Condor Announces 2024 Second Quarter Results
Condor Announces 2024 Second Quarter Results
CALGARY, Alberta, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Condor Energies Inc. ("Condor" or the "Company") (TSX:CDR), a Canadian based, internationally focused energy transition company focused on Central Asia is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2024 together with the related management's discussion and analysis. These documents will be made available under Condor's profile on SEDAR+ at and on the Condor website at . Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated.
艾伯塔省卡尔加里,2024年8月13日(GLOBE NEWSWIRE)——总部位于加拿大、专注于中亚的国际能源转型公司Condor Energies Inc.(“Condor” 或 “公司”)(多伦多证券交易所股票代码:CDR)欣然宣布发布截至2024年6月30日的三个月和六个月未经审计的中期简明合并财务报表以及相关管理层的讨论和分析。这些文件将在SEDAR+的Condor个人资料下以及Condor网站上公布,网址为。邀请读者查看Condor网站上提供的最新公司介绍。除非另有说明,否则本新闻稿中的所有财务金额均以加元列报。
HIGHLIGHTS
亮点
Production in Uzbekistan for the second quarter of 2024 averaged 10,052 boe/d comprised of 59,033 Mcf/d (9,839 boe/d) of natural gas and 213 bopd of condensate.
Uzbekistan gas and condensate sales for the second quarter of 2024 was $18.95 million.
In June 2024, the Company initiated a multi-well workover campaign on the eight gas-condensate fields it operates in Uzbekistan.
In July 2024, Condor signed its first LNG Framework Agreement for the production and utilization of liquefied natural gas ("LNG") to fuel Kazakhstan's rail locomotives.
The Company received a natural gas allocation in January 2024 in Kazakhstan to be used as feed gas for the Company's first modular LNG production facility.
On March 22, 2024, the Company issued three-year term convertible debentures bearing 9% interest per annum and convertible into 2,950,336 common shares for gross proceeds of USD $4.8 million (CAD $6.5 million).
乌兹别克斯坦2024年第二季度的平均产量为10,052桶/日,其中包括59,033立方英尺/日(9,839桶/日)的天然气和213桶的凝析油。
乌兹别克斯坦2024年第二季度的天然气和凝析油销售额为1,895万美元。
2024年6月,该公司启动了其在乌兹别克斯坦运营的八个凝气油田的多井修井活动。
2024年7月,Condor签署了其第一份液化天然气框架协议,该协议旨在生产和利用液化天然气(“LNG”)为哈萨克斯坦的铁路机车提供燃料。
该公司于2024年1月在哈萨克斯坦获得天然气配额,用作公司首个模块化液化天然气生产设施的原料气。
2024年3月22日,公司发行了三年期可转换债券,年利率为9%,可转换为2950,336股普通股,总收益为480万美元(合650万加元)。
MESSAGE FROM CONDOR'S CEO
来自神鹰首席执行官的消息
Don Streu, President and CEO of Condor commented: "Since assuming the Uzbekistan field operations on March 1, 2024, the team has arrested a twenty percent natural production decline rate while initiating a multi-well workover program to grow production and reserves volumes. We're encouraged with the early gains we've realized by implementing proven technologies and operating practices. The first well workover yielded over a 100 percent production rate increase compared to its pre-workover rate. With more than 100 existing wells on the eight producing fields, we have a large inventory of enhancement opportunities and are working to increase production volumes and revenues beyond the second quarter of 2024 operating results. We are also excited to receive a reprocessed 3-D seismic data set this year to improve subsurface imaging that could identify additional well interventions and future infill and multi-lateral drilling programs.
Condor总裁兼首席执行官唐·斯特鲁评论说:“自2024年3月1日接管乌兹别克斯坦的油田运营以来,该团队已经控制了20%的自然产量下降率,同时启动了多口井修井计划以增加产量和储量。通过实施成熟的技术和运营实践,我们在早期取得了成果,这令我们感到鼓舞。与预修井速度相比,第一口油井的产量提高了100%以上。八个产油田现有油井超过100口,我们有大量的改良机会,并正在努力在2024年第二季度经营业绩之后增加产量和收入。我们还很高兴今年收到经过重新处理的三维地震数据集,以改善地下成像,从而确定更多的油井干预措施以及未来的填充和多边钻探计划。
We are equally excited with our first-mover LNG initiative in Kazakhstan, given that we've secured the feed gas supply for the first liquefaction facility and executed the Framework Agreement with KTZ and Wabtec, which introduces Condor as the LNG supplier and distributor. By applying field proven technologies to displace diesel fuel usage with LNG, end users can expect to reduce emissions and operating costs while increasing operating ranges with faster freight delivery times.
