Condor Energies (CDR) Q3 2025 earnings summary

Executive summary

• Q3 2025 production in Uzbekistan averaged 9,978 boe/d, with 9,778 boe/d from natural gas and 200 bopd from condensate.

• Uzbekistan natural gas and condensate sales for Q3 2025 totaled $18.74 million.

• Drilling of Uzbekistan's first horizontal well is ongoing, with a 1,000-meter lateral section underway and multiple mud gas shows encountered.

• Field optimization and engineering for phase one of field compression are complete; procurement has started to boost gas production.

• A USD $5 million bridge loan was secured for the first LNG facility in Kazakhstan, scheduled to produce LNG in Q3 2026.

Financial highlights

• Q3 2025 Uzbekistan production decreased 1.7% sequentially due to natural reservoir decline, partially offset by workovers.

• Operating netback for Q3 2025: $1.24/Mcf for natural gas and $45.62/bbl for condensate.

• Q3 2025 sales: $17.62 million from natural gas and $1.12 million from condensate.

• Nine months ended September 30, 2025: total sales of $60.29 million, with $55.48 million from natural gas and $4.81 million from condensate.

• Daily production for Q3 2025: 58,668 Mcf/d natural gas and 200 bopd condensate.

Outlook and guidance

• Multi-well drilling campaign in Uzbekistan aims to increase gas production and cash flows, with up to 12 wells planned for 2026.

• First LNG facility in Kazakhstan is over 90% complete, with production expected in Q3 2026.

• Modular LNG facilities planned at three locations in Kazakhstan, leveraging three natural gas allocations.

• Field compression facility in Uzbekistan scheduled for commissioning in Q4 2026, expected to add over 20 MMscf/d of incremental gas production.