Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul><li>• 2Q25 to date production in Uzbekistan was 10,332 boe/d as production rates have been partially restricted due to unplanned downstream infrastructure maintenance at non operated facilities.</li><li> • Downstream facilities are now fully operational, with June production rising to 11,179 boe/d (close to our 2Q25 forecast of 11,673 boe/d).</li><li>• Fabrication of the first LNG modular facility (48,000 gallons / 80 t per day) remains on track for 4Q25 completion, with first LNG production anticipated in 2Q26.</li></ul>

• 2Q25 to date production in Uzbekistan was 10,332 boe/d as production rates have been partially restricted due to unplanned downstream infrastructure maintenance at non operated facilities. • Downstream facilities are now fully operational, with June production rising to 11,179 boe/d (close to our 2Q25 forecast of 11,673 boe/d).• Fabrication of the first LNG modular facility (48,000 gallons / 80 t per day) remains on track for 4Q25 completion, with first LNG production anticipated in 2Q26.

Condor Energies Inc. (TSX: CDR): First LNG on track for 2Q26. Uzbekistan new horizontal wells could yield 15 mmcf/d IP rate

<ul>
<li>1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24).</li>
<li>Condor held ~C$33 mm in cash at the end of March, supported by a C$10.7 mm positive working capital movement in 1Q25.</li>
<li>The accounts receivable balance decreased by C$9.4 mm since YE24, demonstrating consistent payments in Uzbekistan.</li>
</ul>


1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24).
Condor held ~C$33 mm in cash at the end of March, supported by a C$10.7 mm positive working capital movement in 1Q25.
The accounts receivable balance decreased by C$9.4 mm since YE24, demonstrating consistent payments in Uzbekistan.


Condor Energies Inc. (TSX: CDR): Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26

<ul><li>• 4Q24 production in Uzbekistan was 10,511 (in line) rising to 12,019 boe/d in March-to-date and 12,288 boe/d in the past five days following the third successful workover in the area.</li><li>At least six additional well candidates with similar geological characteristics have been identified, expected to further boost production.</li><li>Multiple other independent workovers candidates being matured.</li></ul>

• 4Q24 production in Uzbekistan was 10,511 (in line) rising to 12,019 boe/d in March-to-date and 12,288 boe/d in the past five days following the third successful workover in the area.At least six additional well candidates with similar geological characteristics have been identified, expected to further boost production.Multiple other independent workovers candidates being matured.

Condor Energies Inc. (TSX: CDR): Production rises again. Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26

<ul>
<li>Condor has successfully perforated and brought online bypassed carbonate formations at a second well.</li>
<li>As a result, production has increased from 11,455 boe/d reported last week to an average of 12,004 boe/d over the last six days.</li>
<li>Using a combination of legacy data and reprocessed 3-D seismic data, five additional well candidates with similar geologic characteristics have been identified.</li>
</ul>


Condor has successfully perforated and brought online bypassed carbonate formations at a second well.
As a result, production has increased from 11,455 boe/d reported last week to an average of 12,004 boe/d over the last six days.
Using a combination of legacy data and reprocessed 3-D seismic data, five additional well candidates with similar geologic characteristics have been identified.


Condor Energies Inc. (TSX: CDR): 2nd Success at Bypassed Carbonate Formation Intervals Boosts Production to >12 Mboe/D

<ul>
<li>A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in production over a 23 m perforated interval at a rate of 1,100 boe/d, increasing to 1,300 boe/d over the past five days as the completion fluid has been recovered.</li>
<li>The flow rate is above expectations and unlocks reserves.</li>
<li>This result showcases the potential upside at Condor’s Uzbekistan assets.</li>
</ul>


A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in production over a 23 m perforated interval at a rate of 1,100 boe/d, increasing to 1,300 boe/d over the past five days as the completion fluid has been recovered.
The flow rate is above expectations and unlocks reserves.
This result showcases the potential upside at Condor’s Uzbekistan assets.


Condor Energies Inc. (TSX: CDR): Very high flow rate at bypassed zone boosts production and unlocks reserves

Canada

Condor Energies Inc. is an international oil and gas company. The Company engages in exploration, development, and production of oil, natural gas, and NGLs in Kazakhstan and Canada.

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Condor Energies (CDR CN)

Condor Energies Inc. (TSX: CDR): First LNG on track for 2Q26. Uzbekistan new horizontal wells could yield 15 mmcf/d IP rate

• 2Q25 to date production in Uzbekistan was 10,332 boe/d as production rates have been partially restricted due to unplanned downstream...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26

Condor held ~C$33 mm in cash at the end of March, supported by a C$10.7 mm positive working capital movement in 1Q25.

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Production rises again. Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26

• 4Q24 production in Uzbekistan was 10,511 (in line) rising to 12,019 boe/d in March-to-date and 12,288 boe/d in the past five days following the...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): 2nd Success at Bypassed Carbonate Formation Intervals Boosts Production to >12 Mboe/D

Using a combination of legacy data and reprocessed 3-D seismic data, five additional well candidates with similar geologic characteristics have...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Very high flow rate at bypassed zone boosts production and unlocks reserves

A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in...

Auctus Advisors

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