Condor Reveals Q2 Results for 2025 and Secures a $5 Million Bridge Loan
Condor Energies Launches Kazakhstan's First LNG Production Facility
Condor Energies Inc. is set to revolutionise Kazakhstan's energy sector with the construction of the country's first modular LNG production facility. Located at the Saryozek site, the facility is expected to commence LNG production in the second quarter of 2026.
The facility, capable of producing 48,000 gallons (80 metric tons) of LNG per day, is currently under fabrication and is about 80% complete. Construction and commissioning are progressing on schedule, with the equipment set to be shipped to Kazakhstan for assembly and commissioning once completed.
The first LNG facility was purchased in May 2025, and by June 30, 2025, Condor had incurred about CAD 2.9 million in costs for the facility, with an estimated additional USD 24.4 million required to complete construction and commissioning.
The LNG output is expected to reduce CO2 emissions by about 390,000 metric tons annually – equivalent to taking 85,000 cars off the road. The LNG will be used to offset diesel use in applications such as rail locomotives, trucks, marine vessels, and mining equipment.
Condor has secured three natural gas feed allocations to supply the plant, and plans two additional modular LNG facilities at the site to fully utilise these gas allocations. The company expects that the LNG production will play a significant role in displacing diesel fuel in industrial sectors and reducing greenhouse gas emissions in Central Asia.
Meanwhile, in Uzbekistan, production for Q2 2025 averaged 10,258 boe/d, comprising 10,004 boe/d of natural gas and 254 bopd of condensate. Uzbekistan natural gas and condensate sales for Q2 2025 were $19.29 million. Rigging up operations are underway to commence a multi-well drilling program by early September 2025 in Uzbekistan.
In other developments, a prior well drilled in the Kolkuduk license territory encountered brine deposits with lithium concentrations of up to 130 milligrams per litre. However, the initial development plan for the Kolkuduk license, acquired in February 2025, has not yet been determined.
Condor Energies Inc. also holds a 100% working interest in two critical minerals mining licenses in Kazakhstan for lithium and copper exploration. For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.
The TSX does not accept responsibility for the adequacy or accuracy of this news release. The Company's forward-looking statements are subject to both known and unknown risks and uncertainties, including regulatory changes, the results of exploration and development drilling and related activities, general economic, market and business conditions, competitive action by other companies, fluctuations in oil and natural gas prices, and other factors. The Company refers to "operating netback" in this news release, a term with no standardized meaning as prescribed by GAAP and which may not be comparable with similar measures presented by other issuers.
Condor Energies Inc. announced its unaudited interim financial statements for Q2 2025, available on SEDAR+ and the Condor website. The Company recognises 100% of the production volumes, sales, revenues, royalties, and expenses related to the PEC Project in Uzbekistan, then allocates 49% of the comprehensive income (loss) attributable to the non-controlling interest holder. The forward-looking information contained in this news release is made as of the date of this news release and, except as required by applicable law, the Company 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.
[1] Source: Condor Energies Inc. Press Release, August 12, 2025. [2] Source: Condor Energies Inc. Press Release, May 6, 2025. [3] Source: Condor Energies Inc. Press Release, April 15, 2025. [4] Source: Condor Energies Inc. Press Release, August 12, 2025. [5] Source: Condor Energies Inc. Press Release, June 30, 2025.
