2018 AGM Update

AGM Update - June 21, 2018 www.condorpetroleum.com 1

Operations UpdateAnnual General Meeting June 21, 2018

www.condorpetroleum.com TSX:CPI

Summary

High margins and positive cashflow+

Turkey Q1 2018 operating netback# = $31.56/boe

Gas sales price > $7/mcf with a very favourable fiscal regime

Kazakhstan Q1 2018 operating netback# = $23.05 per barrel

Currently producing 1100 to 1200 boepd

Near term production growth with infill drilling programs 1 to 2 gas wells in Turkey targeting reservoir ‘sweet

spots’

2 horizontal wells in Kazakhstan designed to double oil production

Finalize extension of the Zharkamys exploration license duration 630 day extension period

Sidetrack Yak 1 in Turkey to test up-dip primary targets and deeper plays Multiple targets identified on re-processed seismic


Ortakoy Licences in Turkey’s Thrace Basin

Zharkamys West 1 in Kazakhstan’s Pre-Caspian Basin

+ All amounts in this presentation are in Canadian dollars unless otherwise stated# Operating netback is a non-GAAP measure . See Non-GAAP Financial Measures

Northwest Turkey: Ortakoy Licenses

Poyraz Ridge commercial production commenced in December 2017 Stable operations at CPF

Sales gas flowing into the Turkish ITGI pipeline

Infill drilling program is underway Targeting recently identified ‘sweet spots’

Planned wells have a 4 to 5 month payout*

Evaluating options to monetize Destan Near field exploration potential


Extensive Prospect and Lead Inventory

ITGI 36” Pipeline

Poyraz Ridge Gas Field

Poyraz West-6

PW-6

Central Processing Facility (“CPF”)

Targeting Poyraz Ridge “Sweet Spots”


Infill well “sweet spots” identified through 3D seismic inversion and production history Targeting well locations with high productivity intervals and maximum reservoir drainage

Poyraz West 1 has averaged over 3 MMscf/day during the past 3 months from a fractured carbonate interval

Multi-stacked producing zones can be commingled to enhance deliverability

Drilling has commenced on Poyraz West 6 with results expected in July 2018

Primary Reservoir Targets

Perforations

Fault

Gazhanedere A Sandstone

Sogucak Carbonate

Poyraz West 1 Poyraz West 6 Poyraz 2

PW-1

Poyraz Ridge: Sogucak Limestone Anomaly MapPoyraz Ridge: Seismic Inversion

Producing Perfs Tested Gas

Secondary Reservoir Targets

PW-6

Re-Targeting Yakamoz 1


C1 to C5

Yakamoz 1 well drilled in 2017 encountered significant gas shows while drilling Gas shows associated with fractures

Yakamoz-1 was drilled off structure into a faulted-out compartment on the flanks of 2 highs

Reprocessed Yakamoz 2D seismic data has significantly improved imaging Up-dip targets with potential thickness of 200 meters

have been identified in Miocene reservoirs

Deeper targets and potential reserve adds also exist in pre-Miocene / pre-Sogucak and fractured basement

Maturing plans to penetrate new targets $1.2 MM to sidetrack original well

Includes penetrating deeper targets

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

Deep Target 1M. to L. Eocene

Strong hydrocarbon shows in B

ase Miocene &

Mid Eocene

Yak 1Gas Log

TD 2250m

Up-dip Miocene Structure Target

~200 meters

Deep Target 2E. Eocene & Fractured Basement

Yakamoz-1A Proposed Well path

Reprocessed Yakamoz Seismic Data

Expanding Beyond Yakamoz 1

Recent Yakamoz 1 well validates Ortakoy License petroleum system Confirmed basement thrust and detachment faults

can be mapped below the over-thrust

Strong hydrocarbon shows suggest hydrocarbon kitchen (source rocks) lie to the NW

Multiple Thrust-Fold & Sub-Thrust Leads Exist On License Identified from existing 2D seismic

