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Energy Co. In Final Stages of Long-Term Agreement

Source: Bill Newman

May 24, 2023 ( Newswire) Condor Energies Inc. is in the final stages of a long journey to secure an agreement in Uzbekistan, noted a Research Capital report.

Condor Energies Inc. (CDR:TSX.V) published it had signed a Heads of Agreement (HoA) to take on full operations of eight gas-condensate fields and two exploration blocks in Uzbekistan, noted a Research Capital report.

This HoA was signed with the Ministry of Energy, the Ministry of Mining Industry and Geology, and the national hydrocarbon energy company JSC Uzbekneftegaz (UNG) of the Republic of Uzbekistan and secures the framework needed for end negotiations of the agreement covering the fields and blocks mentioned above.

Upon the execution of a binding contract, Condor intends to leverage technology to enhance production efficiency and finish an infill drilling program, which will reduce field declines and build production.

Newman commented, "CDR is in the final stages of a long journey to secure an agreement in Uzbekistan, and we believe a definitive agreement could be a near-term catalyst for the stock. We maintain our Speculative Buy recommendation."

Natural gas extraction will undergo processing through extended contractual arrangements with UNG, employing predetermined tariffs. The resulting gas will be sold domestically through long-term agreements with the state's gas marketing company. Furthermore, the contiguous exploration blocks, spanning approximately 1,070 km2, exhibit promising potential for further exploration and expansion.

In 2022, Condor Energies publicized a binding sale and purchase agreement for the acquisition of 95% interest in a 16,800-acre lithium brine mining license in Kazakhstan. Currently, the company is still awaiting definite approval from Kazakhstan's government.

While waiting, Condor has started to procure long-lead items for drilling to begin at the lake later this year.

"With many key terms already included in the HoA, the company is targeting the completion of the definitive agreements in Q3/23," Newman concluded.

Structure and Predictions

In his report, Bill Newman maintained his CA$0.50 target price.

His research also shared current market data on the company.

Newman noted a projected return of 2% and an enterprise value of CA$14 million.

More Info: Newswire

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