Condor Energies' Third Quarter Highlights
Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), an energy transition company centered on Central Asia, has revealed its latest unaudited interim financial statements. These cover operations for the last three and nine months leading up to the end of September 2025.
This latest report showcases impressive production averages and sales figures that underline the company's commitment to growth in the energy sector.
Production Performance in Uzbekistan
During the third quarter of 2025, Condor's production in Uzbekistan averaged a substantial 9,978 barrels of oil equivalent per day (boe/d), comprised primarily of natural gas, accounting for 9,778 boe/d or approximately 58,668 thousand cubic feet per day (Mcf/d), along with condensed oil contributing 200 barrels per day (bopd).
Sales from natural gas and condensate reached an impressive $18.74 million during the same period, highlighting the potential for revenue growth as production methods and techniques improve.
Development Initiatives
The drilling campaign has made considerable strides, particularly with Uzbekistan’s first horizontal well, which is currently undergoing a 1,000-meter lateral drilling phase. Notably, frequent mud gas shows indicate a productive environment. Furthermore, an optimization study and engineering design for field compression have been finalized, marking a key step in amplifying gas production capabilities.
As part of its ambitious plans, the Company recently executed a $5.0 million USD bridge loan for developing Kazakhstan’s inaugural LNG production facility, anticipated to launch in the third quarter of 2026.
Insights from the CEO
In a statement, Don Streu, the President and CEO, expressed great confidence in Condor’s diverse portfolio and growth prospects. He highlighted the unique opportunities within Central Asia's energy market, where the demand for sustainable energy solutions is increasing. The Company’s innovative drilling and operating techniques are set to enhance production rates significantly while adhering to environmental standards.
Streu indicated, "With our ongoing multi-well drilling campaign, we aim to boost our gas production substantially. We're deploying advanced Western technologies that promise to change the landscape of energy extraction in remote regions such as Uzbekistan."
The Road Ahead for LNG Production
Looking forward, the Company has secured three LNG feed gas allocations, which total more than 625 million cubic meters of natural gas annually. These allocations position Condor strategically to cater to the growing demand for LNG across various sectors in Kazakhstan.
With the government backing the LNG initiative, Condor is optimistic about enhancing the country’s energy security and contributing to the reduction of greenhouse gas emissions.
Critical Minerals Initiatives
Additionally, the Company is making progress in critical mineral exploration, with ongoing aeromagnetic surveys aimed at uncovering copper and lithium deposits. Recent activity in the surrounding regions further emphasizes the heightened interest from major mining companies in these minerals.
"Our intensive exploration efforts at the Sayakbay and Kolkuduk licenses clearly demonstrate our dedication to identifying and developing mineral resources, which are critical to supporting the energy transition," said Streu.
Financial Summary and Future Outlook
As of the end of September 2025, Condor has incurred costs totaling CAD $5.24 million for its LNG facility, with construction progressing steadily after acquiring essential equipment earlier this year. The projected costs to complete the facility stand at approximately USD $23.6 million (CAD $32.9 million), reflecting the comprehensive nature of the project.
Production Costs and Revenue
In analyzing the operating margins, the natural gas production reflected a netback of CAD $6,238, while condensate generated a netback of CAD $824. This serves to illustrate Condor's operational efficiency, even amidst broad market fluctuations.
The operating results clearly indicate the potential for further financial performance enhancements as production increases and operational efficiencies become more pronounced. Condor is steadfast in its mission to drive value for shareholders while investing in sustainable practices.
Frequently Asked Questions
What is the primary focus of Condor Energies?
Condor Energies focuses on energy transition initiatives, specifically aiming to develop sustainable energy solutions in Central Asia.
How did Condor's production figures trend in Q3 2025?
In Q3 2025, the production average was 9,978 boe/d, primarily driven by natural gas and condensate sales.
What are the future plans for the LNG facility?
Condor aims to commission its first LNG facility in Kazakhstan by the third quarter of 2026, which will cater to increasing demand and enhance energy security.
What types of minerals is Condor exploring?
The Company is currently exploring for critical minerals, focusing on copper and lithium deposits in specific licenses.
How does Condor address sustainability in its operations?
Condor integrates sustainable practices into its operations to reduce greenhouse gas emissions and enhance energy security within the regions it operates.