SE verging thrusts have a ~ 2 km wavelength

Structural plays similar to Poyraz Ridge and Yakamoz are mapped en-echelon with and adjacent to existing discoveries

Untested deeper (Eocene & older) plays in the central and NW portions of license

Further exploration upside potential in the near-offshore region


Several Leads Are Being Matured

Yak 1 Kor 1 Poyraz Field

Geoschematic Line of Section above

NW SE

Kazakhstan: Zharkamys West 1

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

3777 km2 block (933,000 acres) 100% working interest

2532 km2 of high resolution 3D successfully images Post-Salt, Intra-Salt (Primary Basin) and Pre-Salt targets

Exploration period expired in December 2016#

Court proceedings continue in an attempt to extend the license duration

3 oil discoveries to date Shoba and Taskuduk under separate Production Contracts

KN-E under appraisal


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 # See Zharkamys West 1 Advisory

Monetizing Shallow Oil Discoveries


Commercial production at Shoba and Taskuduk 34 to 390 API oil at reservoir depths of 750 to 1100 meters

Q1 2018 operating netback# of $23.05 per barrel

Successfully drilled and produced first Pre-Caspian basin shallow horizontal wells First wells in Kazakhstan to utilize inflow control devices for minimizing water and gas coning

Two additional horizontal wells and two workovers are expected to increase production to 800 to 1000 barrels per day*

Target Q3 2018 spud --- finalizing drilling contracts

Estimating $1.5 MM per well to drill and complete with a 7 to 8 month payout*

Shoba Gauging Station

# Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures * Internal Company estimate --- See Reserves Advisory

Deviated section of the horizontal wells

Lateral section of the horizontal wells

Shoba Field with 4 New Horizontal Infill Well Locations

Sh-12 and SH-15 new Hz wells in Q3 2018

Large ‘Target Rich’ Portfolio


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

Zharkamys West 1 Prospect Map

* 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

Building on Primary Basin Results

Both Primary Basins drilled encountered over-pressured hydrocarbons 410 API light oil at KN-E wells

Numerous gas shows at KN-501

All 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

Korumbet NW prospect is drill-ready 3850 meter well with estimated $6.5 MM drill cost

Targeting a thicker Kazanian sedimentary package similar to KN-E wells, where oil was discovered

Thicker packages increase probability of encountering coarser grained reservoir sediments

Independent resource assessment assigns 41.4 MM boe of Prospective Resources and 39% Chance of Discovery*


Primary Basin Drilled Wells

3992 m

1600 m

1876m

KiyaktysaiSalt Dome

8 km

28

10

mS

alt

Sec

tion

KN-E Wells

KN-501

Salt

Primary Basin

Mini- Basin

Target is age equivalent to KNE oil discovery

Target is age equivalent to KNE oil discovery

Pre-Salt

Primary Basin Prospect - Korumbet NW

* Per independent third party resource assessment of Company Working Interest, Mean Recoverable , Prospective Resources, Unrisked - See Reserves Advisory

Near Term Focus and Catalysts

Continue growing Poyraz Ridge gas production and cash flows In-fill wells to mitigate natural decline

rates

Monetize the neighboring Destan Ridge discovery

Double Kazakhstan oil production 2 horizontal wells planned for 2018

Finalize extension of the Zharkamys exploration license duration Pursue multi-well program farm-in

opportunities

Mature leads surrounding Poyraz Ridge to drill-ready state Sidetracking alternatives for Yakamoz 1

are being advanced

Deeper potential targets also exist

AGM Update - June 21, 2018 www.condorpetroleum.com

Poyraz Ridge Central Processing Facility and Infill Drilling Operations

11

November 2010 www.condorpetroleum.com

Appendix – Additional Information

Reserve Volumes


Gross Company reserves as of December 31, 2017See Reserves Advisory

Kazakhstan Turkey Total

(in Mboe) Oil Mbbls

GasMMCF

GasMboe

Mboe

Proved 1,399 8,228 1,371 2,770Probable 1,188 10,034 1,672 2,860Proved plus Probable 2,587 18,262 3,044 5,631Possible 1,048 7,166 1,194 2,242

