Mr. Don Streu reports

CONDOR'S K-48 HORIZONTAL WELL TEST FLOWS UP TO 19.5 MMSCF PER DAY

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

The Kumli-48 horizontal well (K-48) was recently drilled to a total depth of 3,233 metres and includes an 863-metre open-hole lateral section into a lower carbonate reservoir interval that was identified by the previously drilled K-42 vertical well. K-48 initially flowed at a peak rate of 19.5 million standard cubic feet per day (mmscf/d) (or 3,250 barrels of oil equivalent per day (boe/d)) but was rate restricted to manage the high gas stream velocities. K-48 was tested on a one-inch choke for four hours at an average rate of 18.1 mmscf/d (or 3,017 boe/d) with a flowing tubing pressure of 1,005 pounds per square inch (psi). Formation water production was negligible and the preliminary condensate-gas ratio from the flow test is 7.6 barrels per mmscf. The well is currently being tied in and will begin producing to gas sales shortly.

The Kumli 50 horizontal well (K-50), which drilled the same lower carbonate reservoir, has reached a total depth of 3,375 metres and is currently being completed prior to testing. The drilling rig from K-50 has commenced drilling the K-51 horizontal well, which targets the same prolific lower carbonate reservoir as the K-48 and K-50 wells, and the drilling rig from K-48 has moved to the adjacent Andakli field to begin drilling the A-22 horizontal well, which targets a regionally extensive stratigraphic carbonate play.

Don Streu, Condor's president and chief executive officer, commented: "The very strong flow results from K-48 and its predecessors demonstrate the transformative impact horizontal wells can deliver and validates the significant value realized by successfully applying proven reservoir characterization and modern drilling technologies.

"The company has now drilled eight wells on the Kumli Northwest structure in 2026 that have added significant production volumes, while the drillable prospect inventory has grown to 58 and continues to expand our multiyear drilling program. Relocating one of the rigs to the Andakli field in the northern part of the concession becomes part of Condor's next growth engine to further enhance long-term value in Uzbekistan. Andakli is a large area of established gas charge where the team has recently tested and flowed gas outside of existing mapped structural closure boundaries. Given that we have already proven the commerciality of horizontal developments at Kumli, this opens significant prospective drilling acreage at Andakli while the second rig continues to monetize the Kumli field."

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 (PEC) project in Uzbekistan 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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