reports
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Two bypassed pay zones add ~2 mboe/d....
• The A-23 horizontal well at the Andakli field has reached total depth, completing a ~1,000 m open-hole section which is Uzbekistan’s longest on record. Initial gas flowback has already been observed at surface. A service rig will conduct flow testing, with the well scheduled to enter production in December. Meanwhile, the drilling rig will spud an even longer lateral second horizontal well from the same pad, targeting a separate carbonate reservoir currently produced via vertical wells in the ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/11/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete. – 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded. The lateral may be extended, and the well is expected to be brought ons...
SEY STERLING ENERGY PLC
PEN PANORO ENERGY ASA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
CNE CANACOL ENERGY LTD
ZPHR ZEPHYR ENERGY
BWE BW ENERGY
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
CEQ CRITERIUM ENERGY LTD.
IAECN ITHACA ENERGY
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Imminent flow rate results for first ...
• 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. • In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded. The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. A second horizontal well will follow immediately from the same pad, targeting a shallower carbonate reservoir • A second rig is scheduled to...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/11/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding ov...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
SQZ SERICA ENERGY
NTOG NOSTRA TERRA OIL & GAS COMPANY
FEC FRONTERA ENERGY CORP
AOI AFRICA OIL CORP
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
RECO RECONNAISSANCE ENERGY AFRICA LTD
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/10/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations. The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November. IP rate...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Well results derisk the deeper clasti...
• Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations. The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November. IP rates are estimated between 13–20 mmcf/d, representing a potentially significant uplift in output. Current reserve estimates are based solely on vertical wells; transitioning to horizontal drilling is expected to ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/09/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations. Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has del...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Up to twelve 13-20 mmcf/d horizontal ...
• 3Q25 Uzbekistan production to date has averaged 10,284 boe/d; which is consistent with 10,258 boe/d reported in 2Q25. • Drilling of the first vertical well in Uzbekistan is underway, with results expected in October. The well is targeting the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals. A successful outcome in the deeper zones could unlock material reserves additions. • Data from this first well will also be used to optimize subsequent ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/08/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: 4Q25 drilling in Uzbekistan could add 26-40 mmcf/d. First LNG in Kazakhstan in 2Q26 – 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. Drilling of the first vertical well in Uzbekistan will begin in early September. The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals. A su...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): 4Q25 drilling in Uzbekistan could add...
• 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. • Drilling of the first vertical well in Uzbekistan will begin in early September. The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals. A successful outcome in the deeper zones could result in material reserves additions. • Two new horizontal wells will be drilled in 4Q25, each expected to deliver initial production rates of 13–20 mmcf/d (26...
- Stephane Foucaud
AUCTUS ON FRIDAY - 20/06/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Focus on the shallow gas prospects – ADX has initiated the farm-out process for the GOLD cluster of shallow gas prospects in ADX-AT-II. This cluster includes the GOLD (A&C), GOLD (B), GRAB, and ZAUN prospects, with a combined P50 prospective resource estimate of 12.1 bcf (13.3 bcf on a mean basis). GOLD accounts for 7.5 bcf, while ZAUN and GRAB hold 2.7 bcf and 1.9 bcf, respective...
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): First LNG on track for 2Q26. Uzbekist...
• 2Q25 to date production in Uzbekistan was 10,332 boe/d as production rates have been partially restricted due to unplanned downstream infrastructure maintenance at non operated facilities. • Downstream facilities are now fully operational, with June production rising to 11,179 boe/d (close to our 2Q25 forecast of 11,673 boe/d). • Fabrication of the first LNG modular facility (48,000 gallons / 80 t per day) remains on track for 4Q25 completion, with first LNG production anticipated in 2Q26. T...
- Sid Rajeev
On Track for Record Revenue & Production, and Key LNG Milestones
Condor Energies Inc. (TSX: CDR/OTC: CNPRF) delivered strong Q1 results with record revenue, 4% QoQ production growth to 64,917 mcf/d, and 37% EBITDA rise. EPS missed estimates due to amortization. Operating Uzbekistan gas fields under a 20-year contract, Condor uses Western tech to boost output and reactivate wells, eyeing 15,000 mcf/d more in 2025. The company acquired a modular LNG unit for Asia’s first LNG facility in Kazakhstan, set for 2026, with $36M CAPEX. Condor anticipates record 2025 r...
- Stephane Foucaud
AUCTUS ON FRIDAY - 16/05/2025
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: Recovering 75% WI of licences in Morocco – Energean has returned its Moroccan offshore interests to Chariot. As a result, Chariot now holds 75% in the Lixus Offshore and Rissana Offshore licences. Condor Energies (CDR CN)C; Target price of C$5.90 per share: Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26 – 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24). Condor ...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
VLE VALEURA ENERGY INC.
EME EMPYREAN ENERGY
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
FEC FRONTERA ENERGY CORP
DGOC DIVERSIFIED GAS & OIL
AOI AFRICA OIL CORP
ZPHR ZEPHYR ENERGY
SENX SERINUS ENERGY
ORC/B ORCA EXPLORATION GROUP CL B
CRCL CORCEL
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
CDR CONDOR ENERGIES INC
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Acquiring a LNG facility for Kazakhst...
• 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24). • Condor held ~C$33 mm in cash at the end of March, supported by a C$10.7 mm positive working capital movement in 1Q25. The accounts receivable balance decreased by C$9.4 mm since YE24, demonstrating consistent payments in Uzbekistan. • The highlight of the press release is the progress achieved at the first LNG plant in Kazakhstan. • In May, Condor purchased a 80,000 t per day modular LNG facility for the Saryozek ...
- Sid Rajeev
Steady Production Growth, Record Revenue Outlook, and Multiple Catalys...
Condor Energies Inc. (TSX: CDR / OTC: CNPRF) reported steady Q4-2024 production growth, hitting 18.5 bcf, with revenue at $66.7M. Q1-2025 production surged 19% QoQ to 73,000 mcf/d, boosting 2025 forecasts. A stable Uzbekistan contract and a Kazakhstan LNG project starting in 2026 signal record revenue potential, despite an EPS miss from higher costs.
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/03/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Production rises again. Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe. 4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. In March, Condor signed a non-binding letter of intent outlining the basic terms and conditions for ...
RKH ROCKHOPPER EXPLORATION
CNE CAIRN ENERGY PLC
REP REPSOL SA
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
XOM EXXON MOBIL CORPORATION
BLOE BLOCK ENERGY
SENX SERINUS ENERGY
OKEA OKEA
RDSA ROYAL DUTCH SHELL PLC
WDS WOODSIDE PETROLEUM LTD
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
Condor Energies Inc. (TSX: CDR): Production rises again. Maiden reserv...
• 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. Du...
- Stephane Foucaud
AUCTUS ON FRIDAY - 21/03/2025
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S. Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital. In exchange, Standard Bank and Norfund will ho...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
PCL PANCONTINENTAL OIL & GAS N.L.
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
7777 3-D MATRIX
GKP GULF KEYSTONE PETROLEUM LTD.
DGOC DIVERSIFIED GAS & OIL
ENOG ENERGEAN PLC
BLOE BLOCK ENERGY
AOI AFRICA OIL CORP
SENX SERINUS ENERGY
JSE JADESTONE ENERGY
TAL PETROTAL (TAL)
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
PRD PREDATOR OIL & GAS HOLDINGS PLC
CDR CONDOR ENERGIES INC
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/03/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively. This represents an increase of 15% and 25%, respectively vs. YE23. Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase ...
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