Condor Provides an Operations Update for Uzbekistan

Core Viewpoint - Condor Energies Inc. has reported significant operational updates regarding its activities in Uzbekistan, highlighting increased production rates and ongoing drilling efforts aimed at enhancing gas and condensate output [1][6]. Production and Performance - Average daily production rose by 5.6% to 10,534 barrels of oil equivalent per day (boepd) in Q4 2025 from 9,978 boepd in Q3 2025, and increased by 7.6% to 11,462 boepd in December 2025 compared to 10,654 boepd in November 2025, primarily due to successful well workover programs [2]. - Total daily production for 2025 averaged 10,484 boepd, slightly down from 10,511 boepd in 2024 [2]. Drilling Activities - The first horizontal well, known as the "First Well," features a 1007-meter lateral section, the longest ever drilled in Uzbekistan. Completion operations faced challenges accessing the entire lateral section due to equipment limitations [3]. - The First Well has been tied-in and is currently producing at a flow rate of 3.6 million standard cubic feet per day (MMscf/d) and 5.1 barrels per day of 46-degree API condensate [3]. - A second horizontal well, the "Second Well," has commenced drilling, targeting the shallower carbonate interval successfully tested in the First Well, with completion activities expected to begin in early February 2026 [4]. - A third drilling rig has started operations in an under-developed gas field, currently drilling to a planned total depth of 2400 meters, with preliminary test rates expected by mid-February 2026 [5]. Strategic Initiatives - The company is executing a two-rig multi-well drilling campaign and plans to complete up to 12 new wells in 2026, which could significantly boost production rates and cash flows [6]. - Condor is focused on increasing natural gas and condensate production from its existing fields in Uzbekistan and is also involved in constructing Central Asia's first LNG facility in Kazakhstan [7]. Financial and Operational Structure - The company recognizes 100% of production volumes and revenues related to its production enhancement contract project in Uzbekistan, allocating 49% of comprehensive income to non-controlling interest holders [8].