Corporate Presentation November 2017 w w w .condorpetroleum .com - - PowerPoint PPT Presentation

November 2017 www.condorpetroleum.com 1

Corporate Presentation

November 2017

w w w .condorpetroleum .com TSX:CPI

Condor Executive Sum m ary

 A TSX-listed oil and gas developer with a strategically positioned and diverse asset base

 100% interests in licences in northwest Turkey and

Kazakhstan

 Near term sustainable cashflow and production growth

 Commercial production of 450 bopd in Kazakhstan  Recently completed construction of the Poyraz Ridge

gas field development in Turkey

• Material cash flow from high netback gas reserves

 Compelling valuation upside

 Poyraz Ridge gas production is expected to

commence in Q4 2017 at 10 MMscf/ d

 Robust prospect and lead inventories in Turkey and

Kazakhstan

 6.9 MMboe of 2P Reserves*



3.7 MMboe of Proven reserves

November 2017 www.condorpetroleum.com 2

Ortakoy Licences in Turkey’s Thrace Basin Zharkamys West 1 in Kazakhstan’s Pre-Caspian Basin

* As of December 31, 2016 --- See Reserves Advisory

Condor Snapshot

3

TSX Sym bol

CPI

Com m on Shares

43.3 million

Market Capitalization+

$30 million

($.70 per share)

Cash + Cash Equivalents#

$7.2 million

Borrow ings

US$10 million

Reserve Volum es*

( MMboe)

1P = 3.7 2P = 6.9 3P = 10.3

Capital Markets

www.condorpetroleum.com November 2017

+

All amounts in this presentation are in Canadian dollars unless otherwise stated

# As at September 30, 2017

* As of December 31, 2016 --- See Reserves Advisory

Near Term Focus

 Initiate Poyraz Ridge gas production and cash flows

 Facilities and sales gas pipeline are constructed  Completing customary government approvals

 Mature prospects and leads to drill- ready state in Turkey

 Incorporate recent Yakamoz 1 results that

validated the Ortakoy petroleum system

 Maintain Kazakhstan oil production and cash flows

 Currently producing 450 bopd  Q3 2017 operating netback of $19.79 per barrel

 Extend Zharkamys exploration license term

 Court hearing scheduled for November 29, 2017

Northw est Turkey: Ortakoy Licenses

 100% WI in two production licenses

 Poyraz Ridge and Destan fields cover 110 km2

 Extensive seismic coverage

 472 km of regional 2D & full 3D over Poyraz Ridge

 Gas discovered on 6 of 8 structures drilled to date

 23.2 BCF of 2P reserves* at Poyraz Ridge

 Sales pipeline connected into the main Turkish pipeline system

 6” connecting pipeline constructed and tied into

the 36” ITGI (Interconnect Turkey-Greece-Italy)

 Outstanding economics

 Huge regional demand for gas and import reliant  Strong gas prices and netbacks  Favorable fiscal regime

• 12.5% gas royalty
• 20% corporate income tax

November 2017 www.condorpetroleum.com 4

Turkey is one of Europe’s Hubs for Natural Gas Supply Extensive Prospect and Lead Inventory

* As of December 31, 2016 --- See Reserves Advisory

ITGI 36” Pipeline

Poyraz Ridge: Play Opening Discovery

 Field Appraisal and development in a proven gas-prone hydrocarbon system

 Conventional thrust-fold play concept in the

early stages of value creation

 Multiple stacked-pay productive intervals at shallow depths  93% methane gas with no CO2 or H2S  Inexpensive wells

 $1.8 MM drill and complete cost

 Near field exploration potential with similar looking structures

November 2017 www.condorpetroleum.com 5

Multiple Stacked Pay Zones

Poyraz Ridge Developm ent Status

 Construction of the gas facilities and sales gas pipeline is complete

 Currently obtaining customary government agency

approvals

 10 MMscf/ day commencing in Q4 2017  Development gas wells have been drilled and tied-in  Multi-year gas sales contract executed  Facilities can be expanded to accommodate subsequent gas developments

