11:47 AM EDT, 06/27/2024 (MT Newswires) -- Condor Energies ( CNPRF ) on Wednesday said it launched a multi-well workover campaign for the eight gas-condensate fields it operates in Uzbekistan.

The initial workover campaign includes installing proven artificial lift equipment to yield higher gas-flow rates and increase well uptime, among other activities.

With over 100 wells associated with the project, both existing and shut-in wells will continue to be evaluated for optimization opportunities, the company said.

Condor has also started construction of the first in-line flow separation unit, which separates water from the gas streams in the field rather than at the production facility, reducing pipeline flow pressure.

"Since assuming operations on March 1, we've flattened the project's natural production decline rates, which previously exceeded 20% annually, while producing an average of approximately 10,000 [barrels of oil equivalent per day] in the second quarter to-date," said Don Streu, president and CEO of Condor.

Condor's shares were last seen up $0.05 to $1.58 on the Toronto Stock Exchange.

Price: 1.58, Change: +0.05, Percent Change: +3.27