Condor Energies extends Kumli field with successful K-42 well

Condor Energies Inc. (TSX: CDR) announced the completion of its Kumli-42 vertical pilot well in Uzbekistan, which reached a total depth of 2,462 metres and confirms a 2.3 kilometer northeast extension of gas reservoirs in the Kumli field.

The K-42 well identified 26.5 metres of net carbonate reservoir across six intervals, with the main pay zone showing 15% average porosity and a 22% thicker net pay interval compared to the previous K-45 well. The well is expected to begin testing later this month and start production in early July 2026.

The company has also begun drilling the K-44 horizontal well using a second rig on the same pad as K-42, marking what it describes as the first pad-drilling operation in Uzbekistan. This approach is intended to provide faster, lower-cost well connections while capturing operational synergies.

Condor reported achieving a production record of 15,283 barrels of oil equivalent per day last month, representing a 41% increase year-to-date despite a 20% natural decline rate in legacy fields. The company targets an exit production rate of 18,000 to 20,000 barrels of oil equivalent per day for 2026.

The Calgary-based energy company operates in Central Asia under a production enhancement contract in Uzbekistan, where it recognizes 100% of production volumes but allocates 49% of comprehensive income to a non-controlling interest holder.

Condor plans to drill four additional horizontal wells targeting a deeper nine-meter net gas pay section, designated K-48 through K-51, to support near-term production growth.

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