Mr. Don Streu reports

CONDOR REACHES 17,925 BOE/D AS K-43 AND K-44 ARE TIED INTO PRODUCTION FACILITIES

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

Condor reached a new production milestone, averaging 17,925 boe/d (barrels of oil equivalent per day) over the past 24 hours. The increase was driven by the recently drilled Kumli-43 (K-43) and Kumli-44 (K-44) horizontal wells, which have now been tested and tied into the production facilities.

K-43 and K-44 were both drilled horizontally into the upper reservoir interval confirmed by the recently drilled K-42 vertical well. K-43 reached a total depth of 3,095 metres, including an 830-metre lateral section, while K-44 reached a total depth of 3,188 metres, including a 905-metre lateral section. Both lateral sections were placed within the same 8.3-metre net pay interval.

K-43 initially flowed at a peak rate of 17.8 MMscf/d (million standard cubic feet per day) (or 2,967 boe/d (barrels of oil equivalent per day)), but was rate restricted to manage the high gas stream velocities, similar to the previously drilled K-46 and K-47 horizontal wells. A single rate four-hour production test was conducted at stabilized conditions of 13.0 MMscf/d (or 2,167 boe/d) through a one-inch choke with a flowing tubing pressure of 667 psi (pounds per square inch), exceeding the original forecast production type curve. Liquid rates measured over the test period were 15.1 bbl/d of condensate and 29.6 bbl/d of water.

A single rate well test was also conducted on K-44 at a stabilized rate of 5.0 MMscf/d (or 833 boe/d) through a three-quarter-inch choke at a flowing tubing pressure of 463 psi for four hours. Liquid rates over the test period were 15.0 bbl/d of water and no condensate. These initial test results confirm the reservoir is gas charged and indicate that a targeted stimulation is required to enhance flow performance in the lower-permeability intervals. The company is evaluating stimulation approaches applied to analogous reservoirs in Western Canada and other comparable worldwide basins, and will restimulate the K-44 lateral once the technical plan is complete.

The two rigs are currently drilling the K-48 and K-50 horizontal wells that target an 8.6-metre net pay lower interval that initially flowed 11.2 MMscf/d on the K-42 vertical well. Both wells are expected to reach TD by mid-September, 2026, and are expected to be tested and put on line shortly afterward. The next planned wells to be drilled are the K49 and K51 horizontal wells targeting the same lower interval carbonate reservoir.

"Our drilling campaign continues to deliver material production growth, reinforcing the scale and repeatability of the opportunity at Kumli," commented Don Streu, president and chief executive officer. "Like the prior two horizontal wells drilled on Pad 2, K-43 exceeded its predrill production type curve and the four Kumli horizontal wells have averaged an initial peak flow rate of 14.9 MMscf/d per well. The most recent production milestone of 17,925 boe/d over the past 24 hours is testament to the success of the current drilling campaign and represents a 64-per-cent increase in 2026 production YTD. This is despite unusually prolonged high ambient temperatures that have negatively impacted gas compressor performance downstream of the company's operations and temporarily caused up to 20-per-cent higher downstream pipeline pressures which is impacting well productivity.

"We are particularly excited about the upcoming K-48 and K-50 horizontal well test results next month, which target the same lower interval that delivered exceptional flow rates from the K-42 vertical well. Concurrently, we are actively enhancing our program execution through the continued introduction of advanced Western drilling technologies. On K-43, Condor successfully deployed Uzbekistan's first rotary steerable system, improving lateral placement, reducing drilling time and lowering execution risk. These execution gains support our broader objectives: unlocking production, accelerating field development and creating long-term value in Uzbekistan."

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 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 (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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