 Other multiple “stacked” reservoir targets like Poyraz

Ridge exist on license

November 2017 www.condorpetroleum.com 6

Central Processing Facility 6” Sales Gas Pipeline Tied into the National Grid

Poyraz Ridge Central Processing Facility

November 2017 www.condorpetroleum.com 7

Gas Processing Equipment Utility Gas Skid Sales Gas Metering Equipment Gas Compression Equipment

Maintaining Gas Production Levels

 Recent seismic inversion analysis has identified multiple stacked gas sands in the primary Gazhanedere formation

 Seismic data using attribute analysis has been

calibrated with PW 4 horizontal well results

 Inversion supports interpretation

 Integration of seismic data and well results has enhanced the geological model

 Guides future development drilling

 Additional horizontal wells to be drilled along the axis of the “fluvial – channel” reservoir systems

November 2017 www.condorpetroleum.com 8

Poyraz West-6

Poyraz Ridge Gas Field

 Targets include ‘attic gas’ stranded higher on the field  1 – 2 wells planned for 2018

 Evaluating options to monetize the neighboring Destan Ridge discovery

Exploitation: Re-Targeting Yakam oz 1

 Yakamoz 1 well drilled in Q3 2017 encountered significant mud gas shows

 Gas shows associated with fractures  Gross interval of 300 meters

 New seismic calibration and mapping indicate well was drilled

• ff-structure

 120 meters of structure has been

remapped in an up-dip location

 Additional potential exists in pre- Miocene, pre-Sogucak and fractured basement  $1.2 MM to sidetrack original well

 Includes penetrating deeper targets

 Yakamoz Field is located 2 km north of Poyraz Ridge facilities and can be tied-in for ~ $1 MM

November 2017 www.condorpetroleum.com 9

High Mud Gas Shows

Yak 1 Gas Show s

Yak 1 Yakamoz-1a (Proposed Location)

Yak-1 TD

Kazakhstan: Zharkam ys W est 1

 Located in the Pre-Caspian Basin

 46 Billion boe discovered*

 Super-giant fields in Pre-Caspian Basin include*

 Kashagan: 13 B bbls; Tengiz: 9 B bbls; Zhanazhol: 1 B bbls

 Pursuing multiple proven geologic play-types

 Seven play-types already identified from 650 to 7000 meters

 3777 km 2 block (933,000 acres)

 100% working interest  Exploration period expired in December 2016

• Court proceedings are underway in an attempt to extend

the license duration

 3 oil discoveries so far

 KN-E, Shoba, Taskuduk

 Extensive seismic data set acquired

 2532 km2 3D has successfully imaged Pre-Salt and Intra-Salt

(Primary Basin) targets

November 2017 www.condorpetroleum.com 10

Pre-Caspian Basin Zharkamys West 1 and Surrounding Fields

* 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

Phased Strategy in Kazakhstan

 Phase 1 : Discovered shallow oil fields

 Acquired extensive 3D seismic  Drilled shallow, inexpensive wells to calibrate

seismic and initiate export sales

• Shoba, Taskuduk in commercial production

 Phase 2 : Pursuing Break-out Intra- Salt (‘Primary Basin’) play

 Confirmed hydrocarbon source, migration, trap

seal and reservoir at ZW1 with KN-E discovery

• Both Primary Basin targets drilled have

encountered over-pressured hydrocarbons

 Phase 3 : Leverage into highest impact, Pre-Salt prospects

 Apply Primary Basin geological and operational

learnings

November 2017 www.condorpetroleum.com 11 Low er Perm ian Jurassic Cretaceous Carboniferous Mid Devonian

