Condor Energies (CDR) Q2 2025 earnings summary

Executive summary

• Q2 2025 production in Uzbekistan averaged 10,258 boe/d, with 10,004 boe/d from natural gas and 254 bopd from condensate.

• Uzbekistan natural gas and condensate sales reached $19.29 million in Q2 2025.

• Multi-well drilling program in Uzbekistan to commence in early September 2025, targeting both carbonate and deeper clastic reservoirs.

• Modular LNG facility in Kazakhstan on track for Q2 2026 production, supported by a USD $5.0 million bridge loan.

• Three LNG feed gas allocations secured in Kazakhstan, enabling future expansion of LNG facilities.

Financial highlights

• Q2 2025 natural gas production: 5,462,413 Mcf (up 1.7% year-over-year); condensate: 23,143 barrels (up 19.2%).

• Six months ended June 30, 2025: natural gas production 11,304,929 Mcf (up 3.0% year-over-year); condensate 55,586 barrels (up 35.8%).

• Q2 2025 operating netback for natural gas: $1.28/Mcf; for condensate: $44.57/bbl.

• Q2 2025 natural gas sales: $17.88 million; condensate sales: $1.41 million.

Outlook and guidance

• Multi-well drilling in Uzbekistan to begin September 2025, with up to twelve horizontal and one vertical well planned.

• Field compression in Uzbekistan expected to be installed in 2026, potentially increasing production by 25–55%.

• First LNG production in Kazakhstan scheduled for Q2 2026, with additional modular LNG facilities planned.

• Initial development plan for Sayakbay lithium project includes drilling and testing two wells, with drilling expected in 2027.