Condor Energies Achieves Key Drilling Milestone in Uzbekistan

Condor Energies reports promising gas results from its Kumli-46 well in Uzbekistan and appoints a new COO, with critical flow test results expected by mid-April.

Condor Energies has reached a significant operational milestone in its Uzbekistan gas projects, confirming positive results from its latest drilling campaign. This progress coincides with strategic management changes designed to support the company's next development phase.

Management and Capital Structure Strengthened

To bolster project execution, Condor Energies has appointed Matt Pachell as its new Chief Operating Officer. This leadership update aligns with the disclosure of the company's capital structure as of the end of the first quarter. The fully diluted share count stands at 88.0 million, comprised of the following:
* Issued and outstanding shares: 68.5 million
* Stock options: 6.8 million
* Warrants: 2.9 million
* Convertible debentures: 9.8 million

Operational Success at the Kumli Field

The company successfully completed the Kumli-46 horizontal well last Wednesday. The well reached a total depth of 3,150 meters, with an 817-meter lateral section. Initial data evaluations are promising, indicating gas concentrations across significant portions of the lateral segment. Notably, gas presence was logged across more than half of a specific 65-meter interval.

These findings align with the performance of the K-45 reference well, which earlier this year delivered a flow rate of 5.3 million standard cubic feet per day. As preparations for the next well, K-47, are already underway, the operational team is now focused on the upcoming testing program for the Kumli-46 well.

Market Context and Crucial Timeline

The market environment for energy producers remains volatile, influenced by geopolitical tensions in the Middle East that have recently caused crude oil price fluctuations. In this climate, explorers like Condor Energies are concentrating on the disciplined execution of their projects to advance independently of short-term market turbulence. This strategy has found favor with investors; the company's shares currently trade at €1.61, reflecting a gain of approximately 35% since the start of the year.

The next two weeks are set to be critical for assessing the Kumli field's potential. By mid-April, Condor Energies expects to receive detailed test results from the K-46 well, which will provide clarity on the reservoir's actual productivity and commercial potential.