Corporate Presentation www.condorpetroleum.com w w w - PDF document

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

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 March 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 March 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/ March 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 March 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 March 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 March 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 March 2020 www.condorpetroleum.com 8

Building on Prim ary Basin Results  Both Primary Basins drilled encountered Primary Basin Drilled Wells over-pressured hydrocarbons  41 0 API light oil at KN-E wells 8 km 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 ’ R  Thicker packages increase probability of encountering Turtle Structure 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 March 2020 www.condorpetroleum.com 9