Corporate Presentation April 2 0 2 0 w w w .condorpetroleum .com TSX:CPI April 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 three properties in Kazakhstan Actively pursuing additional value-growth opportunities in Uzbekistan Heads of Agreement signed with the Government of Uzbekistan Concluded and submitted feasibility studies on five producing gas fields Production contract negotiations are ongoing Binding sales agreement signed for two Kazakhstan oilfields US$22.5 million received to date Additional US$2.1 million proceeds upon completion will provide additional near term liquidity 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 April 2020 www.condorpetroleum.com 2
Condor Snapshot Capital Markets Near Term Focus Complete Uzbekistan gas field contract negotiations TSX Sym bol CPI Finalize independent Reserves Report Contract terms in Q2 2020 Complete Kazakhstan oilfield sale for additional proceeds of US$2.1 million Com m on Shares 44.2 million US$22.5 million already received Use of proceeds includes Uzbekistan development, resuming Kazakhstan exploration, increased natural gas production in Turkey Received the 630 day extension of the $22 million Market Capitalization ($0.50 per share) Zharkamys exploration license Pursue multi-well program farm-in opportunities License expires November 18, 2021 Appraise Yakamoz gas field in Turkey Current debt nil Initial well encountered multiple strong gas shows Side track well planned for 2020 April 2020 www.condorpetroleum.com 3
W hy Uzbekistan? Substantial political reforms under new leadership Reform Roadmap for 2019-2021 adopted in early 2019 Large-scale privatization program launched and State Owned Enterprise restructuring is underway Institutional and legal reforms in the energy sector are advancing International bond market tapped with a debut Eurobond placement in 2019 https: / / www.ebrd.com/ news/ publications/ transition-report/ transition-report-201920- better-governance-better-economies.html December elections demonstrate stability “The Most Democratic Ever” – The Economist Encouraged by ongoing Presidential mandates Privatization, Tax Code Reforms, Foreign Direct Investment, Repatriation of Capital Mandate to increase production and modernize multiple industries https://www.economist.com/leaders/2019/12/21/which-nation-improved-the-most-in-2019 https://www.worldbank.org/en/news/press-release/2019/10/24/doing-business-2020-reforms-propel-uzbekistan-to-place-among-worlds-top-20-business-climate-improvers https://www.brookings.edu/blog/future-development/2018/12/20/how-uzbekistan-is-transforming-into-an-open-economy/ April 2020 www.condorpetroleum.com 4
W hy Uzbekistan? Uzbekistan – Gas Focus Area Zharkam ys W est 1 Substantial hydrocarbon potential remains 16 th largest gas producer in the world @ 2 TCF/ yr Readily apply proven technologies to increase production rates, recoveries and decrease costs Drilling, recompletions, reservoir characterization Focus Area facility improvements, stimulation, water mitigation Established pipeline infrastructure Prolific Fairway of Giant Gas Fields Extensive in-country pipelines and markets with Uchkyr – 1 .5 TCF existing export capacity to China and Western Europe Gazli – 2 3 TCF Completed Feasibility Studies demonstrate significant economic benefits Kukurtli – 3 .1 TCF to Condor and Uzbekistan Kandym – 8 TCF Urtabulak– 3 TCF Work plan is “ready to go” Aligned with existing experience in Shurtan– 2 6 TCF Central Asia and Eastern Europe 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 April 2020 www.condorpetroleum.com 5
Heads of Agreem ent for Gas Fields Rigging Up Operations Signed with the Ministry of Energy for the Government of Uzbekistan Provides 120 days exclusive right to negotiate a production contract for a defined area Area includes five existing gas fields Wells, field infrastructure and two gas treating facilities HoA extension application has been submitted Customary governance and steering committee structures Main fiscal terms to being negotiated Reimbursement to the State for the existing facilities Royalties, Cost Oil Limits, Profit Oil Splits and Corporate Income Tax Adding additional existing fields and exploration acreage within the contract area April 2020 www.condorpetroleum.com 6
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 has received an extension of the exploration license until November 18, 2021 Farm-in discussions underway Entered into a binding agreement to sell 100% interest in Shoba and Taskuduk oilfields Various Government consents and waivers received Target final closing in Q2 2020 * 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 April 2020 www.condorpetroleum.com 7
Large ‘Target Rich’ Exploration 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 April 2020 www.condorpetroleum.com 8
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 April 2020 www.condorpetroleum.com 9
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