Mr. Don Streu reports

CONDOR ACHIEVES NEW PRODUCTION RECORD EXCEEDING 15,000 BOE/D WITH K-47 TIE IN

Condor Energies Inc. has provided an operational update on its Uzbekistan project.

Condor has achieved another corporate milestone by reaching 15,283 boe/d (barrels of oil equivalent per day) average daily production over the past 72 hours due to the recently drilled Kumli-47 horizontal well (K-47) starting production. The well initially flowed at a peak rate of 18.4 MMscf/d (million standard cubic feet per day) (or 3,067 boe/d), but was rate restricted to manage the high gas stream velocities. A single rate well test was conducted at a stabilized flowing rate of 14.8 MMscf/d (or 2467 boe/d) through a three-fourths-inch choke at a flowing tubing pressure of 1,385 psi (pounds per square inch) for six hours. A preliminary condensate-gas ratio from the flow test is 10.7 barrels per MMscf. K-47 was drilled on the Kumli NW Pad 2 to a TD of 3,444 metres in 28 days and includes a lateral section of 1,118 metres that encountered the same dolomitized carbonate reservoir encountered in the neighbouring K-46 well, which was also drilled on Pad 2. It took only 40 days from the start of drilling K-47 to commencing production.

The first drilling rig has moved to Kumli NW Pad 1, which is 2.3 kilometres to the northeast of Pad 2 and will drill the K-42 vertical well to confirm the presence of the same dolomitized reservoir. Surface casing on K-42 has already been set at 511 metres, and the well is expected to reach TD in June. The company plans to follow up K-42 by drilling up to four additional horizontal wells on Pad 1. A second drilling rig is being mobilized to Pad 1 to accelerate production growth and is expected to spud in June.

Don Streu, Condor's president and chief executive officer, commented: "With another horizontal well success at K-47, our 2026 year-to-date production has now increased by 41 per cent despite a 20-per-cent natural decline rate of the legacy fields. The K-47 well result clearly demonstrates that this high-quality reservoir is capable of exceptional, repeatable production rates that can be quickly monetized to yield well payouts in under one year. Given the strong depth of our drilling inventory, we expect to continue to materially grow our 2026 gas production.

"Earlier this month, supermajor BP announced that it had acquired a 40-per-cent interest in a production sharing agreement covering six exploration blocks in the northern part of Uzbekistan approximately 750 km north of Condor's operations. BP's entry into the country reflects the growing international recognition of Uzbekistan's significant upstream oil and gas potential and reinforces Condor's 'first-mover' strategy."

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 LNG (liquified natural gals) "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 (PEC project) 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.

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