Mr. Don Streu reports

CONDOR ANNOUNCES KUMLI FIELD EXTENSION WITH SUCCESSFUL K-42 PILOT WELL

Condor Energies Inc. has provided an update on drilling activities on its Uzbekistan gas development project.

Kumli-42 vertical well drilling results

Kumli-42 (K-42), the vertical pilot well located on the second Kumli NW development pad, reached a total depth of 2,462 metres and confirms the 2.3-kilometre northeast extension of the prolific reservoirs identified in previously drilled K-45 vertical well and the subsequent high-rate horizontal wells at K-46 and K-47. The continuity of these reservoirs across this portion of the Kumli NW structure demonstrates the repeatability of Condor's development program which reduces risk for future horizontal development drilling and validates Condor's geological models.

Open-hole wireline logs acquired in K-42 identified 26.5 metres of net carbonate reservoir across six separate intervals. Reservoir quality in the main pay zone replicated the dolomitization and average porosity of 15 per cent encountered in the K-45 well on the first development pad. In addition, K-42 has a 22-per-cent-thicker net pay interval in this zone, which is currently being produced by the K-46 and K-47 horizontal wells.

K-42 is expected to be tested later this month after the completion string is run and the drilling rig is moved to the K-43 horizontal well on the same pad. The well is then expected to be tied into the pipeline system and start producing in early July, 2026.

Second drilling rig spuds the K-44 horizontal well

The company is also pleased to report that a second rig has begun drilling the K-44 horizontal well on the same pad as K-42 and K-43, which marks the first pad-drilling operation in Uzbekistan and is expected to provide a faster, lower-cost method of tying in producing wells while also capturing drilling and operational synergies.

Message from condor's president and CEO

Don Streu, Condor's president and chief executive officer, commented: "The K-42 results are an important and positive milestone in continuing to materially increase our near-term production volumes and cash flow. The K-42 wireline log data validates our geological modelling and increases the probability of encountering similar strong gas flow rates from the next two horizontal wells, namely K-43 and K-44. There is also the added potential of further Kumli NW prospectivity beyond the planned TD of the K-44 lateral section. Near-term production growth will be supported by drilling four additional horizontal wells that target a deeper nine-metre net gas pay section with K-48, K-49, K-50 and K-51.

"After having attained a new production record of 15,283 boepd last month, where production had increased 41 per cent year to date despite a 20-per-cent natural decline rate of the legacy fields, we are on track to achieve a 2026 exit production rate of 18,000 to 20,000 with continued drilling successes."

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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