Condor Energies Advances Record-Setting Uzbek Drilling and Exits Turkish Gas Assets via Royalty Deal

An update from Condor Energies ( (TSE:CDR) ) is now available.

Condor Energies has reported a significant milestone in its Uzbekistan drilling campaign, with its second well, Andakli-21, reaching total depth and setting a national record for the longest horizontal section drilled in the country. The well intersected extensive high-porosity carbonate reservoir with strong gas shows, and the company plans acid stimulation and testing in February 2026 before bringing A-21 and the earlier A-23 well into production. A second rig is drilling the Kumli-45 vertical well in an underdeveloped area of the Kumli gas field, where core analysis and logging are intended to refine development plans for a follow-on program of up to 12 horizontal wells from two pads, underscoring Condor’s push to scale gas output in Uzbekistan. In parallel, Condor has agreed to sell its Turkish gas assets, Poyraz Ridge and Destan, to a third-party buyer in exchange for a ten-year, capped gross overriding royalty and a nominal cash payment, with the buyer assuming operating costs from 60 days after signing and committing to workovers and new drilling. This divestiture reduces Condor’s financial exposure in Türkiye while preserving potential royalty upside, allowing the company to reallocate capital and management focus toward higher-impact growth opportunities in Central Asia.

The most recent analyst rating on (TSE:CDR) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Condor Energies stock, see the TSE:CDR Stock Forecast page.

Spark’s Take on TSE:CDR Stock

According to Spark, TipRanks’ AI Analyst, TSE:CDR is a Neutral.

Condor Energies’ overall stock score is primarily impacted by its financial performance challenges, including declining revenue and profit margins, and negative cash flow growth. The technical analysis provides a slightly positive outlook due to some upward momentum indicators, but the valuation remains unattractive due to a negative P/E ratio and lack of dividends. These factors collectively result in a lower overall stock score.

To see Spark’s full report on TSE:CDR stock, click here.

More about Condor Energies

Condor Energies Inc. is a Canadian-based, internationally focused energy transition company with active operations in Central Asia, concentrating on natural gas development and related upstream activities as part of its strategy to supply regional energy markets.

Average Trading Volume: 47,514

Technical Sentiment Signal: Strong Buy

Current Market Cap: C$133.3M

For an in-depth examination of CDR stock, go to TipRanks’ Overview page.