Condor Energies Powers up Uzbekistan Drilling with Strategic Funding

Condor Energies Inc. of Canada will expand its oil and gas development in Uzbekistan after launching a brokered private placement of convertible debentures worth up to $10 mln, the company announced.

The new financing will accelerate Condor’s drilling program and support production growth across its project portfolio in Uzbekistan. Funds will be used to mobilise a second drilling rig for the company’s 12-well program planned for 2026, as well as to build in-field compression facilities aimed at boosting output and cash flow.

Condor plans to operate two drilling rigs throughout 2026, along with a dedicated workover rig to optimise well performance.

The placement is led by Research Capital Corporation and co-lead agent Canaccord Genuity, with additional support from a syndicate of brokers. The offering consists of $1,000 convertible debentures bearing 12% annual interest and maturing in 36 months, convertible at $2.00 per share. Agents also hold a 15% overallotment option.

Closing is expected during the week of December 22, pending regulatory approvals, including from the Toronto Stock Exchange.

Condor, which signed a contract with Uzbekistan in 2024 to boost production at eight gas condensate fields, says the funding will strengthen its long-term development strategy in the country.

Kursiv Uzbekistan also reports that The European Bank for Reconstruction and Development (EBRD) will extend a $50 mln loan to Ipak Yuli Bank to strengthen small and medium-sized businesses (SMEs) in Uzbekistan, the institution’s press service told Kursiv Uzbekistan.