Corporate Presentation July 2 0 1 9 w w w .condorpetroleum .com - PowerPoint PPT Presentation

Corporate Presentation July 2 0 1 9 w w w .condorpetroleum .com TSX:CPI July 2019 www.condorpetroleum.com 1

Condor Executive Sum m ary Ortakoy Licences in Turkey’s Thrace Basin  A TSX-listed oil and gas developer with diverse and strategically positioned assets  100% interest in two licences in northwest Turkey and three properties in Kazakhstan  Kazakhstan properties are in the country’s most oil- prone basin with multi-billion bbl operating fields  Huge Turkish gas demand --- 99% is imported  Robust operating netback environment + #  $32.46/ boe netback  Attractive royalty costs of $3.21/ boe Zharkamys West 1 in Kazakhstan’s Pre-Caspian Basin  Low operating costs of $8.82/ boe  Near term production growth with 2019 infill drilling and workover programs  Significant upside from a prolific exploration portfolio in both countries  Active hydrocarbon systems confirmed by existing discoveries with source, migration, trap and seal all working Presentation amounts are in Canadian dollars unless otherwise stated + For the 3 months ended March 31, 2019 # Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures July 2019 www.condorpetroleum.com 2

Condor Snapshot Capital Markets Near Term Focus  Grow production and cash flows with TSX Sym bol CPI infill drilling and workover programs  Ongoing Kazakhstan workover program Com m on Shares 44.2 million  Shoba infill well to be drilled in Q3  Pursuing stimulation options in Turkey to enhance gas flow rates $10 million Market Capitalization  Finalize 630 day extension of the ($0.23 per share) Zharkamys exploration license # 1P = $0.82 Reserves: CA$ per share*  Pursue multi-well program farm-in opportunities 2P = $1.76 ( NPV 1 0 after tax) 3P = $2.45  Appraise Yakamoz gas field  Finalize location using reprocessed seismic data  Farm-out discussions underway to drill in 2019  Assess and acquire additional regional growth opportunities  Apply core strengths of revitalizing and developing existing assets in complex or remote locations * As of December 31, 2018--- See Reserves Advisory # See Zharkamys West 1 Advisory July 2019 www.condorpetroleum.com 3

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  3775 km 2 block (933,000 acres)  100% working interest  2532 km 2 of high resolution 3D successfully images Post-Salt, Zharkamys West 1 and Surrounding Fields Intra-Salt (Primary Basin) and Pre-Salt targets  Company is in the process of extending the exploration license by 630 days #  3 oil discoveries to date  Shoba and Taskuduk under separate Production Contracts  Exploration license extension application does not affect the Shoba and Taskuduk oilfields  KN-E is under appraisal * 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 # See Zharkamys West 1 Advisory July 2019 www.condorpetroleum.com 4

Monetizing Shallow Oil Discoveries  Commercial production ongoing at Shoba and Taskuduk  34 to 39 0 API oil at reservoir depths of 750 to 1100 meters with only 3% of OOIP produced to-date  Q1 2019 operating netback # = $28.91 / bbl  Successfully drilled and produced the first Pre-Caspian basin shallow horizontal wells  Also the first wells in Kazakhstan to utilize inflow control devices for minimizing water and gas coning  2019 infill drilling and workover program  Drilling begins in July for the Sh-14 infill well with a 430 meter lateral section  Workover program is ongoing for pump changes in two wells and zonal optimization in three wells Shoba Field # Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures July 2019 www.condorpetroleum.com 5

Large ‘Target Rich’ Portfolio Zharkamys West 1 Prospect Map  15 salt domes provide numerous and material 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 2019 www.condorpetroleum.com 6

Building on Prim ary Basin Results  Both Primary Basins drilled encountered Primary Basin Drilled Wells over-pressured hydrocarbons 8 km  41 0 API light oil at KN-E wells Salt Section 2 8 1 0 m  Numerous gas shows at KN-501 1600 m  All wells confirmed hydrocarbon source, migration, trap Kiyaktysai Salt Dom e and seal are working 1876m  Calibrated 3D seismic to the geological age of Primary KN-E Wells Basin sediments 3992 m  Sediments that are a certain geological age are key to KN-501 Primary Basin commercial success  Confirmed geologic model accuracy and ability to predict sedimentary packages Primary Basin Prospect – Shoba South  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 2019 www.condorpetroleum.com 7

High Value Pre-Salt Targets Eb-401: defined 4-way trap and  Proven Pre-Salt plays within the Pre-Caspian reservoir development Basin are evident at Zharkamys West 1  Numerous recent discoveries  Regional analysis demonstrates continuity of plays across block  Pre-Salt is the confirmed oil source for the shallower Salt Section 5 0 0 0 m Post-Salt and Primary Basin discoveries Ebeity Salt  Pre-Salt structures have been identified with Dom e 3D seismic Post-Salt Post-Salt Mini Mini  Condor’s velocity model is able to predict sedimentary Basin Basin interfaces and structures as validated by the drilled Primary Basin wells  Low drilling costs Pre-Salt Target  Estimated at $21 to $25 MM for a 6500 meter well 5 7 0 0 – 6 5 0 0 m  Considers the costs and challenges of drilling KN-501 Pre-Salt including the 2800 meter salt section Basem ent  Eb-401 targets 128 MM boe of Prospective Resources with a 22% Chance of Discovery * # Per independent third party resource assessment of Company Working Interest, Mean Recoverable , Prospective Resources, Unrisked - See Reserves Advisory July 2019 www.condorpetroleum.com 8

Northw est Turkey: Ortakoy Licenses Turkey is one of Europe’s Hubs for Natural Gas Supply  100% WI in two production licenses covering 110 km 2  Includes Poyraz Ridge and Destan fields  Extensive seismic coverage  472 km of regional 2D & full 3D over Poyraz Ridge  Discovered gas on 6 of 8 structures drilled to date  Commercial production commenced in December 2017 Extensive Prospect and Lead Inventory  Sales pipeline connected into the main Turkish ITGI pipeline system ITGI 36” Pipeline  Strong gas prices  Huge demand and 99% reliant on imports  Average realized gas price in Q1 2019 of CA$9.40/ mcf despite recent Lira devaluation July 2019 www.condorpetroleum.com 9

Poyraz Ridge Com m ercial Developm ent Central Processing Facility (“CPF”)  Multiple stacked-pay productive intervals at depths between 500 to 2000 meters  Conventional thrust-fold play  93% methane gas with no CO 2 or H 2 S  Owned and operated 15 MMscf/ d CPF performing at > 98% uptime  Outstanding economics + #  Q1 2019 operating netback = $36.93 / boe  Favorable fiscal regime Poyraz Ridge Gas Field  12.5% royalty  22% corporate income tax  Pursuing stimulation options to enhance flow rates PW-6  Near field exploration potential with Poyraz West-6 similar looking structures  Yakamoz 1 discovery is 2 km north of the CPF  Other onshore and offshore targets + Q1 2019 # Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures July 2019 www.condorpetroleum.com 10