Announcement • Jul 14
Condor Energies Inc. Provides an Operational Update on Its Uzbekistan Project Condor Energies Inc. provided an operational update on its Uzbekistan project. Condor reached a new corporate production milestone, averaging 16,921 boe/d over the past 72 hours. The increase was driven in part by the recently drilled Kumli-42 vertical well, which has now been tested and tied into the production facilities. As previously disclosed, K-42 was drilled to 2,462 meters and encountered 26.5 metres of net carbonate reservoir across six separate intervals based on wireline logs. An 8.6-meter net pay lower interval was flow tested after perforation and acid stimulation for a 4-hour period, yielding an average flowing rate of 11.2 MMscf/d (1,867 boepd) on a 1” choke at 678 psi average flowing tubing pressure, which was materially higher than anticipated. The preliminary condensate-gas ratio from the flow test was 1.3 barrels per MMscf and 359 barrels per day of water. It is expected that the condensate rate will increase and the water rate will decrease as the well transitions into a continuous production phase The separate 8.3-meter net pay upper interval (the “upper interval”) in K-42 is available to be acid stimulated and produced at a later date. K-42’s strong gas flow performance confirms the Company’s geologic modeling and supports further development of the lower reservoir across the Kumli NW Field. Operating data from K-42 will be incorporated into the final design of four planned horizontal development wells (K-48, K-49, K-50 and K-51), while the recently drilled K-46 and K-47 wells continue producing from the upper reservoir interval Two rigs continue drilling operations on Pad 1 in the Kumli NW extension with the lateral section currently being drilled on K-44, which has encountered strong gas shows consistent with observations on the K-46 and K-47 wells. On K-43, the intermediate casing string has been set and drilling the lateral section is expected to commence shortly. Both wells are expected to reach TD in July, begin production in early August, and target the upper reservoir which is producing over 12 MMscf/d at both K-46 and K-47. As noted above, after finishing K-43 and K-44 the two drilling rigs will begin developing the lower interval reservoirs across Kumli NW based on the positive K-42 test results. Production in Uzbekistan for the second quarter of 2026 averaged 13,851 boe/d comprised of 13,458 boe/d (80,748 MMscf/d) of natural gas and 393 barrels per day of condensate for a total production increase of 17.1% from the first quarter of 2026. This is despite over fifteen days of restricted production during the second quarter due to downstream infrastructure maintenance and plant upsets at non-Company operated facilities. Announcement • Jun 15
Condor Energies Inc. Announces Kumli Field Extension With Successful K-42 Pilot Well Condor Energies Inc. provided an update on drilling activities on its Uzbekistan gas development project. Kumli-42, the vertical pilot well located on the second Kumli NW development pad, reached a total depth of 2,462 metres and confirms the 2.3 km northeast extension of the prolific reservoirs identified in previously drilled K-45 vertical well and the subsequent high-rate horizontal wells at K-46 and K-47. The continuity of these reservoirs across this portion of the Kumli NW structure demonstrates the repeatability of Condor’s development program which reduces risk for future horizontal development drilling and validates Condor’s geological models. Open-hole wireline logs acquired in K-42 identified 26.5 metres of net carbonate reservoir across six separate intervals. Reservoir quality in the main pay zone replicated the dolomitization and average porosity of 15% encountered in the K-45 well on the first development pad. In addition, K-42 has a 22% thicker net pay interval in this zone, which is currently being produced by the K-46 and K-47 horizontal wells. K-42 is expected to be tested later this month after the completion string is run and the drilling rig is moved to the K-43 horizontal well on the same pad. The well is then expected to be tied into the pipeline system and start producing in early July 2026. The Company reported that a second rig has begun drilling the K-44 horizontal well on the same pad as K-42 and K-43 which marks the first pad-drilling operation in Uzbekistan and is expected to provide a faster, lower-cost method of tying in producing wells while also capturing drilling and operational synergies. After having attained a new production record of 15,283 boe/d last month, where production had increased 41% year-to-date despite a 20% natural decline rate of the legacy fields, Condor Energies Inc. is on track to achieve a 2026 exit production rate of 18,000 to 20,000 with continued drilling successes. References herein to barrels of oil equivalent (boe) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (Mcf) 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 Mcf to 1 barrel, utilizing a conversion ratio at 6 Mcf to 1 barrel may be misleading as an indication of value, particularly if used in isolation. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Significant insider selling over the past 3 months (CA$321k sold). 