Pre-Salt

Modern 3D Seismic Images Multiple Exploration Plays

Phase 1 650 – 2000 m Phase 2 2000 – 5000 m Phase 3 5000 – 7000 m

Low er Perm ian Kungurian Salt

Salt Flank Prim ary Basin Sub-Canopy Post-Canopy Horn

• L. – Mid Triassic

Upper Perm ian

Monetizing Shallow Oil Discoveries

November 2017 www.condorpetroleum.com 12

 Commercial production is continuing at Shoba and Taskuduk

 340 – 410 API oil at reservoir depths of 750 to

1100 meters

 Q3 2017 operating netback of $19.79 per barrel

 Shoba horizontal wells are performing as predicted

 Currently producing 450 bopd  First shallow horizontal wells drilled in the Pre-

Caspian basin

 First wells in Kazakhstan to utilize inflow control

devices to minimize coning

 Two additional horizontal wells are expected to increase production to over 1000 barrels per day

 Estimating $1.8 MM per well to drill and complete

Shoba Horizontal vs Vertical Well Performance Sh-10 and Sh-11 Horizontal Wells Vertical Wells Shoba Gauging Station

Building on Prim ary Basin Results

 2 Primary Basin targets drilled at ZW1

 Both encountered over-pressured hydrocarbons

• 410 API light oil at the KN-E wells
• Numerous gas shows at KN-501

 Both wells confirmed hydrocarbon source,

migration, trap and seal are working

 Calibrated 3D seismic to the geological age of

Primary Basin sediments

• Sediments that are a certain geological age are

key to Primary Basin commercial success

 Confirmed geologic model accuracy and ability to

predict sedimentary packages

 KN-501 target was fully encapsulated in salt before younger, coarser-grained sediments were deposited

 KN-501’s older, fine-grained Ufimian sediments

were not of sufficient size to generate reservoir quality rock

 Subsequent wells are targeting younger, coarser-

grained sediments, like the Kazanian sediments drilled at KN-E

November 2017 www.condorpetroleum.com 13

The KN-501 was drilled to 3,992 meters for $7.7 MM, penetrating a massive 2,810 meter salt section without incident

Recently Drilled Primary Basin Wells

KN-E Wells KN-501 3992 m 1600 m 1876m Kiyaktysai Salt Dom e 8 km 2 8 1 0 m Salt Section

Refining the Prim ary Basin Portfolio

 Drill-ready Korumbet NW prospect

 3850 meter well with estimated $6.5 MM drill cost  Targeting a thicker Kazanian sedimentary package

similar KN-E-201, where oil was discovered

• Thicker packages increase probability of

encountering coarser grained sediments

November 2017 www.condorpetroleum.com 14

Korumbet NW Prospect

Salt Primary Basin Mini- Basin

Target Zone: Age equivalent to KNE Discovery

Pre-Salt

Oil discovered in Sandstone Reservoirs Thin Kazanian Section

Korum bet NW Prospect KN-E-2 0 1 KN-5 0 1

Base Canopy Salt Ufimian Kazanian Stratigraphic Thickness 2625 m 3842 m 3715 m Thick Kazanian Section

Leveraging Pre-Salt Upside Potential

 Proven Pre-Salt plays in Pre-Caspian Basin are evident at ZW1

 Regional analysis demonstrates continuity of plays

across block

 Numerous recent discoveries  Pre-Salt is the oil source for shallower post salt and

Primary Basin discoveries

 Condor’s velocity model is accurately predicting sedimentary interfaces, indicating Pre-Salt structures exist as mapped

 Model validated by recently drilled Primary Basin wells

 KN-501 results support drilling costs ranging from $21 MM to $25 MM for a 6500 meter well

