Condor Announces 2025 Third Quarter Results

Core Insights - Condor Energies Inc. is focused on energy transition initiatives in Central Asia, particularly in Uzbekistan and Kazakhstan, with plans for LNG production and critical minerals exploration [3][5][6] Financial Performance - For Q3 2025, production in Uzbekistan averaged 9,978 boe/d, consisting of 9,778 boe/d of natural gas and 200 bopd of condensate, with sales generating $18.74 million [7][9] - Total production for the nine months ended September 30, 2025, increased to 2,857,718 boe, up 675,427 boe from the previous year [27] Production and Drilling Activities - The company is drilling Uzbekistan's longest horizontal well and plans to accelerate its 12-well drilling program in 2026 by acquiring a second drilling rig [4][13] - A field optimization study has been completed, and the installation of field compression is expected to increase gas production rates significantly [14] LNG Initiatives - Condor is on track to commence LNG production in Q3 2026, with three feedgas allocations totaling over 625 million cubic meters per year [5][17] - The first LNG facility is expected to have an initial production capacity of 48,000 gallons per day, with plans for two additional expansion facilities [17][18] Critical Minerals Exploration - The company holds two critical minerals licenses in Kazakhstan, focusing on lithium and copper, with significant lithium concentrations reported in previous drilling [22][24] - Initial development plans for the Sayakbay license include drilling and testing to confirm lithium concentrations, with an estimated cost of USD $6.7 million [26] Operating Metrics - Operating netback for natural gas in Q3 2025 was $1.24 per Mcf, while for condensate it was $45.62 per barrel [29][30] - The company reported an increase in sales revenue for natural gas to $55.48 million for the nine months ended September 30, 2025, compared to $41.40 million in the previous year [29]