Proved plus Probable plus Possible

3,635 25,427 4,238 7,873

Reserve Values


Gross Company reserves as of December 31, 2017See Reserves Advisory

Total Volume (Mboe)

NPV10 After Tax (US$MM)

NPV10 After Tax (CA$MM)#

CAD PerShare

Proved 2,770 30.1 39.1 0.90Probable 2,860 38.0 49.4 1.14Proved plus Probable 5,631 68.1 88.6 2.05Possible 2,242 28.7 37.3 0.86

Proved plus Probable plus Possible

7,873 96.9 125.9 2.91

# Using an exchange rate of 1.30 CAD/US$

Forward Looking Statements (1 of 2)

AGM Update - June 21, 2018 15

Certain statements contained in this presentation constitute forward looking statements. These statements may relate to future eventsor Condor’s future performance. All statements other than statements of historical fact are forward looking statements. The use of anyof 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 forwardlooking statements. No assurance can be given that these expectations will prove to be correct and such forward looking statementsincluded in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. Inaddition, this presentation may contain forward looking statements and forward looking information attributed to third party industrysources. Without limitation, this presentation contains forward looking statements pertaining to the following: the timing and ability togenerate high margins and positive netbacks and generate and grow positive cashflow; the timing and ability to obtain variousapprovals and conduct the Company’s planned exploration and development activities; the expectations, timing, ability and costs ofexploration, appraisal, and development activities; the ability of the drilled wells to become future producing wells; the timing andability to fund future development and exploration activities; the timing and ability to access domestic and export oil and gas pipelinesand sales markets; the timing and ability to mature prospects and leads into drill ready targets; estimated production amounts; thetiming and ability to increase production; historical production rates may not represent future production rates; historical sales pricesand costs may not represent future sale prices and costs; uncertainty regarding the Company’s future legal rights to have theZharkamys West 1 contract extended; the timing and ability to monetize the Destan gas field; the timing and ability to tie Yakamoz intothe current production facilities; the ability to validate the petroleum system and the prospectivity of the Yakamoz structure; the abilityto confirm hydrocarbon source, migration, trap and seal; the ability to calibrate 3D seismic to the geological age of sediments; theability to confirm the geologic model accuracy and to predict sedimentary packages and interfaces and identify structures; makingfurther 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 beenmade regarding, among other things: the ability to obtain qualified staff and equipment in a timely and cost efficient manner; theregulatory framework governing royalties, taxes and environmental matters; the ability to market crude oil, natural gas and NGLproduction; the applicability of technologies for recovery and production of oil, natural gas and NGL reserves; the recoverability of crudeoil, natural gas and NGL reserves; future development plans for Condor’s assets proceeding substantially as currently envisioned; futurecapital expenditures; future cash flows from production meeting the expectations stated herein; future debt levels; operating costs; thegeography of the areas of exploration; the impact of increasing competition; and the ability to obtain financing on acceptable terms.

www.condorpetroleum.com

Forward Looking Statements (2 of 2)


Actual results could differ materially from those anticipated in these forward looking statements as a result of the risk factors set forthbelow and as discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including theCompany’s Annual Information Form including, but not limited to: regulatory changes and the timing of regulatory approvals; generaleconomic, market and business conditions; volatility in market prices for crude oil, natural gas and NGLs and marketing and hedgingactivities related thereto; risks related to the exploration, development and production of crude oil, natural gas and NGL reserves; thehistorical composition and quality of crude oil, natural gas and NGL may not be indicative of future composition and quality; risksinherent in Condor’s international operations including security, regulatory and legal risks; risks related to the timing of completion ofCondor’s projects; competition for, among other things, capital, the acquisition of resources and skilled personnel; actions bygovernmental authorities including changes to government regulations and taxation; environmental risks and hazards; failure toaccurately estimate abandonment and reclamation costs; failure of third parties’ reviews, reports and projections to be accurate; theavailability of capital on acceptable terms; political and security risks; the failure of Condor or the holder of certain licenses or leases tomeet specific requirements of such licenses or leases; adverse claims made in respect of Condor’s properties or assets; failure to engageor retain key personnel; potential losses which could result from disruptions in production, including work stoppages or other labourdifficulties, or disruptions in the transportation network on 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 replacementreserves; geological, technical, drilling and processing problems, including the availability of equipment and access to properties; failureby counterparties to make payments or perform their operational or other obligations to Condor in compliance with the terms ofcontractual arrangements; current or 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 thedate of this presentation. Condor does not undertake any obligation to publicly update or revise any forward looking statements exceptas required by applicable securities laws.


