Condor Energies Inc.
Production Growth in Uzbek Gas Fields Signals Strong 2025 Outlook
Published: 11/18/2024
Author: FRC Analysts
Sector: Energy | Industry: Oil & Gas E&P
Ticker Symbols:CDR.TO - TSX 🔹CNPRF - OTCQX 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | CAD $2.22 |
| Fair Value | CAD $3.59 |
| Risk | 4 |
| 52 Week Range | CAD $1.15-2.90 |
| Shares O/S (M) | 57 |
| Market Cap. (M) | CAD $127 |
| Current Yield (%) | N/A |
| P/E (forward) | 16 |
| P/B | N/A |
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Report Highlights
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
