CALGARY, February 25, 2025 – Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company is pleased to announce daily gas and condensate production has averaged 12,004 boepd during the past six days on the production enhancement project it operates in Uzbekistan. This represents a 5% increase from the previous five day average of 11,455 boepd that was disclosed on February 19, 2025.
Workover operations continue that are focused on Carbonate formation intervals where material production gains have been realized. At least five additional well candidates have been identified with similar geologic characteristics using a combination of legacy data and reprocessed 3-D seismic data. Over the coming weeks, these wells will be evaluated to identify potential pay intervals and perforated accordingly. The Company is currently operating two workover rigs and a wireline unit. A third workover rig and second wireline unit with advanced evaluation tools from a North American based services provider is mobilizing to Uzbekistan.
Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to import a third workover rig and second wireline unit; the timing and ability to receive long lead time items, contract a drilling rig and begin a multi-well vertical and horizontal drilling campaign; the timing and ability to receive and install the second in-field flowline water separator; the timing and ability to receive and install three additional in-field flowline water separators; the timing and ability to perforate previously non-depleted and bypassed pay zones; the timing and ability to target shallower sands that have not previously been penetrated; the timing and ability to test the recently perforated Cretaceous well; the timing and ability to move the second rig to another Cretaceous well targeting a separate channel sand; the timing and ability to accelerate 2025 production growth plans; the timing and ability to pursue the substantial growth opportunities within the existing asset portfolio and in the neighboring area; and the timing and ability to disclose 2025 production guidance.
Abbreviations
The following is a summary of abbreviations used in this news release:
- boe/d – barrels of oil equivalent per day*
* Barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mscf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mscf to 1 barrel, utilizing a conversion ratio at 6 Mscf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.