Reserves Advisory (1 of 2)


This presentation includes reserves information pertaining to the Evaluation of Crude Oil and Natural Gas Reserves, Kazakhstan andTurkey Properties, based on forecast prices and costs as of December 31, 2017 prepared by independent reserves evaluators McDaniel &Associates Consultants Ltd. (“McDaniel”), resources information pertaining to the Resource Assessment, Zharkamys West 1 Block,Kazakhstan as of December 31, 2015 prepared by McDaniel and resources information pertaining to the internally generated estimatesof Company resources effective January 20, 2015, all of which were prepared by qualified reserves evaluators in accordance with NI 51-101.

Statements relating to reserves and resources are deemed to be forward looking statements, as they involve the implied assessment,based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated.The reserve and resource estimates described herein are estimates only. The actual reserves and resources may be greater or less thanthose calculated.

Estimates with respect to reserves and resources that may be developed and produced in the future are often based upon volumetriccalculations, probabilistic methods and analogy to similar types of reserves and resources, rather than upon actual production history.Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation ofthe same reserves and resources based upon production history will result in variations, which may be material, in the estimatedreserves.

References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (mcf) ofgas to one barrel (bbl) of oil based on an energy conversion method primarily applicable at the burner tip and does not represent avalue equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas issignificantly different from the energy equivalency of 6 Mcf to 1 bbl, utilizing a conversion ratio at 6 Mcf to1 bbl may be misleading as anindication 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 actualremaining 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 theactual 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 percentprobability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. It isunlikely that the actual remaining quantities recovered will exceed the sum of the estimated Proved plus Probable plus Possible reserves.


Reserves Advisory (2 of 2)


“Prospective Resources” disclosed herein are those quantities of petroleum estimated, as of a given date, to be potentially recoverablefrom undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chanceof discovery (geological chance of success) and a chance of development (economic, regulatory, market and facility, corporatecommitment or political risks). The chance of commerciality is the product of these two risk components. There is no certainty that anyportion of the Prospective Resources will be discovered and, if discovered, there is no certainty that it will be developed or, if it isdeveloped, there is no certainty as to either the timing of such development or whether it will be commercially viable to produce anyportion of the resources.

Unless otherwise stated herein, any reference to “Prospective Resources” refers to Condor Working Interest, Mean Recoverable,Prospective Resources, Unrisked.

The estimated total costs required for the top twelve Post-Salt prospects is US$433 MM per internal estimates which, conservatively,includes complete stand-alone facilities for each prospect without any facility synergies, optimization or sharing. Commercial productionof each prospect is planned to commence in 2.5 to 3.5 years from initial prospect discovery using currently established and provendrilling, completion and facility technology. Each project is based on conceptual studies.

The estimated total costs required for the top three Primary Basin prospects is US$690 MM per the independent third party resourceassessment which, conservatively, includes complete stand-alone facilities for each prospect without any facility synergies, optimizationor sharing. Commercial production of each prospect is planned to commence in 3 to 4 years from initial prospect discovery usingcurrently established and proven drilling, completion and facility technology. Each project is based on conceptual studies.

The estimated total costs required for the Korumbet NW Primary Basin prospect is US$237 MM per the independent third party resourceassessment. Commercial production is planned to commence in 3 to 4 years from initial prospect discovery using currently establishedand proven drilling, completion and facility technology. The project is based on conceptual studies.

