Condor Energies (CDR) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformational year with production gains in Uzbekistan and expansion into LNG and critical minerals in Kazakhstan.

• Production in Uzbekistan increased due to capital-efficient workovers, reversing a prior 20% annual decline.

• Strategic focus on implementing Western technologies and expanding into LNG and critical minerals to diversify revenue streams.

Financial highlights

• Natural gas and condensate sales reached $66.6 million in 2024, up from $643,000 in 2023.

• Total revenue (net of royalties) was $54.3 million in 2024, compared to $552,000 in 2023.

• Net income for 2024 was $3.5 million, a turnaround from a net loss of $11.4 million in 2023.

• Total assets increased to $66.6 million as of December 31, 2024, from $6.8 million a year earlier.

• Non-current financial liabilities rose to $9.4 million from $5.5 million year-over-year.

Outlook and guidance

• 2025 production in Uzbekistan continues to rise, with March 2025 averaging over 12,000 boe/d.

• Infill vertical and horizontal drilling program planned for 2025, leveraging new 3D seismic data.

• LNG production in Kazakhstan targeted to commence in the first half of 2026, with facility fabrication to complete in Q4 2025.

• Ongoing efforts to secure LNG off-taker agreements and project funding.