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Condor Announces 2024 Year-End Results
CALGARY, Alberta, March 20, 2025 (GLOBE NEWSWIRE) -- Condor Energies Inc. (“Condor”...
About this update from Condor Energies Inc
[{"type":"text","content":"Condor Announces 2024 Year-End Results\n\n\n\n CALGARY, Alberta, March 20, 2025 (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 audited consolidated financial statements for the years ended December 31, 2024 and 2023, together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at\n \n www.sedarplus.ca\n \n and on the Condor website at\n \n www.condorenergies.ca\n \n . 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.\n \n\n\n HIGHLIGHTS\n \n\n\n\n Production in Uzbekistan for the fourth quarter of 2024 averaged 10,511 boe/d comprised of 61,275 Mcf/d (10,212 boe/d) of natural gas and 299 bopd of condensate from the eight fields the Company operates.\n \n\n Production in Uzbekistan for March 2025 month-to-date has averaged 12,019 boe/d due to highly capital efficient workover successes. A recent workover has increased daily production to 12,288 boe/d over the past five days.\n \n\n Uzbekistan gas and condensate sales for the fourth quarter of 2024 was $20.93 million.\n \n\n In June 2024, the Company initiated a multi-well workover program in Uzbekistan. A second workover rig began operations in late October 2024.\n \n\n The Company received two natural gas allocations in Kazakhstan (January 2024 and September 2024) to be used as feed gas for two of the Company’s modular liquefied natural gas (“LNG”) production facilities.\n \n\n In July 2024, Condor signed its first LNG Framework Agreement for the production and utilization of LNG to fuel Kazakhstan’s rail locomotives.\n \n\n In December 2024, the Company completed a brokered private placement of 10,198,582 common shares of the Company at a price of $1.90 per common share for gross proceeds of $19.4 million and incurred share issue costs of $1.3 million resulting in net proceeds of $18.1 million.\n \n\n As of December 31, 2024, total gross company proved plus probable reserves for the eight Uzbekistan fields determined by indep...