The estimated total costs required for the EB-401 Pre-Salt prospect is US$820 MM per the independent third party resource assessment.Commercial production is planned to commence in 4 to 5 years from initial prospect discovery using currently established and provendrilling, completion and facility technology. The project is based on conceptual studies.


Non-GAAP Financial Measures

The Company refers to “operating netback” in this corporate presentation, a term with no standardized meaning as prescribed byGenerally Accepted Accounting Principles (“GAAP”) and which may not be comparable with similar measures presented by other issuers.This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP.Operating netback is calculated as revenue less production costs, royalty expense and transportation and selling expense on a dollarbasis and divided by the sales volume for the period on a per barrel of oil equivalent basis. The calculation of operating netback isaligned with the definition found in the Canadian Oil and Gas Evaluation Handbook. The reconciliation of this non-GAAP measure ispresented in the “Sales and operating netback” section of the Company’s Management Discussion and Analysis for the year endedDecember 31, 2017. This non-GAAP measure is commonly used in the oil and gas industry to assist in measuring operatingperformance against prior periods on a comparable basis and has been presented in order to provide an additional measure to analyzethe Company’s crude oil and natural gas sales on a per barrel of oil equivalent basis and ability to generate funds.


Zharkamys West 1 Advisory

The Company’s Zharkamys exploration contract (“Zharkamys Contract”) with the Ministry of Energy of the Government of Kazakhstan(“Ministry”) was due to expire on December 14, 2016. Prior to this date, the Kazakhstan Chamber of International Commerce andsubsequently the Kazakhstan Civil Court (“Civil Court”) confirmed that a force majeure event had occurred which, under Kazakhstansubsurface use law, can be the basis for the Zharkamys Contract validity period to be extended for a period of 630 days. In May 2017,the Kazakhstan Court of Appeal (“Court of Appeal”), pursuant to an appeal filed by the Ministry, ruled that the force majeure event wasnot recognized and reversed the decision of the Civil Court. The Company referred the case to the Kazakhstan Supreme Court(“Supreme Court”) and in November 2017 the Supreme Court ruling overturned both the Civil Court and the Court of Appeal rulings andreferred the case back to the Civil Court for further review by a new panel of judges. In March 2018 the Civil Court ruling confirmed thatthe force majeure event had occurred, in April 2018 the Ministry appealed the Civil Court ruling and in May 2018 the Court of Appealupheld the Civil Court ruling that the force majeure event had occurred. The Ministry has up to six months to appeal the case to theSupreme Court. Should the case not be appealed by the Ministry to the Supreme Court or, in the case of an appeal and a positive rulingby the Supreme Court to uphold the force majeure, the Company expects the exploration period would be extended by 630 days.Conversely, if the case is appealed by the Ministry to the Supreme Court and the Supreme Court delivers a negative ruling, theZharkamys Contract would likely revert back to the Ministry.

The on-going court proceedings do not affect the Company’s production rights for the Shoba and Taskuduk oilfields which are eachgoverned by separate production contracts.


Abbreviations


km kilometerkm2 square kilometerMM millionB billionbbl barrelboe barrel of oil equivalentbopd barrels of oil per dayboepd barrels of oil equivalent per dayBCF billion cubic feetmcf thousand cubic feetscf standard cubic feetTD total depthd day% percent1P Proved reserves2P Proved plus Probable reserves3P Proved plus Probable plus Possible reservesNGL natural gas liquidsNPV net present valueQ quarter2D two dimensional3D three dimensional0 degreesAPI American Petroleum Institute$ Canadian dollarsCA$ Canadian dollarsUS$ United States dollars/ per“ inchm metersCEO Chief Executive OfficerCFO Chief Financial OfficerCOO Chief Operating OfficerVP Vice PresidentWI Working InterestTSX Toronto Stock Exchange


Documents

2018 AGM Update