我们同样对我们在哈萨克斯坦的先发液化天然气计划感到兴奋,因为我们已经确保了第一个液化设施的原料气供应,并与KTZ和Wabtec签署了框架协议,其中引入了Condor作为液化天然气供应商和分销商。通过应用经过实地考验的技术,用液化天然气取代柴油燃料,最终用户有望减少排放和运营成本,同时扩大运营范围,缩短货运交时间。
Over the past few years, we've truly built a strong foundation for continued growth with multiple near-term catalysts that are being actively matured."
在过去的几年中,我们利用多种正在积极成熟的短期催化剂,确实为持续增长奠定了坚实的基础。”
Production in Uzbekistan
在乌兹别克斯坦生产
Production for the second quarter of 2024 was 10,052 boe/d, comprised of 59,033 Mcf/d (9,839 boe/d) of natural gas and 213 bopd of condensate, despite production being restricted in April and May for 18 days due to downstream infrastructure maintenance at non-Company operated facilities. Since assuming operations on March 1, 2024, the Company has been able to flatten the natural production decline rates, which previously exceeded twenty percent annually, by introducing downhole surfactants that allows produced water to be lifted more effectively, optimizing well choke-size settings, implementing facility upgrades, and introducing new operating methodologies.
尽管由于非公司运营设施的下游基础设施维护,4月和5月的产量限制为18天,但2024年第二季度的产量为10,052桶/日,包括59,033立方英尺/日(9,839桶/日)的天然气和213桶/日的凝析油。自2024年3月1日投产以来,该公司通过引入可以更有效地提炼出产水的井下表面活性剂、优化井口大小设置、实施设施升级以及引入新的运营方法,得以平缓以前每年超过20%的自然产量下降率。
In late June 2024, the Company initiated a multi-well workover campaign for the eight fields which includes installing proven artificial lift equipment, perforating newly identified pay intervals, performing downhole stimulation treatments, and production tubing replacements. The first well's production rate increased by over 100% compared to its pre-workover rate. Subsequent wells that have been worked-over are being cleaned up and restarted. The workover program is ongoing and with over 100 wells in the eight fields, the Company has a large inventory of both producing and shut-in wells available for evaluation, recompletion and optimization opportunities.
2024年6月下旬,该公司启动了对八个油田的多井修井活动,包括安装经过验证的人工升降设备、对新确定的工资间隔进行穿孔、进行井下刺激处理以及更换生产管道。与修井前相比,第一口油井的产量提高了100%以上。随后已经完工的油井正在清理和重启中。修井计划正在进行中,在八个油田有100多口油井,该公司有大量的生产和关闭油井库存可供评估、重新完井和优化机会。
The Company recently fabricated Uzbekistan's first in-line flow separation unit which separates water from the gas streams at the field gathering network rather than at the production facility and thereby reducing pipeline flow pressure that can lead to higher reservoir flow rates. This separation unit was manufactured in Canada and is expected to be operational in the third quarter of 2024. Additional separation units will be manufactured and installed in the coming months. The existing pipeline and facilities infrastructure are also being evaluated to optimize water-handling, determine long term field compression requirements, and to enhance in-field gathering networks. The Company is also reprocessing previously acquired 3-D seismic data with plans to conduct infill drilling and well deepening programs commencing in 2025. Production guidance will be provided by the Company once it has gathered sufficient operating data to confirm the fields' baseline production, decline rates and the sustained impact of the ongoing workover program along with other optimization efforts that are being introduced.
该公司最近制造了乌兹别克斯坦的第一个直列式流量分离装置,该装置将水与气流分离在油田收集网络而不是生产设施,从而降低了可能导致更高储层流速的管道流量压力。该分离装置在加拿大制造,预计将于2024年第三季度投入运营。在接下来的几个月中,将生产和安装更多的分离装置。还正在评估现有的管道和设施基础设施,以优化水处理,确定长期的现场压缩要求并增强现场收集网络。该公司还在重新处理先前获得的三维地震数据,并计划从2025年开始进行填充钻探和油井深化计划。在收集了足够的运营数据以确认油田的基准产量、下降率和正在进行的修理计划以及正在推出的其他优化措施的持续影响后,公司将提供生产指导。
LNG in Kazakhstan
哈萨克斯坦液化天然气
Condor is developing Kazakhstan's first LNG facilities and will produce, distribute, and sell LNG to offset industrial diesel usage. LNG applications include rail locomotives, long-haul truck fleets, marine vessels, mining equipment, municipal bus fleets, agricultural machinery, and other heavy equipment and machinery with high-horsepower engines. These applications have all successfully used LNG fuel in other Countries.
