$CDR.TO

Condor Energies Announces Kumli Field Extension With K-42 Pilot Well

Condor Energies (CDR.TO) on Monday provided an update on drilling activities on its Uzbekistan gas development project.Kumli-42 (K-42), the vertical pilot well located on the second Kumli NW development pad, reached a total depth of 2,462 meters and confirms the 2.3 km northeast extension of the prolific reservoirs identified in previously drilled K-45 vertical well and the subsequent high-rate horizontal wells at K-46 and K-47, said the company."The continuity of these reservoirs across this portion of the Kumli NW structure demonstrates the repeatability of Condor's development program which reduces risk for future horizontal development drilling and validates Condor's geological models," stated the company.Open-hole wireline logs acquired in K-42 identified 26.5 meters of net carbonate reservoir across six separate intervals, said the company, and added that reservoir quality in the main pay zone replicated the dolomitization and average porosity of 15% encountered in the K-45 well on the first development pad.In addition, K-42 has a 22% thicker net pay interval in this zone, which is currently being produced by the K-46 and K-47 horizontal wells, it added.K-42 is expected to be tested later this month after the completion string is run and the drilling rig is moved to the K-43 horizontal well on the same pad, said the company, and added that the well is then expected to be tied into the pipeline system and start producing in early July 2026.A second rig has begun drilling the K-44 horizontal well on the same pad as K-42 and K-43 which marks the "first pad-drilling operation in Uzbekistan and is expected to provide a faster, lower-cost method" of tying in producing wells while also capturing drilling and operational synergies, added the company."The K-42 results are an important and positive milestone in continuing to materially increase our near-term production volumes and cash flow," said Don Streu, Condor's CEO.The company's shares were last seen down $0.09 at $2.71 on the Toronto Stock Exchange.Price: $2.71, Change: $-0.09, Percent Change: -3.21%

Condor Energies Hits New Daily Production Record in Uzbekistan

Condor Energies (CDR.TO) has achieved a new daily production record at its operations in Uzbekistan, the company said Monday.Condor's average daily production hit 15,283 barrels of oil equivalent per day over the past 72 hours due to the production start of the recently drilled Kumli-47 horizontal well.It took only 40 days from the start of drilling Kumli-47 to commencing production, Condor said."With another horizontal well success at K-47, our 2026 year-to-date production has now increased by 41% despite a 20% natural decline rate of the legacy fields," President and Chief Executive Officer Don Streu said."The K-47 well result clearly demonstrates that this high-quality reservoir is capable of exceptional, repeatable production rates that can be quickly monetized to yield well payouts in under one year," Streu added.

Condor Says Achieved New Production Record Exceeding 15,000 boe/d with K-47 Tie In

Condor Energies Raises $29.9 Million in a Bought-Deal Share Offering

Condor Energies (CDR.TO) on Tuesday closed a bought-deal share offering that raised $29.9 million, including the full exercise of the underwriters' over-allotment option .The company did not disclose how many of the shares priced at $2.60 it sold underwriters.Proceeds of the offering are expected to be used to continue development of its natural gas fields in Uzbekistan, including enhancing field compression, and general corporate needs.Shares of the company were last seen up $0.08 to $2.86 on the Toronto Stock Exchange.Price: $2.86, Change: $+0.08, Percent Change: +2.88%

Condor Energies Launches C$15 Million Bought Deal Offering of Common Shares

Condor Energies (CDR.TO) late on Monday said it has entered into an agreement with underwriters for the sale of 5.8 million of its common shares on a "bought deal" basis for gross proceeds of up to C$15 million.Under the agreement with Canaccord Genuity and Research Capital as co-lead underwriters and joint bookrunners, the common shares will be acquired at a price of $2.60 apiece with an option to purchase up to an additional 865,500 common shares at the offering price.The overallotment option is exercisable for a period of 30 days after and including the closing date. If exercised in full, the overallotment option would result in additional gross proceeds of about $2.3 million.Net proceeds will be used to continue development of Condor's natural gas fields in Uzbekistan, including enhancing field compression, and general corporate purposes.The offering is scheduled to close on April 21, or at a later date as determined by the underwriters and the company, subject to certain conditions including regulatory approvals and the approval of the Toronto Stock Exchange.The company has agreed to pay to the underwriters a cash commission equal to 6% of the gross proceeds of the offering.