09:07 AM EST, 12/19/2024 (MT Newswires) -- Condor Energies Inc. ( CNPRF ) , a Canadian based energy transition company that saw its shares drop 4.5% yesterday, on Thursday provided an operational update for its eight gas field production enhancement project in Uzbekistan.

A statement said production for the third quarter of 2024 averaged 10,010 boepd with corresponding sales of $19 million. During the third quarter, the company added it started a multi-well workover program, and the initial results are "exceeding expectations". Condor noted seven made in Canada artificial lift systems have been installed with the initial three wells adding a cumulative 330 boepd of incremental production. It said the corresponding gas flow rates are 100% to 300% higher than prior to the workovers based on 24 hour production tests of each well. The four other wells are currently being reactivated and expected to be producing shortly, it added.

In addition to further plunger lift installations, Condor said the ongoing workover program will also perforate by-passed and new gas reservoir intervals that were recently identified from an ongoing logging program and detailed reviews of the existing well stock.

Condor said given the initial workover program successes, it has contracted a second workover rig to begin activities by early November 2024. With over 100 wells in the eight fields, there is a large inventory of both producing and shut-in wells available for evaluation, recompletion and optimization opportunities to profitably grow production, the company added.

The company said it is currently installing a made in Canada in=line flow separation system which separates water from the gas streams at the field gathering network rather than at the production facility. It added this will reduce pipeline flow pressures that can lead to higher reservoir flow rate, noting this technology has been successfully deployed in similar conditions in Western Canada and is expected to be operational by early November 2024. Additional systems are being manufactured for installation in the coming months.

Don Streu, President and CEO of Condor, said: "We are very excited that the initial workover program results are greatly exceeding expectations. Early operational learnings have reduced subsequent workover days and well reactivation times. As the second workover rig ramps up, we are confident production rates will materially increase as there will be a larger inventory of enhanced wells returning to production. We also anticipate the proven in-line flow separators will add incremental production during this quarter.

"In parallel with our production enhancement activities, we've implemented our safety culture through ongoing employee and contractor training which has resulted in zero lost time and environmental incidents since the start of the project."

CDR lost $0.08 to $1.70 yesterday.