Condor Energies Updates Operations and Future Plans for Growth
Condor Energies Inc. Operational Progress and Future Initiatives
CALGARY, Alberta — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian-based energy transition company, is thrilled to share important updates regarding its ongoing efforts in Central Asia.
Production Update from Uzbekistan
During June, the Company reported an average production rate of 11,350 barrels of oil equivalent per day (boepd), showing a slight increase from the previous quarter's average of 11,179 boepd. However, the production output in the second quarter has faced some limitations due to unforeseen maintenance work at non-Company facilities. Additionally, efforts to gather crucial geological data have temporarily affected production at certain sites. The ongoing production currently stands at 10,332 boepd.
Upcoming Drilling Campaign
As part of its growth strategy, Condor plans to commence a multi-well drilling campaign in July. This initiative aims to explore various play types through a combination of vertical, horizontal, and the first-ever multi-lateral wells in Uzbekistan. The drilling will target not only the productive Jurassic Carbonates but will also reach deeper uncharted Jurassic Clastics to evaluate the potential for a fractured basement play type.
The first well drilled will also serve as a vertical exploratory well reaching basement rock, while the second well will be horizontally drilled with an impressive lateral of up to 1500 meters. With modern stimulation techniques in place, the completion of these wells is expected to significantly enhance production rates.
Enhancements to Production Infrastructure
To further optimize output, the Company has successfully installed four in-field flowline water separation systems. These systems efficiently manage produced fluids directly at the gathering network, thus reducing flowline pressure and enabling increased reservoir flow rates. A fifth in-field unit is anticipated to be operational by early July.
Advancements in Kazakhstan
In Kazakhstan, Condor has taken a significant step by securing its first modular LNG facility, capable of producing 48,000 gallons (80 MT) of liquefied natural gas (LNG) daily. The fabrication of this facility is progressing well, aiming for completion in the last quarter of 2025, with production expected to commence in the second quarter of 2026. Important agreements with LNG off-takers are expected to be finalized soon.
Overview of Condor Energies Inc.
Condor Energies Inc. stands out as a TSX-listed energy transition enterprise, strategically positioned to cater to both European and Asian markets. The Company focuses on several pioneering initiatives aimed at boosting energy security. These include increasing natural gas and condensate extraction from existing fields in Uzbekistan; establishing Central Asia’s first LNG facility; and pursuing critical mineral development from brines in Kazakhstan. Through these strategies, Condor aims to increase its reserves, production, and cash flow while minimizing its environmental impact.
Frequently Asked Questions
What is the average production rate for Condor in June?
Condor reported an average production rate of 11,350 boepd in June, slightly above the previous quarter's average.
What drilling initiatives is Condor planning?
Condor plans a multi-well drilling campaign targeting various play types, including vertical and horizontal wells in Uzbekistan.
How many LNG facilities has Condor secured?
Condor has secured its first modular LNG facility, with a production capacity of 48,000 gallons per day, set to be operational by the second quarter of 2026.
Where are Condor's primary operations located?
Condor's operations primarily focus on Uzbekistan and Kazakhstan, utilizing strategies to enhance energy production in these regions.
How does Condor prioritize environmental sustainability?
The Company strives to increase production while minimizing its environmental footprint through innovative and sustainable energy practices.
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