Condor Energies Inc. announced that it has signed a Heads of Agreement with the Ministry of Energy, the Ministry of Mining Industry and Geology and the national hydrocarbon energy company JSC Uzbekneftegaz of the Republic of Uzbekistan. The HoA establishes the detailed framework for the final negotiations and approval of the definitive legal documents for an investment project to assume full operations of eight existing gas-condensate fields along with two additional exploration blocks in the surrounding area with the objective of increasing production rates and recoverable reserves. If the definitive agreements are executed, Condor will implement a comprehensive field refurbishment, infill drilling and an emissions-intensity reduction plan.

The produced gas will be processed under long-term agreements with UNG using fixed tariffs and sold domestically under long-term contracts with the state gas marketing company.