Corporate Presentation July 2 0 2 0 w w w .condorpetroleum .com - PowerPoint PPT Presentation

Corporate Presentation July 2 0 2 0 w w w .condorpetroleum .com TSX:CPI March 2020 www.condorpetroleum.com 1

Condor Executive Sum m ary  A TSX-listed energy developer with diverse and strategically positioned assets  100% interest in two gas licences in NW Turkey and an exploration block in Kazakhstan  Actively pursuing value-growth opportunities in Uzbekistan  Feasibility studies presented to the Government for five producing gas fields  Production contract negotiations are ongoing  Sale of Kazakhstan oilfields nearing completion  All Government approvals received; Closing delayed due to COVID-19 travel restriction  US$23.1 million received to date; Net US$0.8 million due at Closing  Proceeds provide significant positive working capital, now debt-free  Prolific exploration portfolio in all three countries provides further upside  Active hydrocarbon systems confirmed with the source, migration, trap and seal all working Areas of Activity Turkey - Ortakoy Gas Production Licenses Kazakhstan - Zharkamys West 1 License Uzbekistan - Area of Gas Fields Interest July 2020 www.condorpetroleum.com 2

Condor Snapshot Capital Markets Near Term Focus  Complete Uzbekistan gas field contract negotiations TSX Sym bol CPI  Finalize terms in Q3 2020  Complete independent Reserves Report  Complete sale of Kazakhstan oilfields  US$23.1 million received Com m on Shares 44.2 million  Net US$0.8 million due at Closing in Q3 2020  Use of proceeds includes Uzbekistan development, resuming Kazakhstan exploration, increased natural gas production in Turkey  Zharkamys Exploration Contract $22 million Market Capitalization ($0.50 per share) extended for 630 days  Pursue multi-well program Farm-in opportunities  License expires in November 2021  Grow production rates in Turkey Current debt Nil  Active infill drilling and workover programs  Appraise Yakamoz gas field July 2020 www.condorpetroleum.com 3

The Uzbekistan Advantage Uzbekistan – Gas Focus Area Zharkam ys W est 1  Material gas reserves and production  World’s 16 th largest gas producer at TCF/ year  Proven technologies can be readily applied to increase production rates, recoveries and decrease costs  Drilling, recompletions, reservoir characterization facility improvements, stimulation, water separation Focus Area  Established pipeline infrastructure  Extensive in-country pipelines and markets with Prolific Fairway of Giant Gas Fields existing export capacity to China and Western Europe Uchkyr – 1 .5 TCF  Feasibility Study demonstrates significant Gazli – 2 3 TCF economic benefits to Condor and to Uzbekistan Kukurtli – 3 .1 TCF  Work plan is “ready to go” Kandym – 8 TCF Urtabulak– 3 TCF  Aligned with existing experience in Central Asia and Eastern Europe Shurtan– 2 6 TCF Dengizkul – 5 .7 TCF * Readers are cautioned that regional oil and gas resource and reserve volumes are sourced from industry and company websites and may not be NI 51-101 compliant July 2020 www.condorpetroleum.com 4

Uzbekistan Production Contract Rigging Up Operations  Negotiations are ongoing to revitalize five existing and producing gas fields  Including wells, field infrastructure and two gas treating facilities  Negotiations continue despite COVID-19 travel restrictions  Main fiscal terms being discussed  Royalties, Cost Oil Limits, Profit Oil Splits and Corporate Income Tax  Potential to include additional existing fields and exploration acreages  Customary governance and steering committee structures  Condor’s program will support local employment, business, training, and social development July 2020 www.condorpetroleum.com 5

Uzbekistan Opportunity Daily Production from 5 Fields  Existing fields have produced at lower Original rates and volumes compared to their Development Plans development plans  Multi-year production plateau is not being achieved  Production decline rates are higher than forecast  Combined cumulative production shortfall exceeds 2 TCF over the life of the fields  A number of potential reasons for the shortfall have been identified Cumulative Production from 5 Fields  Fields are far more structurally complex than Original Development early mapping suggests Plans  OGIP significantly less than previously mapped 2 TCF  Several indicators suggest likely fault Shortfall compartmentalization  Limited access to capital that can fund growth * Readers are cautioned that regional oil and gas resource and reserve volumes are sourced from industry and company websites and may not be NI 51-101 compliant July 2020 www.condorpetroleum.com 6

