Condor is an odd one to me. It has great backers with the Osisko guys, it has Don Streu who was high up in Chevron - he led there offshore Nigeria assets (I assume the giant Agbami field into production), and it has two one of kind projects going on right now. Neither of which I can put my finger on currently. Each one could be a company maker, but I am hesitant on it for reasons I shall give.
Uzbekistan is a very interesting asset. Shitty $3 onshore gas price, but with some condy which fetches more. But they gave away 50% of the profits to a local firm. The company was very opaque about this and I didnt like that. So really, if they are producing 10k boepd today, its really 5k boepd of $3 gas. Nothing to fly home about. I assume with the drilling they're in the process of they could really add production to the books, it could be exponential growth. And the boe cost to produce a molecule with the budgeted drill program presents for some nice economics. I just wonder how much of the profit they will actually see. The real blue sky is proving they are capable operators and getting given much larger gas fields to operate for the gov. No doubt they have something in the works, but will need to wait and see.
Kazakh modular LNG is another one where they gave away 10% of the equity to a local firm. But anyway, the economics sound appealing on this. Of course it carries risks such as dev risk, financing risk, inevitable teething issues and whatver else you can think of with first time projects in a country with a junior. But if they get several of these facilities up and running, it could make for a real nice cash cow for the company. Its a potential company maker and a half.
I guess I dont like the companies historical opaquness with shareholders, and there are risks with a pre-profit company like this, especially when taking on a dev project which is the first of its kind in country. And the Uzbek gas could be cool if they can get higher gas pricing (I assume unlikely), or if they can ramp up to 100-200k boepd through the drill bit and deals, which could be quite likely.
Im patiently following this one for some signs of certainty. One thing I did like was John Chambers going on the board with 300k shares and then procededing to buy another 70k shares through the open market.