Condor Energies Inc.
Production Growth in Uzbek Gas Fields Signals Strong 2025 Outlook
Published: 11/18/2024
Author: FRC Analysts
*See important disclosures at the bottom of this reportSector: Energy | Industry: Oil & Gas E&P
Ticker Symbols:
CDR.TO - TSX 🔹
CNPRF - OTCQX 🔹
FRC Top Pick
- CDR is up 28% since we initiated coverage in early October 2024. In Q3-2024, production, revenue, and operating netback remained relatively flat QoQ, in line with our estimates. Nearly all of the company’s production comes from a 20-year contract with the Government of Uzbekistan to operate eight gas fields in the country. CDR is utilizing proven Western technologies to enhance production and recovery rates.
- EBITDA declined 4% QoQ due to higher G&A expenses, missing our estimate by 2%.
- We were pleased to see production remain flat QoQ, especially since the wells have a natural annual decline rate of over 20%. Flat production indicates that the company’s techniques are