Condor Energies (CDR) Q2 2024 earnings summary

Executive summary

• Q2 2024 production in Uzbekistan averaged 10,052 boe/d, with 9,839 boe/d from natural gas and 213 bopd from condensate.

• Q2 Uzbekistan gas and condensate sales totaled $18.95 million.

• Multi-well workover campaign initiated in June 2024 to enhance production and reserves.

• First LNG Framework Agreement signed in July 2024 for Kazakhstan rail locomotive fuel supply.

• Natural gas allocation secured in Kazakhstan for first modular LNG facility.

Financial highlights

• Convertible debentures issued in March 2024 raised USD $4.8 million (CAD $6.5 million) gross, convertible into 2,950,336 shares.

• Net proceeds from debentures were CAD $6.3 million after costs.

• Debentures bear 9% interest, mature in three years, and have no financial covenants.

Outlook and guidance

• Ongoing workover program expected to further increase production and revenues beyond Q2 2024.

• Additional in-line flow separation units to be installed in Uzbekistan to optimize production.

• Production guidance to be provided after sufficient operating data is collected.

• First modular LNG facility in Kazakhstan scheduled for mid-2026, targeting 120,000 metric tons annual output.

• Infill drilling and well deepening programs planned for 2025 in Uzbekistan.