Condor Energies Achieves Remarkable Production Milestones

Condor Energies Delivering Impressive Production Results

CALGARY, Alberta — Condor Energies Inc. (TSX: CDR), a prominent Canadian energy transition company, is excited to share recent developments regarding its gas field production enhancement projects in Uzbekistan. This operational update reveals meaningful advancements that have surpassed expectations.

Successful Workover Results

Recently completed workovers on two wells have yielded a significant boost in production, achieving a combined total of 441 barrels of oil equivalent per day (boepd). This increase follows the successful access of 20 meters of previously unperforated reservoir pay. Notably, the first well, which had been non-productive before the workover, is now flowing 410 boepd based on a rigorous 24-hour production test. The second well is in the recovery stage but has already reached an impressive incremental flow rate of 31 boepd, exhibiting a 65% increase as per the same testing standard.

Ongoing Drilling Initiatives

Looking forward, a second rig scheduled for deployment has commenced workover activities aimed at accessing up to 25 meters of previously untouched reservoir. With a robust inventory of over 100 wells scattered across its eight fields, Condor sees ample opportunities for evaluation, recompletion, and optimization, all aimed at sustainably enhancing production levels.

Expansive Geological Potential

The comprehensive geological assessments conducted, along with the promising workover results, indicate that there is substantial untapped hydrocarbon potential within the carbonate formations of Condor’s extensive 279 square kilometer license area. These geological platforms feature thick reservoir sections interlaced with extensive evaporite layers, presenting ideal conditions for hydrocarbon trapping. This geological environment draws parallels with carbonate formations in the Western Canada Sedimentary Basin (WCSB), like the Charlie Lake and Midale formations, known for their profitable production.

Leveraging Canadian Expertise

Unleashing the potential of horizontal and multi-lateral drilling techniques, which have proven successful in Canada, remains a key focus for Condor. These methods are anticipated to enhance deliverability and optimize recovery from the Caribbean-like carbonate reservoirs present in their operational area.

Leadership Insights

Condor’s President and CEO, Don Streu, expressed satisfaction with the promising early results of their workover strategy and the deployment of a second service rig. He noted, "The replicable successes observed in world-class developments within the WCSB underlines the potential of carbonate reservoirs to achieve impressive production rates and recovery metrics. The geological attributes in Central Asia, comprising thick reservoirs combined with evaporitic formations, share notable similarities with Canadian formations that have experienced sustained, economical production for decades. Our focus on advanced drilling techniques could substantially enhance recovery and delivery from our Jurassic carbonate formations, aligning with the successful outcomes seen in Canada."

About Condor Energies Inc.

Condor Energies Inc. operates as a TSX-listed energy transition company with a strategic advantage due to its geographical positioning close to European and Asian markets. The company engages in three pioneering initiatives: boosting natural gas and condensate production from its current fields in Uzbekistan, constructing Central Asia’s inaugural LNG facility in Kazakhstan, and developing lithium brine production initiatives in Kazakhstan. Condor is committed to building a solid foundation for reserves and production growth while being mindful of its environmental footprint.

Frequently Asked Questions

What were the results of the recent workovers conducted by Condor?

The recent workovers resulted in a combined production increase of 441 boepd from two wells, with one well flowing 410 boepd and the other recovering at 31 boepd.

What is the geological potential of Condor’s license area?

Condor’s 279 square kilometer license area contains significant untapped hydrocarbon potential, with geological formations similar to those found in Canada’s Western Canada Sedimentary Basin.

How many wells does Condor have available for workover and optimization?

Condor has over 100 wells ready for evaluation, recompletion, and optimization opportunities across its eight fields.

What strategies is Condor employing to enhance their production?

Condor is focusing on advanced horizontal and multi-lateral drilling techniques, which have been successful in Canada, to improve recoverability and production rates.

What are Condor's future projects?

Future projects include increasing natural gas and condensate production in Uzbekistan, developing an LNG facility in Kazakhstan, and lithium brine production initiatives.

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