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Energy Co. In Final Stages of Long-Term Agreement
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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.

  • Price: CA$0.48, with a 52-week range between CA$0.23 and CA$0.59
  • Price Target: CA$0.50
  • Market Cap:CA$28.60 million

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

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  1. Katherine DeGilio wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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Disclosures for Research Capital Corp., Condor Energies Inc., May 23, 2023

Analyst Certification I, Bill Newman, CFA, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Research Capital Corporation publishes research and investment recommendations for the use of its clients. Information regarding our categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our policies regarding the release of our research reports is available at or may be requested by contacting the analyst. Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

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