Condor Energies, a Canadian based energy transition company, has initiated production enhancement operations of an integrated cluster of eight conventional natural gas-condensate fields in Uzbekistan effective March 1, 2024.

Condor will be responsible for all costs of the Project, and in exchange for performing its services, it will receive a percentage of net revenues realized from the Project. All production from the Project will be supplied to the domestic market through sales arrangements with the authorized state entities.

Gas production increases are planned by implementing artificial lift, workover and infill drilling programs and investigating deeper horizons that are productive in other regions of the country. 3-D seismic reprocessing is also planned for this year to support these efforts. Additional reservoir and production data is being collected in the near term and a National Instrument 51-101 compliant reserves report will be completed thereafter.

Uzbekistan is a resource-rich nation with the world’s 17th largest natural gas production (higher than the United Kingdom) and the world’s second largest gold production from a single mine. The extensive reforms introduced by the government have revitalized the economy and international investment in the country has increased tenfold over the last six years. Sustainable energy is a top priority, therefore, while renewable power production (solar and wind) is rapidly growing, natural gas continues to be the primary transition energy source for power generation and heating. Accordingly, the Government of Uzbekistan has made it a priority to increase production and maximize the recoveries from existing fields.