Condor Announces 2025 Second Quarter Results and USD $5.0 Million Bridge Loan

Core Insights - Condor Energies Inc. is focused on energy transition initiatives in Central Asia, with significant developments in Uzbekistan and Kazakhstan [1][3][5] Group 1: Financial Performance - The company released its unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2025 [1] - In Uzbekistan, natural gas and condensate sales for Q2 2025 amounted to CAD $19.29 million [7] - As of June 30, 2025, the company incurred CAD $2.9 million in costs for the First LNG Facility, with an estimated additional cost of USD $24.4 million (CAD $33.3 million) to complete construction [17] Group 2: Production and Operations - Average production in Uzbekistan for Q2 2025 was 10,258 boe/d, consisting of 10,004 boe/d of natural gas and 254 bopd of condensate, showing a 2.0% increase compared to Q2 2024 [26] - The company operates under a production enhancement services contract with JSC Uzbekneftegaz to enhance production from eight natural gas-condensate fields [7] - A multi-well drilling program is set to commence in early September 2025, with the first well expected to produce between 13 and 20 MMscf/day [3][10] Group 3: LNG Initiatives - Condor is constructing Kazakhstan's first LNG facility, with production expected to start in Q2 2026 [5][15] - The company secured three LNG feed gas allocations in Kazakhstan, which will support the operation of multiple LNG facilities [6][18] - A USD $5.0 million bridge loan was executed to fund long lead equipment for the First LNG Facility, demonstrating shareholder commitment [20] Group 4: Critical Minerals Exploration - The company holds two critical minerals mining licenses in Kazakhstan, focusing on lithium and copper exploration [21] - 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 [22] - The initial development plan for Sayakbay includes drilling two wells to verify lithium deliverability rates, with an estimated cost of USD $6.7 million (CAD $9.1 million) [25]