 Earlier estimates were much higher due to perceived

issues with drilling massive salt sections

November 2017 www.condorpetroleum.com 15

Basem ent

Post-Salt Mini Basin

Post-Salt

Mini Basin

Pre-Salt Pre-Salt Target 5 7 0 0 – 6 5 0 0 m

Eb-401: 3D seismic indicates favorable 4-way trap and reservoir development

Ebeity Salt Dom e 5 0 0 0 m Salt Section

Near Term Focus and Catalysts

 Poyraz Ridge gas production of 10 MMscf/ d in Q4 2017

 Facility and sales gas pipeline have been

constructed

 Obtaining customary government approvals

 Mature leads surrounding Poyraz Ridge to drill-ready state



Sidetracking alternatives for Yakamoz 1 are also being evaluated

 Maintain Kazakhstan oil production

 Q3 2017 operating netback of $19.79 per

barrel

 Extend the term of the Zharkamys exploration license



Court hearing is scheduled in Kazakhstan for November 29, 2017

November 2017 www.condorpetroleum.com

Construction of Poyraz Ridge Facilities is Complete

* See Reserves Advisory 16

November 2010 www.condorpetroleum.com

Appendix – Additional I nform ation

Reserve Volum es

November 2017 www.condorpetroleum.com 18

Gross Com pany reserves as of Decem ber 3 1 , 2 0 1 6

See Reserves Advisory

Kazakhstan Turkey Total ( in Mboe)

Oil Mbbls Gas MMCF Gas Mboe Mboe

Proved 1,569 12,534 2,089 3,658 Probable 1,433 10,646 1,774 3,207 Proved plus Probable 3,003 23,180 3,863 6,865 Possible 1,380 12,256 2,043 3,423 Proved plus Probable plus Possible 4,383 35,436 5,906 10,288

Reserve Values

November 2017 www.condorpetroleum.com 19

Gross Com pany reserves as of Decem ber 3 1 , 2 0 1 6

See Reserves Advisory

Total Volume (Mboe) NPV10 After Tax (US$MM) NPV10 After Tax (CA$MM)# Proved 3,658 27.7 36.0 Probable 3,207 35.3 45.9 Proved plus Probable 6,865 63.0 81.9 Possible 3,423 40.8 53.0 Proved plus Probable plus Possible 10,288 103.8 134.9

# Using an exchange rate of 1.30 CAD/ US$

Turkish Regional Considerations

 Strategic geographic location



Turkey controls the Bosphorus shipping channels between the Mediterranean and Black Seas



Major energy transit hub at the intersection

• f Europe, Asia and the Middle East



Multiple natural gas pipelines transect the country and new pipelines are in the planning or development phases (TurkStream and TANAP)

 Ortakoy licenses are ~ 2000 km west of the Iranian border

November 2017 www.condorpetroleum.com 20

Ortakoy Licenses are Located in Northwest Turkey



Located in the ‘European’ region of Turkey



Proximal to emerging giant gas developments in the Eastern Mediterranean



Optimally positioned for consideration as gas storage site as they are near the industrial heartland of Istanbul

 Turkish gas markets



Turkey imports 98% of its natural gas



State-owned “Botas” owns and operates the extensive national pipeline grid



36” ITGI gas pipeline transects the Ortakoy licenses

Kazakhstan Oil and Gas Sector

www.condorpetroleum.com 21

 Oil production has tripled since 1991 independence to over 1.6 MM bopd  Broad participation from foreign investment



Super Majors and Majors, NOCs, Juniors

 Politically stable with attractive fiscal terms (royalty / tax)  Ongoing investment has established export routes to Russia, Europe and China

Source: Rystad Energy 2014

Top 10 Resource Holders in Kazakhstan Kazakhstan Production Growth Top 10 Producers in Kazakhstan

November 2017

Established Oil and Gas Pipeline Netw orks

22 www.condorpetroleum.com November 2017

Multiple Existing Export Routes

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 Multiple existing routes are accessible for exporting to Russia, Europe and China



Atyrau to Samara to Novorossiysk / Odessa / European markets



Kenkiyak to Alashankou to China



Aktau Port to Baku / Mahachkala / Neka via the Caspian Sea

 Expansion of existing export infrastructure and export routing is also underway

November 2017

New ZW 1 3 D Seism ic I m aging Techniques

I dentifying Prim ary Basin and Pre-Salt Potential

November 2017 www.condorpetroleum.com 24

 Depth Migration produces superior imaging:



