Mr. Don Streu reports

CONDOR INITIATES GAS FIELD PRODUCTION ENHANCEMENT OPERATIONS IN THE REPUBLIC OF UZBEKISTAN

Condor Energies Inc. has initiated production enhancement operations of an integrated cluster of eight conventional natural-gas-condensate fields in Uzbekistan effective March 1, 2024.

Condor will be responsible for all costs of the project, and in exchange for performing its services, it will receive a percentage of net revenues realized from the project. All production from the project will be supplied to the domestic market through sales arrangements with the authorized state entities.

Gas production increases are planned by implementing artificial lift, workover and in-fill drilling programs and investigating deeper horizons that are productive in other regions of the country. Also planned for this year is 3-D seismic reprocessing to support these efforts. Additional reservoir and production data are being collected in the near term and a National Instrument 51-101 compliant reserves report will be completed thereafter.

About Uzbekistan

Uzbekistan is a resource-rich nation with the world's 17th-largest natural gas production (higher than the United Kingdom) and the world's second-largest gold production from a single mine. The extensive reforms introduced by the government have revitalized the economy and international investment in the country has increased tenfold over the past six years. Sustainable energy is a top priority, therefore, while renewable power production (solar and wind) is rapidly growing, natural gas continues to be the primary transition energy source for power generation and heating. Accordingly, the government of Uzbekistan has made it a priority to increase production and maximize the recoveries from existing fields.

About Condor Energies Inc.

Condor Energies is a TSX-listed energy transition developer focused on diverse initiatives in Central Asia and Turkey. With producing gas assets, a continuing project to construct and operate Central Asia's first liquid natural gas facility, and a separate project to develop and produce lithium brine, the company has built a strong foundation for reserves, production and cash flow growth while also striving to minimize its environmental footprint.

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