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Canadian CONDOR Petroleum inc. invests in the oil and gas fields of Uzbekistan more than 1.2 billion US dollars and up to 2 billion US dollars in the mining industry

Uzbekistan, Tashkent - AN Canadian company CONDOR Petroleum inc. since March 2019 has been in Uzbekistan and negotiating with the Ministry of Energy over investments in the amount of more than $ 1.2 billion (without the provision of any state guarantees and privileges) in the exploration of new gas fields and increase production to at least 50% on long-term unprofitable fields.

The company is discussing with the Ministry of Energy in Uzbekistan the question of starting operation of five existing natural gas fields in the Gazli region and completed a detailed feasibility study for these fields with an increase in production of over 50%.

The company has unique highly specialized technologies for optimizing fields and maximizing the extraction of gas resources, all these technologies and methods for their application will be left to Uzbekistan. The company has existed for more than 25 years, it worked in the countries of Central Asia, North and South America, Indonesia, Libya, Angola, Turkey (we discovered the largest gas field in the history of Turkey).

Condor Petroleum inc. It has the largest and most technically advanced 3D seismic data collection and processing program in the Central Asian region. Its application made it possible to identify 79 prospective oil exploration facilities with a combined resource of more than 1.5 billion barrels.

Canadian shallow horizontal well technologies used in the Caspian oil and gas basin of Kazakhstan have made it possible to increase oil recovery by a factor of 2–3 compared to traditional vertical well drilling used in this region. The company is firmly convinced that much of its experience, combined with new technologies and innovations that are being introduced in the Caspian oil and gas basin, can be successfully applied in Uzbekistan. The company hopes that the country's leadership will allow it to begin mutually beneficial cooperation and be present in the Uzbek market and bring its investments here.

Condor Petroleum inc. without fail, social projects will be implemented: drilling water wells, providing ambulances for local hospitals, building roads and bridges, creating parks, sponsoring children from low-income families to attend schools, providing local schools with computers and maintaining public roads in remote villages.

Condor Petroleum inc. also plans to invest in higher education in Uzbekistan. The company has already signed a memorandum of understanding with the University of World Economy and Diplomacy (UWED) and has committed to deduct 1% of the Company's net profit from projects in Uzbekistan to support scholarships for students, to attract professors and scientists from leading educational and scientific institutions to work in universities of Uzbekistan and corporations in Canada, the USA and Europe.

The company is also ready to invest its own funds in the development of infrastructure and labor activity in those areas where it will be engaged in field development. The business practice of the Company consists in training and employing citizens until they make up more than 90% of the workforce of the Company within the country.

The company is ready to invest 22 million US dollars in the professional education of specialists in these industries. Condor Petroleum inc. took part in the 23rd International Exhibition “Oil and Gas of Uzbekistan - Global Oil & Gas Uzbekistan 2019”, where she met with the Managing Director of GAZPROM international, Mr. Fik Andrei Stepanovich, and discussed opportunities for cooperation in oil and gas projects.

A. Fick, Managing Director, GAZPROM International.

Condor Petroleum inc. also interested in cooperation with PJSC GAZPROM Avtomatizasiya projects in Uzbekistan and countries near and far abroad.

Don Streu, President, Chief Executive Officer, Condor Petroleum inc. Zakir Avezov, Head of GAZPROM Avtomatizasiya representative office in Uzbekistan

Condor Petroleum inc. has strong relations with the European Bank for Reconstruction and Development (EBRD), which has confirmed its readiness to cooperate with the Company in a gas production project in Uzbekistan.

Condor Petroleum inc. and its associated group of companies: Osisko Gold Royalties, Osisko Mining and Osisko Metals, are also ready to consider investing up to $ 2 billion in the mining industry of Uzbekistan under the same conditions. Press office of Condor Petroleum inc

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