Condor Receives Feedgas Allocation for Its LNG Project in Kazakhstan - Seite 2

Our LNG initiative also supports the Government’s strategy to implement technological transformations for decarbonization to achieve the country’s net-zero carbon goal as per its Strategy on Achieving Carbon Neutrality by 2060 adopted in 2023.”

CONDOR’S MODULAR LNG PROJECT

Condor is developing Kazakhstan’s first Liquified Natural Gas (“LNG”) facilities and will produce, distribute, and sell LNG to offset industrial diesel usage. Applications include rail locomotives, long-haul truck fleets, marine vessels, mining equipment, municipal bus fleets, agricultural machinery, and other equipment with large diesel engines. These applications have all successfully used LNG fuel in other parts of the world.

The Company is implementing an LNG liquefaction technology that was originally developed by the United States Department of Energy. The “modular” nature of this technology will allow Condor to ‘right-size’ LNG production facilities in various regions of Kazakhstan. These LNG facilities will be designed and configured to match production with local demand and are scalable to ensure optimal efficiencies for LNG deliveries to end-users.

Conventional full-scale LNG plants are complex, expensive, and require construction times of five or more years before production commences. Costing upwards of US$10 to $15 billion, they are generally constructed at locations that support export sales of LNG via marine tankers.

Conversely, modular LNG plants have significantly smaller footprints and are decentralized, providing the ability to ‘localize’ LNG production and distribution. Modular plants are efficient, cost effective and can be tailored to multiple industries and end-users. They can be built quickly and are relatively inexpensive compared to the larger export-focused terminals, with construction timelines of only 12 to 18 months from design to first production. The scalability component of modular plants is also critical when establishing an emerging market, where a conventional full-scale LNG facility would face significant near-term cash flow and operating cost challenges.

ABOUT CONDOR ENERGIES INC

Condor Energies is a TSX-listed energy transition developer focused on diverse initiatives in Central Asia and Turkey. With producing gas assets, an ongoing project to construct and operate Central Asia’s first LNG facility and a separate project to develop and produce lithium brine, the Company has built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.