Primary Basin play not imaged by 2D



Enhanced definition and positioning of Pre-Salt structure/ stratigraphy



Salt flank plays clearly visible

 Condor’s exploration 3D acquisition design and processing:



High fold (160 versus 12-60 typical in Kazakhstan)



Increased source density



Long offsets and wide azimuths



Unique geologic velocity model Same location of a 2D and 3D seismic line

Salt Flank Prim ary Basin Pre-Salt Prim ary Basin Pre-Salt Salt Flank

2D Pre-Stack Time Migration 3D Pre-Stack Depth Migration Salt Dom e Salt Dom e

Condor’s Leadership Team

25

Successful track record of capturing

• pportunities and executing developm ents

Don Streu - President, CEO & Director Former Chevron Sandy Quilty – VP Finance & CFO Former Arawak, FIOC, BJ Services, PwC Bill Hatcher – Chief Operating Officer Former Chevron, Nelson, Burren Norm an Storm – Managing Director ( Kz) Former Director Osisko Mining Blair Anderson – VP Corporate Developm ent Former Marsa, Verenex, Aventura

Board of Directors Management

www.condorpetroleum.com November 2017

Sean Roosen – Chairm an Chairman and CEO Osisko Gold Royalties Edw ard Bogle – Lead Director Former Nexen Chief Strategic Officer and Talisman EVP Dennis Balderston Independent Businessman, Former Partner at E&Y W alter Daw son President and CEO Perfco Investments International Stefan Kaltenbach CEO Orangedental, Forstgarten Holding W erner Zoellner Founder Patrimonium Private Equity

Managem ent Biographies

26

Don Streu President & CEO

• Mr. Streu has over 30 years experience in the oil and gas industry including 22 years

with Chevron working in Angola, Indonesia, Nigeria, Canada and the United States. Mr. Streu was the asset manager of Angola’s first deepwater production: a 100,000 bopd

• peration that went from discovery to first oil in only 30 months. As Chevron

Indonesia’s Planning Manager, Mr. Streu was responsible for developing strategic and tactical plans for an organization producing in excess of 350,000 bopd. Mr. Streu was also the Asset Manager for Chevron Nigeria Limited, managing the entire offshore production of 250,000 bopd. Mr. Streu has been the President and Chief Executive Officer of Condor since September 2008.

Sandy Quilty VP Finance & CFO

• Mr. Quilty is a Chartered Accountant with over 25 years experience in the international
• il and gas industry working for exploration and production companies and service

enterprises in Canada, Russia, China and over 15 years in Kazakhstan. Mr. Quilty articled at Pricewaterhouse and was previously Vice President of Finance at Arawak Energy Corporation, CFO at Altius Energy Corporation and Finance and Accounting Manager at Fracmaster/ BJ Services.

Bill Hatcher COO

• Mr. Hatcher has over 30 years of international and North American experience in the

upstream industry. Mr. Hatcher’s international experience includes roles in Kazakhstan, Nigeria, Turkmenistan and Trinidad. Mr. Hatcher has worked with both major and independent oil producers including, most recently, a founder and Technical Director for Bayfield Energy Limited. Previously, Mr. Hatcher served as General Manager of Operations for Burren Energy plc in Turkmenistan and Operations Manager for Nelson Resources Limited in Kazakhstan. Mr. Hatcher holds a Bachelor of Science in Petroleum Engineering from the University of Southern California.

www.condorpetroleum.com November 2017

Managem ent Biographies

27 www.condorpetroleum.com

Norm an Storm Managing Director

• Mr. Storm has worked in Kazakhstan for over 22 years and has been involved in a wide

array of business activities, including oil and gas exploration and production, oil field services, domestic and international transportation services, and manufacturing. Mr. Storm has provided transportation and oilfield services to many of the region’s major resource projects including Kashagan, Tengizchevroil, Karachaganak, Petro-Kazakhstan and Temir in Kazakhstan and the Kumtor mine in Kyrgyzstan. Mr. Storm was a principal in the first international transportation service company operating in Kazakhstan which was also the founding member of KAZATO, the IRU’s (Switzerland) customs bonding agency for road transportation in Kazakhstan and was the co-founder of a joint venture which constructed two of the first western technology based manufacturing plants in Kazakhstan.

