Condor Energies (CDR) Q1 2025 earnings summary

Executive summary

• Q1 2025 production in Uzbekistan averaged 11,179 boe/d, up 6% from Q4 2024, driven by successful workovers and application of Canadian technologies.

• Natural gas and condensate sales in Uzbekistan reached $22.26 million, a 6% increase from the previous quarter.

• Purchased a modular LNG facility in Kazakhstan, targeting first LNG production in Q2 2026.

• Secured a third natural gas allocation in Kazakhstan for LNG feed gas and awarded a second critical minerals mining license.

Financial highlights

• Q1 2025 Uzbekistan natural gas sales: $19.98 million; condensate sales: $2.28 million.

• Operating netback for natural gas: $1.27/Mcf in Q1 2025, down from $1.51/Mcf in Q1 2024.

• Operating netback for condensate: $49.57/bbl in Q1 2025, down from $58.39/bbl in Q1 2024.

• Condensate production increased 36.4% year-over-year; natural gas production slightly decreased by 0.8%.

Outlook and guidance

• Multi-well drilling program in Uzbekistan to begin in Q3 2025, targeting further production increases.

• LNG production in Kazakhstan expected to commence in Q2 2026, with additional facilities planned.

• Final investment decision for Alga LNG facility expected in Q4 2025; Alga LNG production targeted for Q2 2027.