Condor正在开发哈萨克斯坦的第一个液化天然气设施,并将生产、分销和销售液化天然气以抵消工业柴油的使用。液化天然气应用包括铁路机车、长途卡车车队、海上船舶、采矿设备、市政公交车队、农业机械以及其他带有大马力发动机的重型设备和机械。这些应用都已在其他国家成功使用液化天然气燃料。
In July 2024, the Company signed its first LNG Framework Agreement (the "Framework Agreement") for the production and utilization of LNG to fuel Kazakhstan's rail locomotives. The Framework Agreement was also signed by Kazakhstan Temir Zholy National Company JSC ("KTZ"), the national railway operator of Kazakhstan and Wabtec Corporation ("Wabtec") (NYSE: WAB), a U.S. based locomotive manufacturer with existing facilities in Kazakhstan. KTZ and Wabtec previously signed a memorandum of understanding which includes modernization work to retrofit KTZ's mainline locomotive fleet for LNG usage and incorporate LNG into new-build locomotives. The Framework Agreement introduces Condor into this locomotive fleet modernization strategy as the supplier and distributor of the LNG.
2024年7月,该公司签署了第一份液化天然气框架协议(“框架协议”),以生产和利用液化天然气为哈萨克斯坦的铁路机车提供燃料。框架协议还由哈萨克斯坦国家铁路运营商哈萨克斯坦铁米尔卓利国家公司股份公司(“KTZ”)和瓦布泰克公司(“Wabtec”)(纽约证券交易所代码:WAB)(纽约证券交易所代码:WAB)签署,后者是一家总部位于哈萨克斯坦的现有设施的机车制造商。KTZ和Wabtec此前签署了一份谅解备忘录,其中包括对KTZ的干线机车队进行改造以使用液化天然气,并将液化天然气纳入新建机车中。该框架协议将Condor作为液化天然气的供应商和分销商引入了这一机车车队现代化战略。
The Framework Agreement also provides a detailed framework whereby the three parties will coordinate efforts to ensure that Condor's LNG production volumes coincide with the delivery of new and converted LNG-powered rail locomotives from Wabtec. A working group comprised of members from each of the parties is responsible to identify and monitor the key performance indicators associated with this initiative.
该框架协议还提供了一个详细的框架,三方将据此协调努力,确保Condor的液化天然气产量与Wabtec新建和改装的液化天然气动力铁路机车的交付相吻合。由各方成员组成的工作组负责确定和监测与该举措相关的关键业绩指标。
The Framework Agreement is critical to supplying a stable, economic and more environmentally friendly fuel source for the Transcaspian International Transport Route ("TITR") expansion, which is currently the shortest, fastest and most geopolitically secure transit corridor for moving freight between Asia and Europe. The Government of Kazakhstan and KTZ are making significant investments in TITR infrastructure, including expanding the rail network, constructing a new dry port at the Kazakhstan – China border, and increasing the container-handling capacities at various Caspian Sea ports.
该框架协议对于为跨里海国际运输路线(“TITR”)扩建提供稳定、经济和更环保的燃料来源至关重要,该航线是目前亚洲和欧洲之间运输货物的最短、最快和地缘政治上最安全的过境走廊。哈萨克斯坦政府和KTZ正在对TITR基础设施进行大量投资,包括扩大铁路网络,在哈萨克斯坦-中国边境建造新的陆港,以及提高里海各港口的集装箱装卸能力。
The planned first modular LNG facility will be constructed near the town of Alga and produce 120,000 metric tons of LNG annually, which is the energy equivalent volume of 450,000 litres of diesel per day. Phase 1 of the first facility is currently scheduled to commence LNG production in mid-2026, for which a stable feed gas supply was secured in January 2024. The Company is also advancing project funding alternatives.
计划中的第一个模块化液化天然气设施将在阿尔加镇附近建造,每年生产12万公吨液化天然气,相当于每天45万升柴油的能量当量。第一座设施的第一阶段目前计划于2026年中期开始生产液化天然气,并于2024年1月确保了稳定的原料气供应。该公司还在推进项目融资替代方案。
Lithium License in Kazakhstan
哈萨克斯坦的锂许可证
The Company holds a 100% working interest in the contiguous 37,300-hectare area which provides the subsurface exploration rights for solid minerals for a six-year term (the "Lithium License"). Given its strategic access to Asian and European lithium markets, this region is ideally suited for the rapid deployment of emerging Direct Lithium Extraction ("DLE") technologies to generate lithium for EV batteries and other electricity storage applications.
