09:00 AM EDT, 09/09/2025 (MT Newswires) -- Condor Energies ( CNPRF ) said Tuesday it started a multi-well drilling program in Uzbekistan.

The first well, a vertical well targeting 3,000 meters, is expected to cost $4.2 million and take up to 45 days to complete. Condor said results from the well will be used to optimize subsequent horizontal wells, which it estimates could initially produce 13 to 20 million standard cubic feet per day (MMscf/d) each.

The company said the average cost of its planned 12-well horizontal program is $3.3 million per well.

Condor reported average Uzbekistan production of 10,284 barrels of oil equivalent per day (boepd) in the third quarter through Sept. 7, in line with the second quarter's 10,258 boepd. The company said near-term growth was affected by higher sales gas pipeline pressures and workovers focused on data collection, but it expects output to rise with the drilling program and new field compression.

In Kazakhstan, Condor said fabrication of its first modular LNG facility is expected to be completed by year-end.

The facility and equipment will then be shipped to Saryozek, Kazakhstan, for assembly and commissioning. Construction of LNG storage tanks and transport trailers has begun, with LNG production targeted for the second quarter of next year 48,000 gallons per day.

Condor said it is finalizing LNG off-take agreements and pursuing financing options for the facility.

Condor shares closed Monday down $0.08 at $1.75 on the Toronto Stock Exchange.