Condor’s First Horizontal Well in Uzbekistan Reaches TD While Two New Zone Workovers in an Adjacent Field Increase Daily Production to Approximately 12,000 boepd

CALGARY, Alberta, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company working in Central Asia is pleased to announce its first horizontal well in the Andakli field in Uzbekistan, Andakli-23 (“A-23”) has reached total depth (“TD”) in the Jurassic carbonate reservoir while two recent workovers from a newly discovered gas zone in the A-23 deeper Jurassic clastics interval have increased average daily production of gas and condensate to 11,844 boepd over the past three days.

Andakli-23 horizontal well (“A-23”) has reached a TD of 3775 meters including 1007 meters of open hole horizontal section. The completion string has been run with the drilling rig and an initial flow back of gas and drilling fluids has been observed at surface. Once the drilling rig has been moved off, a service rig will be used to flow test the well, which is then expected to be placed on production in December. Using the same pad location, the next horizontal well will be drilled that targets a different carbonate reservoir which is currently produced from vertical wells in the Andakli field. The target zone of the next well is deemed to be gas bearing based on wireline logs and gas shows encountered in the A-23 vertical pilot wellbore and is currently planned to be drilled with up to a 1500 meter lateral section.

During A-23 drilling operations, the vertical pilot hole was drilled through the deep Jurassic clastics to collect wireline log data and evaluate the prospectivity of this sand-shale sequence. In Zone XVIII-1, fair to good reservoir was noted with visual porosities estimated at 9 to 13%. Based on this observation, Condor’s technical team identified the same zone as by-passed pay in wells located in the Company’s neighbouring North Syuzma field. Recompletion operations were initially conducted on the North Syuzma-01 well by perforating 3.1 meters of discontinuous net sandstone reservoir characterized by 18% average porosity and resulted in a strong gas flow. A multi-rate well test was conducted at four choke sizes ranging from 12.0 to 18.2 mm and the well was flowed for two hours at each choke size at stabilized conditions with flow rates of 7.6 to 11.4 MMscf/d and flowing tubing pressures of 934 to 1,643 psi. In addition to the reported gas rates, the well flowed 55 degree API condensate at rates of 58 to 66 bopd and water rates of 4 to 58 bbls/d.

Based on this strong result, a second well, North Syuzma-12 was then perforated in the same zone which also resulted in a strong gas flow and pressure response. A total of 2.1 meters of net gas pay has been interpreted from wireline logs across two porous intervals with average porosities of 17%. A multi-rate well test was conducted during the clean-up flow period at four choke sizes ranging from 8.0 to 12.0 mm, which were flowed at stabilized conditions for two hours each. Flow rates of 4.0 to 6.6 MMscf/d at flowing tubing pressures of 1,351 to 1,735 psi were noted. The well was flowing condensate at rates of 12 to 20 bopd and water of rates of 291 to 609 bbls/d. These water rates are interpreted as load fluid recovery and are expected to decrease with continued well clean up.

Don Streu, Condor’s President and CEO commented: “We are extremely proud of our Operations and Asset Development teams to have successfully and safely delivered the longest ever drilled horizontal well in Uzbekistan while introducing several new technologies and techniques, including actively geo-steering the 1007 meter horizontal section to maximize the amount of gas reservoir pay. We are excited for the upcoming A-23 test program and remain focused on drilling up to 12 new wells in 2026.

“We are also very encouraged by the performance of the two North Syuzma workovers in the Jurassic clastics that were discovered by the A-23 pilot hole. Based on analogies to Western Canadian plays such as the Cardium or Viking, these thin, high porosity zones can be semi-regional in extent and are best developed using horizontal wells. Condor is pleased with these workover results and will continue technical maturation of this repeatable play type. This highlights the significant opportunities available to us for increasing gas and condensate production as demonstrated by the recent growth to 11,844 boepd over the past three days from the 9,978 boepd average daily production for the third quarter of 2025.”

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking information under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “is”, “expect”, “plan”, “estimate”, “may”, “will”, “could”, “ongoing”, “predict”, “future”, “continue”, “upcoming”, “possible”, “continue”, “extend”, “advance”, “on track”, “underway”, “leading” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to complete and test the A-23 well; the timing and ability to place the A-23 well on production in December 2025; the timing and ability to drill another horizontal well; the timing and ability of North Syuzma-12 to continue cleaning up and for water production to subsequently decrease; historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the timing and ability to drill up to 12 new wells in 2026; the ability of the next horizontal well to be gas bearing and drilled with a 1500 meter lateral section; the accuracy of the analogies of Western Canadian plays to Condor’s activities in Uzbekistan; and the timing and ability to increase gas production.

By its very nature, such forward-looking information requires Condor to make assumptions that may not materialize or that may not be accurate including, but not limited to, the assumptions that: the Company will be able to secure necessary drilling rigs and support services in a timely manner; the Company will be able to fund its initiatives through a combination of cash on hand, increased cashflows, debt or equity financing, asset sales, or other financing arrangements; the financing available to the Company will be on terms acceptable to the Company, the Company will be able to manage liquidity and capital expenditures through budgeting and authorizations for expenditures; the Company will be able to manage health, safety, and operational risks through existing precautions and guidelines; the Company will be able to adapt to changing trade policies, tariffs, and restrictions; the Company will be able to obtain various approvals to conduct its planned exploration and development activities; the Company will be able to access natural gas pipelines as planned, the Company will be able to access sales markets as planned, the Company will have accurately estimated the anticipated capital expenditures and anticipated potential budgeting shortfalls; and the Company will be able to manage the impact of geopolitical instability and sanctions. Forward-looking information is subject to both known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such risks and uncertainties include, but are not limited to: regulatory changes including changes to environmental regulations; the timing of regulatory and government approvals and the possibility that such approvals may be delayed or withheld; the risk that actual minimum work programs will exceed the initially estimated amounts; the risk that results of exploration and development drilling and related activities differ from what was initially anticipated; the risk that historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the risk that the historical composition and quality of oil and gas does not accurately predict its future composition and quality; the risks associated with general economic, market and business conditions; risks relating to the uncertainty related to marketing and transportation; the risk of competitive action by other companies; risks associated with market fluctuations, particularly with respect to oil and natural gas prices; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; unanticipated actions by governmental authorities, including increases in taxes, tariffs, levies and fees; decisions or approvals of administrative tribunals and the possibility that government policies or laws may change or the possibility; risks associated with oil and gas operations, both domestic and international and other factors, many of which are beyond the control of Condor.

These risk factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s most recent AIF, which may be accessed through at www.sedarplus.ca.

Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. The forward-looking information contained in this news release are made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

ABBREVIATIONS

The following is a summary of abbreviations used in this news release:

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

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