Blair Anderson VP Corporate Development

• Mr. Anderson, formerly President and CEO of Marsa Energy Inc, has more than 35

years of international and domestic/ frontier exploration and development experience. Prior to Marsa, Mr. Anderson was the Exploration Manager and co-Founder of Verenex Energy Inc. which was sold to the Libyan Investment Agency in 2009. Verenex was recognized as the most successful international E&P company to enter Libya since the

• pening of the country to foreign investment in 2004. Mr. Anderson also served as

Exploration Manager with Aventura Energy Inc. who in 2001 made the largest onshore

• il and gas discovery in Trinidad in almost 40 years. Mr. Anderson has held numerous

senior technical and managerial positions with Suncor Energy, Encor (Talisman) Energy, Natomas International, Hudbay Oil (Indonesia), Hudbay Oil (Australia) and Hudson’s Bay Oil and Gas Co Ltd. He has worked and lived in Asia, Australia, Australasia, South America, Africa, Europe and the Middle East. Mr. Anderson holds a BSc (Honors) degree in Geology from the University of Manitoba.

November 2017

Forw ard Looking Statem ents

November 2017 28

Certain statements contained in this presentation constitute forward looking statements. These statements may relate to future events

• r Condor’s future performance. All statements other than statements of historical fact are forward looking statements. The use of any
• f the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “predict” and “potential”

and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. No assurance can be given that these expectations will prove to be correct and such forward looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. In addition, this presentation may contain forward looking statements and forward looking information attributed to third party industry

• sources. Without limitation, this presentation contains forward looking statements pertaining to the following: initial production rates

and the expected timing thereof; the timing and ability to commission the Poyraz Ridge facility and pipeline and obtain the customary government approvals to commence production; the timing and ability to develop the gas reserves, construct the required infrastructure and to commence producing and selling gas; the timing and ability to generate and grow future cash flows; the estimated working capital; the timing and ability to bring future discoveries into commercial production; the timing and ability to obtain various approvals for the Company’s exploration and development activities; the expectations, timing, ability and costs of exploration, appraisal, development and construction activities; the ability of the drilled wells to become future gas producing wells; the timing and ability to develop the gas reserves, construct the required infrastructure and to commence producing and selling gas; the timing and ability to fund future development and exploration activities; the timing and ability to access domestic and export oil and gas pipelines and sales markets; historical flow rates and historical production rates may not represent future production rates; historical sales prices and costs may not represent future sale prices and costs; uncertainty regarding the Company’s future legal rights to have the Zharkamys West 1 license extended and the ongoing court proceedings; the timing of and ability to maintain the Zharkamys West 1 license; the ability to validate the petroleum system, confirm that basement thrust and detachment faults can be mapped below over- thrust and the prospectivity of the Yakamoz structure; the repeatability of Poyraz Ridge; the ability to confirm hydrocarbon source, migration, trap and seal; the ability to calibrate 3D seismic to the geological age of sediments; the ability to confirm the geologic model accuracy and to predict sedimentary packages and interfaces; making further discoveries and developing these discoveries; and treatment under governmental regulatory regimes and tax laws. With respect to forward looking statements and forward looking information contained in this presentation, assumptions have been made regarding, among other things: the ability to obtain qualified staff and equipment in a timely and cost efficient manner; the regulatory framework governing royalties, taxes and environmental matters; the ability to market crude oil, natural gas and NGL production; the applicability of technologies for recovery and production of oil, natural gas and NGL reserves; the recoverability of crude

• il, natural gas and NGL reserves; future development plans for Condor’s assets proceeding substantially as currently envisioned; future

capital expenditures; future cash flows from production meeting the expectations stated herein; future debt levels; operating costs; the geography of the areas of exploration; the impact of increasing competition; and the ability to obtain financing on acceptable terms.

