Mr. Don Streu reports

CONDOR PROVIDES AN OPERATIONS UPDATE FOR UZBEKISTAN

Condor Energies Inc. has provided an update on its Uzbekistan operations. Average daily production increased 5.6 per cent to 10,534 barrels of oil equivalent per day for the fourth quarter of 2025 from 9,978 boepd in the third quarter of 2025 and increased 7.6 per cent to 11,462 boepd for December, 2025, compared with 10,654 boepd in November, 2025, due mainly to the continued success of the continuing well workover programs. Total daily production for the year 2025 averaged 10,484 boepd compared with 10,511 boepd in 2024.

Well completion and testing activities are continuing for the company's first horizontal well (the first well), which includes a 1,007-metre lateral section that is the longest ever drilled in Uzbekistan. During completion operations, a coil tubing unit was deployed to displace the completion fluid from the horizontal section and perform a routine acid stimulation but was unable to access the entire lateral section, including the intervals where the strongest gas show readings were recorded. The coil tubing's small diameter has limited the ability to reach the end of the open-hole lateral section without potentially damaging (buckling) it. Alternatives to access the entire lateral section include acquiring a larger-diameter coil tubing or a small-diameter drill string, both of which are being actively sourced. In the meantime, a shallower carbonate zone identified in the first well's pilot wellbore has been completed and tested. The test was conducted over a six-hour flow period at stabilized conditions with a flow rate of 3.6 million cubic feet per day through a 9.5-millimetre choke and a flowing tubing pressure of 1,120 pounds per square inch. In addition to the reported gas rates, the well flowed 46-degree-API condensate at rate of 5.1 barrels per day and water rate of 2.7 barrels per day. The first well has been tied in and is producing while awaiting the equipment to access the well's lateral section.

The first well drilling rig has since spudded a second horizontal well (the second well) on the same pad and intermediate casing has been set at 2,178 metres. Drilling the lateral section is expected to commence later this week. The second well lateral section will be in the shallower carbonate interval that was just successfully tested on the first well and is targeting early February, 2026, to begin completion and testing activities.

A second drilling rig also commenced operations (the third well) in an underdeveloped gas field located in the southern region of the company's licences and is currently drilling its intermediate hole section to 2,150 metres and is expected to penetrate the targeted reservoirs in January, 2026. The third well is being drilled vertically to a planned total depth of 2,400 metres to confirm current mapping, collect modern wireline data and core samples, and provide preliminary test rates, which are expected by mid-February, 2026. The third well will be followed by another pad-style horizontal development drilling program targeting three reservoirs with up to six horizontal wells. This underdeveloped gas field is currently producing from a single down-dip gas well, where Condor perforated an eight-metre-thick carbonate interval, which increased the well's average daily production from 1.1 million cubic feet per day to 7.5 million cubic feet per day for the first 30 days and has averaged 5.5 million cubic feet per day for the past 10 months. That workover derisked the large, undeveloped, up-dip structural closure that the third well is targeting. A second pad location is also envisioned to develop this structure as it could represent material reserves volumes.

Don Streu, Condor's president and chief executive officer, commented: "Our two-rig multiwell drilling campaign, planned infield booster compression program, and ongoing workover operations provide numerous near-term catalysts that could materially increase 2026 production rates and cash flows. The multiple learnings gained and equipment challenges overcome during the first well have been applied and are yielding shorter cycle times on the second and third wells, which will assist in completing up to 12 new wells this year. We look forward to providing numerous market updates given the various impactful activities of 2026."

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 (liquefied 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.

We seek Safe Harbor.