Mr. Don Streu reports

CONDOR ANNOUNCES KUMLI FIELD EXTENSION WITH SUCCESSFUL 5.3 MMSCF/D WELL TEST

Condor Energies Inc. has provided an update on well testing activities on its Uzbekistani gas development project.

Kumli-45 vertical well drilling and test results

The Kumli-45 vertical well (the third well) was drilled to a total depth of 2,410 metres and included cutting an 18-metre core from one of the targeted pay sections. Based on open hole wire line logs, 19.9 metres of net carbonate reservoir were encountered in four separate intervals. Reservoir quality in the main pay zone exceeded predrill expectations with an average porosity of 16 per cent and streaks exceeding 20 per cent. Three reservoirs were perforated and acid washed to enhance near wellbore deliverability. A single-rate well test was conducted at a stabilized flowing rate of 5.3 million standard cubic feet per day (or 883 barrels of oil equivalent per day) through a one-half-inch choke at a flowing tubing pressure of 1,053 pounds per square inch for seven hours. The stabilized surface flow rate equates to a sandface absolute open flow rate of 7.1 MMscf/d (or 1,183 boe/d). A preliminary condensate-to-gas ratio from the flow test is 5.6 barrels per million standard cubic feet. K-45's initial reservoir pressure is estimated to be 2,896 psi, indicating near-virgin pressure conditions. The well is located on the western half of the Kumli northwest field, and a near-virgin pressure at this location increases the remaining undeveloped potential of the structure.

K-45 is expected to be placed on production later this month once the drilling rig is moved to the next well slot on the same pad. The company plans to drill an additional four horizontal wells from this pad, with the first two horizontal wells targeting the same primary reservoir encountered in K-45 and the other two other wells targeting a deeper reservoir. A matrix acid stimulation that can potentially further increase the current flow rate is also in the planning stages.

Andakli-21 and Andakli-23 horizontal well status

As previously disclosed, the company's second well of its multiwell campaign, Andakli-21, reached a total depth at 3,456 metres, which includes a 1,279-metre open hole lateral section, setting a record for the longest horizontal drilled in Uzbekistan. Reservoir quality exceeded predrill expectations with 223 metres of the lateral section indicating up to 12-per-cent visible porosity as observed in the drill cuttings. The drilling rig is being moved off of A-21, and preparations are under way to perform an acid stimulation of the lateral section to remove any near wellbore drilling fluid invasion and enhance productivity, and A-21 is expected to be brought onto production later this month. In addition, the lateral section of the company's previously drilled Andakli-23 well will also be acid stimulated, tested and brought on-line in March, 2026.

Message from Condor's president and chief executive officer

Don Streu, Condor's president and CEO, commented: "Although the Kumli field was discovered in 1999 and subsequently developed with a total of 32 vertical wells, the northwest limit of the field had only two wells that encountered the edge of the structure that K-45 drilled. Using Condor's reprocessed 3-D seismic data, an alternate structural interpretation was internally generated and indicated the presence of a previously unidentified, large structural four-way closure, Kumli NW. Based on the previously disclosed positive acid stimulation results from the vertical section of A-23, we anticipate that K-45 could perform even better once the matrix acid stimulation is completed.

"Of special note is that the primary pay section appears to be dolomitized based on drill cuttings and wire line log data. Dolomitization is a geologic process that chemically alters the carbonate limestone prior to gas migration, enhancing reservoir porosities and permeabilities, and can potentially increase reserves volumes and production rates. This is likely why we have encountered exceptional porosity streaks that exceed 20 per cent and have contributed to the strong test flow rate. We are very pleased that K-45's high reservoir pressure is much greater than the surrounding producing wells, which indicates a larger undrained area than previously modelled. The K-45 well results also validate the accuracy of our 3-D seismic data set and the corresponding geological model.

"Our current 2026 drilling campaign will focus primarily on the Kumli NW structure with four horizontal wells planned from the existing pad and up to five horizontal and one vertical well from a neighbouring pad. Given the encouraging K-45 preliminary test results and reservoir properties and that horizontal wells often produce at two to four times the rate of vertical wells, we are very keen to execute the 2026 drilling program to materially grow reserves and production."

About Condor Energies Inc.

Condor Energies is a Toronto Stock Exchange-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover energy security initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; a continuing project to construct and operate central Asia's first liquefied natural gas lower carbon fuel diesel substitution facility in Kazakhstan; and a separate initiative to develop and produce critical minerals from brines in Kazakhstan. Condor has already built a strong foundation for reserves, production and cash flow growth while also striving to minimize its environmental footprint.

The company recognizes 100 per cent of the production volumes, sales volumes, sales revenues, royalties and expenses related to the production enhancement contract project in Uzbekistan and then allocates 49 per cent of the comprehensive income (loss) attributable to the non-controlling interest holder. This is consistent with the accounting and disclosure in the company's financial statements. Accordingly, the production volumes disclosed in this news release related to the PEC project are 100 per cent of the amounts attributable to the PEC project, of which 51 per cent are attributable to the company.

We seek Safe Harbor.