Condor Announces 2026 Third Quarter Results and Record Production of 18,631 boe/d
Key Highlights
- ➤November production record 18,631 boe/d achieved after recent well completions and tie-ins
- ➤Q3 Uzbekistan production 16,693 boe/d, up 20% sequentially and 67% year over year
- ➤Q3 Uzbekistan gas and condensate sales reached $33.6 million, up 24% sequentially
- ➤$72.03 million convertible-debenture offering completed at 12% interest and $6.00 conversion price
- ➤Compressor station could add up to 30 MMscf/d gas production, targeted for Q2 2027 commissioning
Expert Statements
Don Streu, President and CEO of Condor Energies Inc.
“2026 has been a transformational growth year for Condor as demonstrated by the recent performance accomplishments noted above. We have achieved record production rates, revenues and operating netbacks in Uzbekistan with our successful application of proven technologies while maturing new opportunities to support this trend. Our current activities in Uzbekistan are providing sustainable growth for reserves, production, and cashflow while we concurrently advance our LNG fuel substitution project and our early-stage copper and lithium critical minerals opportunities in Kazakhstan. We are very excited and well positioned to continue building strong, near-term shareholder value from our diverse energy transition portfolio”
CALGARY, Alberta, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company focused on Central Asia is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 (the “Financial Statements”), together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.ca and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated.
HIGHLIGHTS * Production in Uzbekistan for the third quarter of 2026 averaged 16,693 boe/d comprised of 16,240 boe/d (97.4 MMscf/d) of natural gas and 453 bopd of condensate which is a total production increase of 20% from the second quarter of 2026 and a total production increase of 67% from the third quarter of 2025. * Uzbekistan natural gas and condensate sales for the third quarter of 2026 increased to $33.6 million or a 24% increase from the second quarter of 2026. * During the period from November 1, 2026 through November 11, 2026, the Company achieved a new average production record of 18,631 boe/d primarily due to the completion and tie in of recently drilled wells. * Five new wells were drilled and completed during the third quarter of 2026 and the Company has now drilled and completed eleven wells to date in 2026 and plans to drill and complete up to an additional four wells by year end. * Initial test results from the Andakli-22 horizontal well (“A-22”) drilled in October 2026 indicate that commercially recoverable gas may be produced outside of conventionally targeted four-way structural closures. * The Company also drilled its first deeper Jurassic clastic reservoirs well at North Syuzma (“NS-14”) in October and November 2026 and encountered 54 meters of net gas pay based on wireline logs. The drilling rig is being moved off location and completion and testing activities will commence shortly. * In August 2026 an EPC contract was awarded to install the first phase of a field booster compressor station (the “Compressor Station”) in Uzbekistan which is expected to increase production rates by lowering the gathering system pressure. * In October 2026 acceptance testing was completed for the Company’s first LNG facility (the “First LNG Facility”) for the Saryozek plant site (the “Saryozek Site”) and shipping to Kazakhstan is underway with an expected arrival in December 2026. * In October 2026, the Company completed an offering of 12% unsecured convertible debentures for gross proceeds of $72.0 million. The debentures are convertible into common shares of the Company at a conversion price of $6.00 per common share and mature on October 15, 2029. MESSAGE FROM CONDOR’S CEO
Get started
Create a free account to read the full story.