Condor Energies (CDR) Q3 2024 earnings summary

Executive summary

• Q3 2024 production in Uzbekistan averaged 10,010 boe/d, with 9,773 boe/d from natural gas and 237 bopd from condensate.

• Multi-well workover campaign and new water separation system increased production to 10,706 boe/d in early November.

• Signed first LNG Framework Agreement in Kazakhstan and received a second gas allocation for LNG production.

• Zero lost time incidents since project inception due to enhanced safety culture.

• Invited to present energy transition initiatives at COP29 in Baku, Azerbaijan.

Financial highlights

• Uzbekistan gas and condensate sales for Q3 2024 totaled $19.14 million.

• Q3 2024 natural gas sales in Uzbekistan were $17.42 million; condensate sales were $1.72 million.

• Q3 2024 operating netback for Uzbekistan: $6.19 million for natural gas, $1.22 million for condensate.

Outlook and guidance

• Two workover rigs will continue to target non-depleted and bypassed pay intervals, with further artificial lift installations planned.

• Additional in-field flowline water separation systems to be installed in coming months.

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

• First modular LNG facility in Kazakhstan expected to commence production in H2 2026.