Condor Energies (CDR) Q1 2026 earnings summary

Executive summary

• Q1 2026 production in Uzbekistan averaged 11,832 boe/d, up 12.3% from Q4 2025, driven by new wells.

• Natural gas and condensate sales in Q1 2026 reached $22.56 million, a 10.7% increase from Q4 2025.

• April and May 2026 production exceeded 14,000 boe/d due to successful tie-in of new horizontal wells.

• A $29.9 million public offering was completed in April 2026 to fund further development.

• LNG facility fabrication completed, with delivery to Kazakhstan scheduled for September 2026.

Financial highlights

• Q1 2026 natural gas sales: $20.28 million; condensate sales: $2.28 million.

• Operating netback for Q1 2026: $9.90 million, up from $9.58 million in Q1 2025.

• Net proceeds from the public offering: $27.6 million after $2.3 million in costs.

• Operating netback per Mcf (natural gas): $1.41; per bbl (condensate): $55.76 for Q1 2026.

Outlook and guidance

• Plans to drill up to 12 wells in Uzbekistan in 2026 to accelerate gas production.

• Field booster compression contract to be awarded in Q2 2026, with commissioning in Q1 2027.

• LNG production in Kazakhstan expected to commence in Q1 2027.

• Modular LNG facilities planned at three Kazakhstan sites, targeting 1.5 million liters diesel-equivalent per day.