Condor Provides an Operational Update on Its First Horizontal Well in Uzbekistan

Core Viewpoint - Condor Energies Inc. has successfully completed the vertical drilling of its first well in Uzbekistan, marking a significant step in its energy transition efforts in Central Asia [1][2]. Drilling Progress - The vertical pilot of the First Well reached a total depth of 2805 meters, intersecting 28.5 meters of net gas pay in carbonate reservoirs and 9.1 meters in deeper clastic sections [2]. - A cement kick-off plug has been installed, and the well is being sidetracked to penetrate the targeted carbonate reservoir, with plans for a horizontal section that could exceed 1000 meters, potentially becoming the longest horizontal well drilled in Uzbekistan [3]. Production Estimates - The horizontal section of the First Well is expected to be completed and tested by November 2025, with an estimated initial production rate between 13 and 20 million standard cubic feet per day (MMscf/day) [3]. Future Drilling Plans - The company is engaging a contractor for a second drilling rig to drill at an under-developed gas field in southern Uzbekistan, which has recently seen increased production from a single well [4]. - Plans include drilling a vertical well to confirm mapping and collect data, followed by a horizontal development drilling program targeting three reservoirs with up to five horizontal wells planned for 2026 [4]. Management Commentary - The President and CEO of Condor expressed confidence in the team's ability to safely initiate the multi-well drilling campaign and enhance understanding of the hydrocarbon system, positioning the company for future success in gas asset development [5].