Mr. Don Streu reports

CONDOR'S K-46 HORIZONTAL WELL FLOWS AT UP TO 18.3 MMSCF PER DAY

Condor Energies Inc. is providing an operational update on its Uzbekistan project.

The Kumli-46 (K-46) horizontal well was drilled to a total depth of 3,150 metres and includes an 817-metre open-hole lateral section that offsets the previously drilled K-45 vertical well which encountered two primary gas intervals containing high-quality reservoirs.

The horizontal lateral leg penetrated a sucrosic dolomite formation, providing a high-porosity environment that yielded greater gas rate deliverability. The well was initially flowed at 18.3 million standard cubic feet per day (MMscf/d) (or 3,050 barrels of oil equivalent per day) but was choked back to prevent possible gas hydrate formation that could plug the wellhead. Accordingly, a single rate well test was conducted at a stabilized flowing rate of 15.5 MMscf/d (or 2,583 boe/d) through a 52/64-inch choke at a flowing tubing pressure of 1,235 pounds per square inch (psi) for four hours. The stabilized surface flow rate equates to a sandface absolute open flow rate (AOF) of 67 MMscf/d (or 11,167 boe/d). A preliminary condensate-gas ratio from the flow test is five barrels per MMscf. As previously disclosed, the K-45 vertical well sandface AOF was 7.1 MMscf/d (or 1,183 boe/d). K-46's initial reservoir pressure is estimated to be 2,695 psi, indicating about 9 per cent below estimated virgin pressure conditions. Pipeline tie-in activities will be completed by mid-April to ensure a rapid transition to gas sales.

The drilling rig has moved to K-47 on the same drilling pad and will begin drilling by mid-April in an opposing direction to K-46, targeting the prolific upper reservoir interval tested by K-46. Two additional upper reservoir horizontal development locations are planned from a second drilling pad that is currently being constructed and is located to the northeast of the existing pad. Up to two additional horizontal wells are also planned for each pad that target a lower reservoir also identified by K-45.

Don Streu, Condor's president and chief executive officer, commented: "The very strong flow results from K-46 demonstrate the transformative impact horizontal wells can deliver and validates the significant value realized by successfully applying proven technologies. Even more impressive is the magnitude of the K-46 horizontal well's AOF value which is nine times the AOF from the K-45 vertical well. At least three more horizontal wells are planned at Kumli NW in this upper reservoir to accelerate our production growth. We are also incorporating the recent geologic learnings to further expand our drilling portfolio and leveraging Condor's reprocessed 3-D seismic to identify and high-grade additional underdeveloped structures that could have similar characteristics to Kumli NW. To date, the Kumli inventory consists of 18 structural closures that are either absent of well penetrations or have been penetrated in down-dip positions, leaving undrained attic volumes to be recovered.

"Concurrently, acceptance testing of the company's first LNG facility continues as we prepare for its shipment to Kazakhstan during the second quarter. Due diligence work is also ongoing with multiple third-party finance groups to finalize definitive agreements. Having already secured three LNG feed gas allocations, Condor is uniquely positioned to benefit as the LNG industry evolves in Kazakhstan."

About Condor Energies Inc.

Condor Energies an 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; an ongoing project to construct and operate Central Asia's first LNG "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.

We seek Safe Harbor.