Production Grow th under Condor Addressing Production Declines  Condor plans to reverse the current production decline rates and increase reservoir recoveries by  Drilling multiple infill and delineation production wells  Installing field compression  Using modern drilling equipment and techniques  Implementing field metering and water separation  Initiating an active workover program  Acquiring 3D development seismic  Continuous reservoir characterization  Data acquisition and management  Condor’s production optimization will Base Production significantly increases recoverable Compression Field 1 reserves Field 2 Field 3 Field 4 Field 5 July 2020 www.condorpetroleum.com 7

Uzbekistan Next Steps  Finalize contract structure Existing Satellite Facility  Contract document is already drafted  Continue discussions on proposed fiscal terms  Gas sales pricing protocol (basket ratios for different gas streams)  Cost recoveries and profit splits  Applicable tax benefits  Complete negotiations of non fiscal terms  Execute contract and initiate handover activities  Assume operations  I nvestigate secondary listing Timing is largely dependent on current travel and quarantine restrictions July 2020 www.condorpetroleum.com 8

Kazakhstan: Zharkam ys W est 1 Pre-Caspian Basin  Located in the Pre-Caspian Basin  46 Billion boe discovered including Super-giant fields*  Kashagan 13B bbls; Tengiz 9B bbls; Zhanazhol 1B bbls  Pursuing multiple proven play-types  Seven play-types identified at depths ranging from 650 to 7000 meters  3777 km 2 block (933,000 acres)  100% working interest Zharkamys West 1 and Surrounding Fields  2532 km 2 of high resolution 3D  successfully images Post-Salt, Intra-Salt (Primary Basin) and Pre-Salt targets  Zharkamys Exploration Contract recently extended until November 18, 2021  Farm-in discussions underway * Readers are cautioned that regional oil and gas resource and reserve volumes are sourced from industry and company websites and may not be NI 51-101 compliant July 2020 www.condorpetroleum.com 9

Large ‘Target Rich’ Portfolio Zharkamys West 1 Prospect Map  15 salt domes provide numerous and material exploration opportunities  7 play-types organized into 3 prospect portfolios  79 Prospects mapped and volumetrics assessed  Active hydrocarbon system confirmed by existing discoveries, surface oil accumulations and gas chimneys  Post-Salt and Primary Basin portfolios have been validated by oil discoveries  35 Post-Salt prospects  Top 12 prospects each with a range of 5 to 13 MM boe of Prospective Resources (internal estimate)*  Well costs range from $0.8 to $2.5 MM per well  30 Primary Basin prospects  Top 3 prospects each with a range of 36 to 41 MM boe and 114 MM boe in total of Prospective Resources #  Per independent resource assessment  Well costs range from $6.5 to $7.0 MM each * Per internal estimate of Company Working Interest, Mean Recoverable , Prospective Resources, Unrisked - See Reserves Advisory # Per independent third party resource assessment of Company Working Interest, Mean Recoverable, Prospective Resources, Unrisked - See Reserves Advisory July 2020 www.condorpetroleum.com 10

Building on Prim ary Basin Results Primary Basin Drilled Wells  Both Primary Basins drilled encountered over-pressured hydrocarbons 8 km Salt Section  41 0 API light oil at KN-E wells 2 8 1 0 m  Numerous gas shows at KN-501 1600 m Kiyaktysai Salt Dom e  All wells confirmed hydrocarbon source, migration, trap 1876m and seal are working  Calibrated 3D seismic to the geological age of Primary KN-E Wells 3992 m Basin sediments  Sediments that are a certain geological age are key to KN-501 Primary Basin commercial success Primary Basin Prospect – Shoba South  Confirmed geologic model accuracy and ability to predict sedimentary packages  Shoba South prospect is drill-ready Sh-501 VI II II I IV I VI  4350 meter well with estimated $6.7 MM drill cost Shoba Field that is  Targeting a thicker Kazanian sedimentary package similar currently producing R to KN-E wells, where oil was discovered VI P2+ Tr Shoba Salt Dome ’  Thicker packages increase probability of encountering Turtle Structure R VI P2 Mrkr1 coarser grained reservoir sediments Touchdown Deep Pre-salt Faults  Independent resource assessment assigns 36 MM boe of S R Pre-Salt Prospective Resources * S Source Rock R Reservoir Rock 3D PSTM, XLN 11412 * Per independent third party resource assessment of Company Working Interest, Mean Recoverable, Prospective Resources, Unrisked - See Reserves Advisory July 2020 www.condorpetroleum.com 11