该公司在连续的37,300公顷区域持有100%的营运权益,该区域提供固体矿物的地下勘探权,为期六年(“锂许可证”)。鉴于其进入亚洲和欧洲锂市场的战略准入,该地区非常适合快速部署新兴的直接锂提取(“DLE”)技术,为电动汽车电池和其他储电应用生产锂。
The initial development plan for the Lithium License includes drilling and testing two wells to verify deliverability rates, confirm the lateral extension and concentrations of lithium in the tested and untested intervals, conduct preliminary engineering for the production facilities, and prepare a mineral resources or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
锂许可证的初步开发计划包括钻探和测试两口油井以验证交付率,确认经过测试和未测试的间隔内锂的横向延伸和浓度,对生产设施进行初步工程,并编写符合National Instrument 43-101矿产项目披露标准的矿产资源或矿产储量报告。
Convertible Debentures
可转换债券
On March 22, 2024, the Company issued convertible debentures (the "Debentures") convertible into 2,950,336 common shares for gross proceeds of USD $4.8 million (CAD $6.5 million) less debt issue costs of CAD $0.2 million for net proceeds of CAD $6.3 million. The Debentures are unsecured, bear interest at 9% payable in cash semi-annually in arrears, mature in three years, and the principal amount is convertible at any time on or before the maturity date at a conversion price of USD $1.61676 per common share. The Company can force conversion of the Debentures if the 20-day volume weighted average trading price of the Company's shares on the TSX exceeds CAD $3.00. The proceeds are available for general corporate purposes. The Debentures have no associated financial covenants.
2024年3月22日,公司发行了可转换债券(“债券”),可转换为2950,336股普通股,总收益为480万美元(合650万加元),减去20万加元的债务发行成本,净收益为630万加元。这些债券为无抵押债券,每半年以现金支付利息9%,三年后到期,本金可在到期日当天或之前随时兑换,转换价格为每股普通股1.61676美元。如果公司股票在多伦多证券交易所的20天成交量加权平均交易价格超过3.00加元,则公司可以强制转换债券。所得款项可用于一般公司用途。债券没有相关的财务契约。
RESULTS OF OPERATIONS
操作结果
|
||||
For the three months ended June 30 |
2024 |
2023 |
Change |
|
Natural gas (Mcf) |
||||
Uzbekistan |
5,372,044 |
- |
5,372,044 |
|
Türkiye |
8,419 |
9,007 |
(588) |
|
5,380,463 |
9,007 |
5,371,456 |
||
Condensate (barrels) |
||||
Uzbekistan |
19,395 |
- |
19,395 |
|
Türkiye |
- |
- |
- |
|
19,395 |
- |
19,395 |
||
For the six months ended June 30 |
||||
Natural gas (Mcf) |
||||
Uzbekistan |
7,399,949 |
- |
7,399,949 |
|
Türkiye |
21,395 |
27,542 |
(6,147) |
|
7,421,344 |
27,542 |
7,393,802 |
||
Condensate (barrels) |
||||
Uzbekistan |
27,585 |
- |
27,585 |
|
Türkiye |
- |
10 |
(10) |
|
27,585 |
10 |
27,575 |
|
||||
在截至6月30日的三个月中 |
2024 |
2023 |
改变 |
|
天然气 (Mcf) |
||||
乌兹别克斯坦 |
5,372,044 |
- |
5,372,044 |
|
土耳其 |
8,419 |
9,007 |
(588) |
|
5,380,463 |
9,007 |
5,371,456 |
||
冷凝水(桶) |
||||
乌兹别克斯坦 |
19,395 |
- |
19,395 |
|
土耳其 |
- |
- |
- |
|
19,395 |
- |
19,395 |
||
在截至6月30日的六个月中 |
||||
天然气 (Mcf) |
||||
乌兹别克斯坦 |
7,399,949 |
- |
7,399,949 |
|
土耳其 |
21,395 |
27,542 |
(6,147) |
|
7,421,344 |
27,542 |
7,393,802 |
||
冷凝水(桶) |
||||
乌兹别克斯坦 |
27,585 |
- |
27,585 |
|
土耳其 |
- |
10 |
(10) |
|
27,585 |
10 |
27,575 |
ABBREVIATIONS
缩写
The following is a summary of abbreviations used in this news release:
以下是本新闻稿中使用的缩写摘要:
Mcf |
Thousands of standard cubic feet |
Mcf/D |
Thousands of standard cubic feet per day |
boe |
Barrels of oil equivalent |
boe/d |
Barrels of oil equivalent per day |
bopd |
Barrels of oil per day |
CEO |
Chief Executive Officer |
CFO |
Chief Financial Officer |
3-D |
Three dimensional |
CAD |
Canadian Dollars |
USD |
United States Dollars |
LNG |
Liquefied Natural Gas |
DLE |
Direct Lithium Extraction |
EV |
Electric Vehicle |
Mcf |
数千标准立方英尺 |
Mcf/D |
每天数千标准立方英尺 |
英国央行 |
桶石油当量 |
boe/d |
每天桶石油当量 |
bopd |
每天桶装石油 |
首席执行官 |
首席执行官 |
首席财务官 |
首席财务官 |
三维 |
三维 |
CAD |
加元 |
美元 |
美国美元 |
液化天然气 |
液化天然气 |
空闲 |
直接提取锂 |
EV |
电动汽车 |