Condor Energies Hits Record Horizontal Drill in Uzbekistan, Sells Turkish Assets
Event summary
- Condor's Andakli-21 well in Uzbekistan reached 3,456 meters, setting a record for the longest horizontal drill in the country with 960 meters of carbonate reservoir and up to 12% visible porosity.
- The company plans to perform acid stimulation on A-21 and A-23 wells, with production expected to start in the second half of February 2026.
- Condor agreed to sell its Turkish assets for a ten-year gross overriding royalty capped at US$10 million and a nominal cash payment of 18,000 Euros, subject to Turkish government approvals.
- The sale includes a minimum work commitment by the buyer, including drilling one new well and conducting workover activities.
The big picture
Condor's strategic focus on Central Asia is reinforced by its record-setting drilling achievements in Uzbekistan and the divestment of non-core Turkish assets. The sale allows the company to concentrate on its first-mover energy security initiatives, including natural gas production in Uzbekistan and LNG and critical minerals development in Kazakhstan. The transaction also highlights the company's shift towards higher-margin, lower-carbon fuel projects in a region critical to European and Asian energy markets.
What we're watching
- Production Growth
- Whether the acid stimulations will significantly increase well productivity and contribute to near-term production growth.
- Regulatory Approvals
- The pace at which Turkish government approvals for the asset sale will be received, as the transaction is subject to customary approvals.
- Execution Risk
- How Condor will manage the concurrent drilling and completion programs in Uzbekistan while transitioning out of its Turkish operations.
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