Mr. Don Streu reports

CONDOR PRODUCTION SURPASSES 18,500 BOE/D AS THE 2026 MULTI-WELL DRILLING PROGRAM CONTINUES TO OUTPERFORM

Condor Energies Inc. had record production in Uzbekistan as its 2026 drilling program continues to deliver repeatable growth.

Condor has achieved a record production average of 18,582 boe/d (barrels of oil equivalent per day) over the past nine days, supported by sustained drilling success from the Jurassic carbonate reservoirs, where 11 wells have already been drilled in 2026 with another two to four wells planned to be completed by year-end.

Production in Uzbekistan for the third quarter of 2026 averaged 16,693 boe/d comprising 16,240 boe/d (97.4 MMscf/d (million standard cubic feet per day)) of natural gas and 454 bopd of condensate which is a 20-per-cent production increase compared with the second quarter of 2026 and a 71-per-cent increase compared with the third quarter of 2025.

The company continues to target previously undeveloped reservoirs within its 282-square-kilometre (approximately 109 sections equivalent) licence area to generate sustained production growth. Although most of the 2026 drilling activity has focused on the Kumli licence, one of the two drilling rigs was recently relocated to the northern Andakli licence and drilled the Andakli-22 horizontal well (A-22) outside of existing mapped structural closure boundaries. A-22 has demonstrated that commercially recoverable gas can be produced outside of conventionally targeted four-way structural closures which could become part of the company's next growth engine.

After the A-22 well was acid stimulated, it was tested for an eight-hour period that yielded an average flowing rate of 6.0 MMscf/d (1,000 boe/d) on a one-inch choke at 444-pound-per-square-inch average flowing tubing pressure. There was no condensate produced and the liquid rate was 667 barrels per day, which consisted primarily of drilling and completion fluids and spent acid. The well was immediately tied into the gas sales line and continues to produce while further cleaning up. The A-22 test result is very impactful as it opens up significant areas of prospective drilling acreage at Andakli while derisking the commerciality of a stratigraphic horizontal well development program. Numerous Andakli follow-up wells are planned as part of the 2027 drilling campaign.

After drilling the A-22 stratigraphic play, the rig has been moved to the company's North Syuzma field to drill a vertical well (NS-14), which targets the deeper Jurassic clastic stacked reservoir sands. The company previously perforated this sand package on two legacy wells in November, 2025, which flowed at a combined gas rate of 13.3 MMscf/d as previously disclosed. The NS-14 well will be drilled to a depth up to 3,000 metres to evaluate the full extent of the stratigraphic column and is expected to begin testing by the end of November, 2026. Pending test results, up to three additional vertical and three additional horizontal follow-up locations could be drilled.

The company has also started drilling the K-53 well, Uzbekistan's first multilateral well at a separate Kumli licence structure where two lateral sections will target separate carbonate reservoirs using a single wellbore at surface. This proven technology provides several key advantages, including higher expected production rates due to increased reservoir contact, reduced well drilling and tie-in costs as compared with drilling two distinct horizontal wells and a smaller environmental footprint. K-53 is expected to be completed by the end of November and tested in December, 2026.

"We are converting drilling successes into record production levels while simultaneously expanding our opportunity base across our Uzbekistan portfolio," commented Don Streu, Condor's president and chief executive officer. "Our Q3 2026 production in Uzbekistan has increased 71 per cent versus Q3 2025 despite the natural reservoir decline rate of 20 per cent on legacy wells. The promising results at Andakli, the potentially deeper reservoirs at North Syuzma and our first multilateral development at Kumli are proven technologies that are generating multiple avenues to increase production rates and reserve growth well beyond the 2026 drilling program. Production performance will be further enhanced with our field booster compression project which is currently being fabricated for a second quarter 2027 commissioning."

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 "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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