Condor Energies Secures $10 Million for Uzbekistan Drilling Expansion
Calgary, Tuesday, 9 December 2025.
Condor Energies has raised $10 million to advance its 12-well drilling project in Uzbekistan, aiming to boost its presence in Central Asia’s energy market and enhance operational capacity.
Strategic Financial Move
Condor Energies Inc. (TSX: CDR) has announced a strategic financial maneuver by securing a $10 million brokered financing to expedite its 12-well drilling program in Uzbekistan. This financing agreement, brokered with the assistance of Research Capital Corporation, Canaccord Genuity Corp., and Auctus Advisors LLP, involves the issuance of convertible debentures valued at $1,000 each, convertible into common shares at $2.00 per share, with a maturity period of 36 months and an annual interest rate of 12% payable semi-annually [1].
Expanding Operations in Uzbekistan
The capital raised will be pivotal in enhancing Condor’s operational capacity in Uzbekistan, a region renowned for its abundant hydrocarbon reserves. Specifically, the funds will be utilized to mobilize a second drilling rig for the planned drilling activities scheduled for 2026 and to develop in-field compression facilities aimed at boosting production and cash flow. This expansion aligns with Condor’s strategic goal of strengthening its foothold in Central Asia’s burgeoning energy sector [1].
Critical Timing and Financial Terms
The financing is slated to close the week of 22 December 2025, pending regulatory and other approvals. Notably, the agents involved in this transaction have the option to increase the offering size by up to 15%, further demonstrating confidence in Condor’s growth prospects. The agents will receive a 6% cash commission alongside 3% broker warrants on the issued convertible debentures, highlighting the structured nature of this financial arrangement [2].
Risks and Forward-Looking Statements
As with any financial initiative, there are inherent risks including market volatility and economic conditions that could impact the success of this venture. Condor Energies remains cautious, explicitly qualifying its forward-looking statements with a cautionary note, acknowledging the potential for unforeseen challenges in executing its strategy. The company’s commitment to this project underscores its dedication to leveraging its expertise and resources to capitalize on Central Asia’s energy potential [1].