www.condorpetroleum.com

Forw ard Looking Statem ents

November 2017 29

Actual results could differ materially from those anticipated in these forward looking statements as a result of the risk factors set forth below and as discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s Annual Information Form including, but not limited to: regulatory changes and the timing of regulatory approvals; general economic, market and business conditions; volatility in market prices for crude oil, natural gas and NGLs and marketing and hedging activities related thereto; risks related to the exploration, development and production of crude oil, natural gas and NGL reserves; the historical composition and quality of crude oil, natural gas and NGL may not be indicative of future composition and quality; risks inherent in Condor’s international operations including security, regulatory and legal risks; risks related to the timing of completion of Condor’s projects; competition for, among other things, capital, the acquisition

• f

resources and skilled personnel; actions by governmental authorities including changes to government regulations and taxation; environmental risks and hazards; failure to accurately estimate abandonment and reclamation costs; failure of third parties’ reviews, reports and projections to be accurate; the availability of capital on acceptable terms; political and security risks; the failure of Condor or the holder of certain licenses or leases to meet specific requirements of such licenses or leases; adverse claims made in respect of Condor’s properties or assets; failure to engage

• r retain key personnel; potential losses which could result from disruptions in production, including work stoppages or other labour

difficulties,

• r

disruptions in the transportation network

• n which Condor

relies to transport crude oil, natural gas and NGLs; uncertainties inherent in estimating quantities of crude oil, natural gas and NGL reserves; failure to acquire or develop replacement reserves; geological, technical, drilling and processing problems, including the availability of equipment and access to properties; failure by counterparties to make payments or perform their operational or other obligations to Condor in compliance with the terms of contractual arrangements; current

• r future financial conditions, including fluctuations in interest

rates, foreign exchange rates, inflation, commodity prices, and stock market volatility; disruption of production or production not occurring in sufficient quantities; reliance on third parties to execute Condor’s strategy; and increasing regulations affecting Condor’s future operations. The forward looking statements included in this presentation are expressly qualified by this cautionary statement and are made as of the date of this presentation. Condor does not undertake any obligation to publicly update or revise any forward looking statements except as required by applicable securities laws.

www.condorpetroleum.com

Reserves Advisory

November 2017 30

This presentation includes information pertaining to the Evaluation of Crude Oil and Natural Gas for the Kazakhstan and Turkey properties based on forecast prices and costs as of December 31, 2016 prepared by independent reserves evaluators McDaniel & Associates Consultants Ltd. which were prepared by qualified reserves evaluators in accordance with NI 51-101. Statements relating to reserves are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated. The reserve estimates described herein are estimates only. The actual reserves may be greater or less than those calculated. Estimates with respect to reserves that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and analogy to similar types of reserves, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same reserves based upon production history will result in variations, which may be material, in the estimated reserves. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (mcf) of gas to one barrel (bbl) of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf to 1 bbl, utilizing a conversion ratio at 6 Mcf to1 bbl may be misleading as an indication of value, particularly if used in isolation. "Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated Proved reserves. "Probable" reserves are those additional reserves that are less certain to be recovered than Proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable reserves. "Possible" reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated Proved plus Probable plus Possible reserves.

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Abbreviations

November 2017 31

km kilometer km 2 square kilometer M thousand MM million B billion bbl barrels boe barrel of oil equivalent bopd barrels of oil per day cf cubic feet scf standard cubic feet TD total depth d day % percent 1P Proved reserves 2P Proved plus Probable reserves 3P Proved plus Probable plus Possible reserves NGL natural gas liquids NPV net present value Q quarter 2D two dimensional 3D three dimensional degrees API American Petroleum Institute US$ United States dollars CA$ Canadian dollars / per “ inch CEO Chief Executive Officer CFO Chief Financial Officer COO Chief Operating Officer VP Vice President

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