Condor Energies Inc. (TSX: CDR): Production rises again. Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26
• 4Q24 production in Uzbekistan was 10,511 (in line) rising to 12,019 boe/d in March-to-date and 12,288 boe/d in the past five days following the third successful workover in the area. At least six additional well candidates with similar geological characteristics have been identified, expected to further boost production. Multiple other independent workovers candidates being matured.• Since taking operatorship, Condor has completed 20 workovers with over 100 remaining candidates identified. During 1Q25 and 2Q25, the company plans to install 3–4 in-line flow separation systems. The first system, installed in 4Q24, delivered an additional ~700 boe/d.
• The Uzbekistan fields are estimated to hold 18.5 mmboe gross 2P reserves, though this is considered highly conservative. The estimate factors in historical high production declines when operated by the national company, before Condor took operatorship (and arrested the decline), low recovery rates, vertical wells only (Condor’s new wells will be horizontal or deviated), and no post-YE24 contributions from the workover program.
• Condor plans to drill three new wells starting early 3Q25, targeting Jurassic Carbonates, shallow Cretaceous formations, and deeper Middle Jurassic Clastics. No reserves are currently booked for the Cretaceous or Jurassic Clastics. Additionally, drilling will reach the fractured basement, which offers further resource potential,, with a cost of only US$3.3 mm.
• We continue to forecast 15.5-17 mboe/d production by YE25. As we incorporate the new modular 80t/y LNG plant, we have increased our target price from C$5.60/sh to C$5.70/sh, consistent with our ReNAV.
First LNG sales in Kazakhstan in 1H25
In March 2025, Condor signed a non-binding letter of intent outlining the basic terms and conditions for the purchase of a modular LNG facility with a production capacity of 48,000 gallons (80 t) per day. Fabrication is scheduled for completion in 4Q25, after which the facility will be shipped to Kazakhstan for assembly and commissioning. LNG production is anticipated to commence in 1H26, with offtake agreements expected to be finalized by early 2Q25. This facility is in addition to the two other plants at Alga (start-up also expected in 2026) and Kuryk.
Valuation and financials
At YE24, current accounts receivable stood at C$17.6 mm, down from C$22.8 mm at the end of September, reflecting ongoing successful collections in Uzbekistan. With the integration of the new 80t/y LNG plant into the valuation, the ReNAV has been revised upward from C$5.59/sh to C$5.77/sh.
Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.
The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy.
Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors.
Auctus provides Corporate Broking, Equity Research and Investment Banking services.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.