Condor Announces 2023 Second Quarter Results

CALGARY, Alberta, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), an internationally focused energy transition company with activities in Turkiye and Kazakhstan, is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2023 together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.com and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated.

Highlights

• In July 2023, the Government of Kazakhstan awarded Condor a 100% working interest in a contiguous 37,300-hectare lithium brine mining license in Kazakhstan for a six-year term.
• The Company is awaiting final approval from the Government of Kazakhstan for its 95% working interest in a separate lithium brine mining license in Kazakhstan.
• In June 2023, the Company established a USD 5.9 million (CAD 7.8 million) three-year term loan facility that bears interest at 9.0% per annum and is available for working capital requirements and general corporate purposes.
• The Company continues with final negotiations and approval of the definitive legal documents for a production redevelopment project to assume full operations of eight existing gas-condensate fields in Uzbekistan.
• In Kazakhstan, discussions are ongoing to secure a long-term LNG feed gas supply contract.
  

Lithium Licenses in Kazakhstan

In July 2023, the Government of Kazakhstan awarded Condor a contiguous 37,300-hectare lithium brine mining license in Kazakhstan (the “First Lithium License”). The Company holds a 100% working interest in the First Lithium License which provides the subsurface exploration rights for solid minerals for a six-year term.

A prior well drilled in the First Lithium License for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 670-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. This well also penetrated the very top of the Devonian-aged sediments and reservoir sands were encountered but not tested.