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Condor Announces 2024 First Quarter Results By Investing.com

Baytex Reports Shareholder Meeting Results By Investing.com


CALGARY, May 15, 2024 (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 months ended March 31, 2024 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

  • The Company executed a production enhancement services contract in January 2024 to increase production and overall recovery rates from eight conventional natural gas-condensate fields in Uzbekistan and the Company commenced operations on March 1, 2024.
  • March 2024 production from Uzbekistan was 11,167 boe/d comprised of 65,416 Mcf/d (10,903 boe/d) of natural gas and 264 bopd of condensate.
  • March 2024 sales from Uzbekistan production was $7.2 million.
  • The Company received a natural gas allocation in January 2024 in Kazakhstan to be used as feed gas for the Company’s first modular liquefied natural gas (LNG) production facility.
  • On March 22, 2024, the Company issued three-year term convertible debentures bearing 9% interest per annum and convertible into 2,950,336 common shares for gross proceeds of USD $4.8 million (CAD $6.5 million).

Production Enhancement Contract in Uzbekistan

On January 30, 2024, the Company executed a production enhancement services contract with a national holding company of Uzbekistan to increase the production, ultimate recovery and overall system efficiency from an integrated cluster of eight conventional natural gas-condensate fields (the Fields) in Uzbekistan (the PEC Project). The Fields consist of stacked carbonate and clastic reservoirs which are geologically similar to those in the Western Canadian Sedimentary Basin. The Project license area is 279 km2 (69,000 acres) and includes 77 wells currently producing and 39 wells shut-in or suspended that have the potential for recompletion and reactivation. The PEC Project will increase the country’s domestic supply of natural gas while also contributing to carbon emission reductions. The Company is responsible for all capital expenditures and…

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