Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based, internationally focused energy transition company with active Central Asian operations is pleased to provide an operational update on its Uzbekistan project.

Condor reached a new corporate production milestone, averaging 16,921 boe/d over the past 72 hours. The increase was driven in part by the recently drilled Kumli-42 vertical well (“K-42”), which has now been tested and tied into the production facilities.

As previously disclosed, K-42 was drilled to 2,462 meters and encountered 26.5 metres of net carbonate reservoir across six separate intervals based on wireline logs. An 8.6-meter net pay lower interval (the “lower interval”) was flow tested after perforation and acid stimulation for a 4-hour period, yielding an average flowing rate of 11.2 MMscf/d (1,867 boepd) on a 1” choke at 678 psi average flowing tubing pressure, which was materially higher than anticipated. The preliminary condensate-gas ratio from the flow test was 1.3 barrels per MMscf and 359 barrels per day of water. It is expected that the condensate rate will increase and the water rate will decrease as the well transitions into a continuous production phase.

The separate 8.3-meter net pay upper interval (the “upper interval”) in K-42 is available to be acid stimulated and produced at a later date. K-42’s strong gas flow performance confirms the Company’s geologic modeling and supports further development of the lower reservoir across the Kumli NW Field. Operating data from K-42 will be incorporated into the final design of four planned horizontal development wells (K-48, K-49, K-50 and K-51), while the recently drilled K-46 and K-47 wells continue producing from the upper reservoir interval. Refer to Figure 1.

Figure 1: Kumli NW field Pads and development wells

Two rigs continue drilling operations on Pad 1 in the Kumli NW extension with the lateral section currently being drilled on K-44, which has encountered strong gas shows consistent with observations on the K-46 and K-47 wells. On K-43, the intermediate casing string has been set and drilling the lateral section is expected to commence shortly. Both wells are expected to reach TD in July, begin production in early August, and target the upper reservoir which is producing over 12 MMscf/d at both K-46 and K-47. As noted above, after finishing K-43 and K-44 the two drilling rigs will begin developing the lower interval reservoirs across Kumli NW based on the positive K-42 test results.

Production in Uzbekistan for the second quarter of 2026 averaged 13,851 boe/d comprised of 13,458 boe/d (80,748 MMscf/d) of natural gas and 393 barrels per day of condensate for a total production increase of 17.1% from the first quarter of 2026. This is despite over fifteen days of restricted production during the second quarter due to downstream infrastructure maintenance and plant upsets at non-Company operated facilities.

“The K-42 lower interval reservoir test exceeded our pre-drill expectations by a factor of two and further validates the quality and development potential of the stacked carbonate reservoirs at Kumli NW,” commented Don Streu, President and CEO. “These results continue to demonstrate our repeatable development model capable of delivering strong production rates, rapid capital payback, and sustained growth. With additional development wells underway, and a drilling inventory of more than 50 wells, we remain well positioned to continue increasing production and cash flow.”

KeyFacts Energy: Condor Energies Uzbekistan country profile