Corporate Presentation Novem ber 2 0 1 9 w w w .condorpetroleum - PowerPoint PPT Presentation

Corporate Presentation Novem ber 2 0 1 9 w w w .condorpetroleum .com TSX:CPI November 2019 www.condorpetroleum.com 1

Condor Executive Sum m ary  A TSX-listed energy developer with diverse and strategically positioned assets  100% interest in two oil and gas licences in northwest Turkey and three properties in Kazakhstan  Actively pursuing additional value-growth opportunities in Uzbekistan  Heads of Agreement just signed with the Government of Uzbekistan  Provides 120 days exclusivity to negotiate a PSA  Currently performing feasibility studies on five producing gas fields  CA$32.7 MM * binding agreement signed for the sale of two Kazakhstan oilfields  Provides Condor with additional near term liquidity  Prolific exploration portfolio in all three countries provides further upside  Active hydrocarbon systems confirmed with the source, migration, trap and seal all working Areas of Activity Ortakoy Production Licenses Zharkamys West 1 License Area of Interest – Natural Gas Fairway * Using an exchange rate of 1.3275 CA$/ US$ November 2019 www.condorpetroleum.com 2

Condor Snapshot Capital Markets Near Term Focus  Complete Uzbekistan gas field TSX Sym bol CPI feasibility study and PSA negotiations  Expect independent reserves audit to be completed in Q4 2019 Com m on Shares 44.2 million  PSA terms in Q1 2020  Complete closing of the CA$32.7 MM * $16 million Market Capitalization ($0.36 per share) Kazakhstan asset sale  Target closing in Q1 2020 1P = $0.82 Reserves: CA$ per share +  Use of proceeds includes Uzbekistan 2P = $1.76 ( NPV 1 0 after tax) development, resuming Kazakhstan exploration, 3P = $2.45 increased natural gas production in Turkey  Execute the 630 day extension of the Zharkamys exploration license #  Pursue multi-well program farm-in opportunities  Appraise Yakamoz gas field in Turkey  Initial well encountered multiple strong gas shows  Farm-out discussions underway + As of December 31, 2018--- See Reserves Advisory # See Zharkamys West 1 Advisory * Using an exchange rate of 1.3275 CA$/ US$ November 2019 www.condorpetroleum.com 3

W hy Uzbekistan?  Substantial hydrocarbon potential remains Oil & Gas Fields of the Amu Darya Basin, Uzbekistan  16 th largest gas producer in the world @ 2 TCF/ yr  Apply proven technologies to increase production rates, recoveries and decrease costs  Drilling, recompletions, reservoir characterization facility improvements, stimulation, water mitigation  Established pipeline infrastructure  Extensive in-country pipelines and markets with existing export capacity to China and Western Europe  Encouraged by ongoing Presidential mandates  Privatization, tax code reforms, Foreign Direct Investment, repatriation of capital  EIA ranks Uzbekistan as 19 th largest gas reserves  BP (2019) Statistical Review estimates gas reserves  Mandate to increase production and modernize of 42 trillion cubic feet multiple industries  Aligned with existing experience in Central Asia and Eastern Europe * 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 November 2019 www.condorpetroleum.com 4

Heads of Agreem ent for UZ Gas Fields Rigging Up Operations  Signed with the Ministry of Energy for the Government of Uzbekistan  Provides 120 days exclusive right to negotiate a PSA for a defined area  Area includes five existing fields  wells, field infrastructure and two gas treating facilities  Customary PSA governance and steering committee structures  Main fiscal terms to be negotiated in PSA  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 November 2019 www.condorpetroleum.com 5

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 #  Farm-out discussions underway  Entered into a binding agreement to sell 100% interest in Shoba and Taskuduk oilfields  Various Government consents and waivers required  Target closing in Q1 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 # See Zharkamys West 1 Advisory November 2019 www.condorpetroleum.com 6

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 November 2019 www.condorpetroleum.com 7

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 November 2019 www.condorpetroleum.com 8

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 November 2019 www.condorpetroleum.com 9

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  Reference gas sales price of CA$10.20/ mcf as of November 1, 2019 November 2019 www.condorpetroleum.com 10