Condor Energies' Q2 2026 Results Showcase Robust Production Growth

Condor Energies Inc. (TSX:CDR), a Canadian-based, internationally focused energy transition company, announced its unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026. The company demonstrated remarkable growth in its Central Asian operations, significantly boosting production in Uzbekistan, which translated into strong financial results.

The company's Uzbekistan production averaged 13,851 barrels of oil equivalent per day (boe/d) during the second quarter of 2026. This production comprised 13,458 boe/d of natural gas and 393 barrels of oil per day (bopd) of condensate. These figures represent a 17% increase from the first quarter of 2026 and an impressive 35% rise from the second quarter of 2025. Uzbekistan natural gas and condensate sales for the second quarter of 2026 totaled $27.14 million Canadian dollars, marking a 20% increase from the prior quarter. Operating netback also saw a substantial jump of 63% to $12.3 million Canadian dollars, primarily driven by lower unit costs and higher condensate prices.

Condor Energies achieved a new production record during the seven-day period from August 6 to August 12, 2026, averaging 17,709 boe/d and peaking at 17,925 boe/d over a 24-hour period. This record production level was primarily attributed to the successful completion and tie-in of newly drilled wells, K-43 and K-44, in the Kumli NW field, in addition to the previously commissioned K-42, K-46, and K-47 wells. The arrival of a second drilling rig in Uzbekistan in May 2026 further accelerated the Kumli NW field development. The company has drilled and completed seven wells year-to-date in 2026 and plans to drill five additional wells by year-end.

These positive developments coincide with a period of increasing demand for natural gas in global energy markets. Condor Energies' strategic positioning in Central Asia and its focus on energy transition make it a key player in the region's energy security and sustainability goals. While continuing natural gas production in Uzbekistan using Western technologies, the company is also pursuing various initiatives in Kazakhstan, including the construction of Central Asia's first Liquefied Natural Gas (LNG) facility and critical minerals development.

Analysts and market expectations are positive regarding Condor Energies' production growth and expansion strategies. The company anticipates awarding an EPC (Engineering, Procurement, and Construction) contract for field compression in the third quarter of 2026, with commissioning expected in the first quarter of 2027. The first LNG production in Kazakhstan is also slated to commence in the first quarter of 2027. Furthermore, the company's critical minerals (copper, lithium) exploration programs in Kazakhstan offer long-term growth potential. These strategic moves are expected to enhance the company's future cash flows and investor returns.