and developing LNG facilities [3][4][5][6]. Financial Performance - The unaudited interim financial statements for Q1 2025 show a 6% increase in production in Uzbekistan, averaging 11,179 boe/d, compared to 10,511 boe/d in Q4 2024 [7][8]. - Revenue from natural gas and condensate sales in Uzbekistan for Q1 2025 reached $22.26 million, a 6% increase from $20.93 million in Q4 2024 [7]. Production in Uzbekistan - The company operates under a production enhancement services contract with JSC Uzbekneftegaz, focusing on eight conventional natural gas-condensate fields [7]. - The average production for Q1 2025 included 10,819 boe/d of natural gas and 360 bopd of condensate, with a notable increase in condensate production by 36.4% [7][22]. - A multi-well drilling campaign is planned to commence in Q3 2025 to further increase production rates [10]. LNG Development in Kazakhstan - Condor has purchased its first modular LNG facility, capable of producing 48,000 gallons (80 MT) of LNG per day, with production expected to start in Q2 2026 [5][13]. - The company has secured three LNG feed gas allocations, which will support the operation of multiple LNG facilities [5][14]. - Additional modular LNG facilities are planned to be constructed, with the first Alga site expected to produce 100,000 gallons (168 MT) of LNG per day by Q2 2027 [15]. Critical Minerals Licenses - Condor holds two critical minerals licenses in Kazakhstan, granting subsurface exploration rights for lithium and copper [6][18]. - Historical tests in the Kolkuduk license indicated lithium concentrations of up to 130 mg/L, while the Sayakbay license showed concentrations of 67 mg/L [19]. - The initial development plan for Sayakbay includes drilling and testing to verify lithium concentrations and deliverability rates [21].