Mr. Don Streu reports

CONDOR PRODUCTION EXCEEDS 16,900 BOE/D AS K-42 DELIVERS STRONGER THAN EXPECTED RESULTS

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

Condor reached a new corporate production milestone, averaging 16,921 barrels of oil equivalent per day (boe/d) over the past 72 hours. The increase was driven in part by the recently drilled Kumli-42 vertical well (K-42), which has now been tested and tied into the production facilities.

As previously disclosed, K-42 was drilled to 2,462 metres and encountered 26.5 metres of net carbonate reservoir across six separate intervals based on wireline logs. An 8.6-metre net pay lower interval was flow tested after perforation and acid stimulation for a four-hour period, yielding an average flowing rate of 11.2 million standard cubic feet (mmscf/d) (1,867 boe/d) on a one-inch choke at 678-pound-per-square-inch (psi) average flowing tubing pressure, which was materially higher than anticipated. The preliminary condensate-gas ratio from the flow test was 1.3 barrels per mmscf and 359 barrels per day of water. It is expected that the condensate rate will increase and the water rate will decrease, as the well transitions into a continuous production phase.

The separate 8.3-metre net pay upper interval in K-42 is available to be acid stimulated and produced at a later date. K-42's strong gas flow performance confirms the company's geologic modeling and supports further development of the lower reservoir across the Kumli NW field. Operating data from K-42 will be incorporated into the final design of four planned horizontal development wells (K-48, K-49, K-50 and K-51), while the recently drilled K-46 and K-47 wells continue producing from the upper reservoir interval.

Two rigs continue drilling operations on pad 1 in the Kumli NW extension with the lateral section currently being drilled on K-44, which has encountered strong gas shows consistent with observations on the K-46 and K-47 wells. On K-43, the intermediate casing string has been set and drilling the lateral section is expected to commence shortly. Both wells are expected to reach TD (total depth) in July, begin production in early August, and target the upper reservoir which is producing over 12 mmscf/d at both K-46 and K-47. As noted above, after finishing K-43 and K-44, the two drilling rigs will begin developing the lower interval reservoirs across Kumli NW based on the positive K-42 test results.

Production in Uzbekistan for the second quarter of 2026 averaged 13,851 boe/d, comprising 13,458 boe/d (80,748 mmscf/d) of natural gas and 393 barrels per day of condensate for a total production increase of 17.1 per cent from the first quarter of 2026. This is despite over fifteen days of restricted production during the second quarter due to downstream infrastructure maintenance and plant upsets at non-company operated facilities.

"The K-42 lower interval reservoir test exceeded our predrill expectations by a factor of two and further validates the quality and development potential of the stacked carbonate reservoirs at Kumli NW," commented Don Streu, president and chief executive officer. "These results continue to demonstrate our repeatable development model capable of delivering strong production rates, rapid capital payback and sustained growth. With additional development wells under way and a drilling inventory of more than 50 wells, we remain well positioned to continue increasing production and cash flow."

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 (the 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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