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CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Firm”) (TSX: CDR), a Canadian based mostly vitality transition firm is happy to announce each day gasoline and condensate manufacturing has averaged 12,004 boepd in the course of the previous six days on the manufacturing enhancement undertaking it operates in Uzbekistan. This represents a 5% enhance from the earlier 5 day common of 11,455 boepd that was disclosed on February 19, 2025.
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Workover operations proceed which might be targeted on Carbonate formation intervals the place materials manufacturing good points have been realized. At the least 5 extra nicely candidates have been recognized with related geologic traits utilizing a mix of legacy information and reprocessed 3-D seismic information. Over the approaching weeks, these wells will likely be evaluated to determine potential pay intervals and perforated accordingly. The Firm is at the moment working two workover rigs and a wireline unit. A 3rd workover rig and second wireline unit with superior analysis instruments from a North American based mostly companies supplier is mobilizing to Uzbekistan.
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ABOUT CONDOR ENERGIES INC
Condor Energies Inc is a TSX-listed vitality transition firm that’s uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover vitality safety initiatives: rising pure gasoline and condensate manufacturing from its current fields in Uzbekistan; an ongoing undertaking to assemble and function Central Asia’s first LNG ‘decrease carbon gas’ diesel substitution facility in Kazakhstan; and a separate initiative to develop and produce essential minerals from brines in Kazakhstan. Condor has already constructed a powerful basis for reserves, manufacturing and cashflow development whereas additionally striving to reduce its environmental footprint.
FORWARD-LOOKING STATEMENTS
Sure statements on this information launch represent forward-looking statements underneath relevant securities laws. Such statements are usually identifiable by the terminology used, akin to “anticipate”, “seem”, “consider”, “intend”, “count on”, “plan”, “estimate”, “funds”, “outlook”, “scheduled”, “might”, “will”, “ought to”, “may”, “would”, “within the means of” or different related wording. Ahead-looking info on this information launch contains, however will not be restricted to, info regarding: the timing and skill to determine candidates with related geologic traits; the timing and skill to determine potential pay intervals; the timing and skill to perforate the recognized wells; the timing and skill to finish workovers on the subsequent 5 nicely candidates and have them produce at business gasoline charges; the timing and skill to mobilize a 3rd workover rig and second wireline unit; and the timing and skill to entry and consider future Cretaceous channel sands.
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ABBREVIATIONS
The next is a abstract of abbreviations used on this information launch:
boepd barrels of oil equal per day*
* Barrels of oil equal (“boe”) are derived by changing gasoline to grease within the ratio of six thousand normal cubic toes (“Mscf”) of gasoline to 1 barrel of oil based mostly on an vitality conversion technique primarily relevant on the burner tip and doesn’t symbolize a worth equivalency on the wellhead. Given the worth ratio based mostly on the present value of crude oil as in comparison with pure gasoline is considerably completely different from the vitality equivalency of 6 Mscf to 1 barrel, using a conversion ratio at 6 Mscf to 1 barrel could also be deceptive as a sign of worth, notably if utilized in isolation.
The TSX doesn’t settle for duty for the adequacy or accuracy of this information launch.
For additional info, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.
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