2019 AGM Update

Operations UpdateAnnual General Meeting June 20, 2019

www.condorpetroleum.com TSX:CPI

Summary

Q2 production to-date = 925 boepd Kazakhstan = 625 bopd

Turkey = 300 boepd

$32.46/boe operating netback+#

Kazakhstan production is growing with ongoing workovers and near term drilling Targeting an additional 300 bopd with remaining

workovers and drilling 1 infill well in Q3

Turkey decline rate is decreasing Developing stimulation programs to improve rates

Farm-out discussions underway for Yakamoz 1 side-track to test up-dip targets and deeper plays

Finalizing extension of the Zharkamys exploration license 630 day extension application has been submitted

Assessing additional regional growth opportunities Revitalization and development of existing assets

AGM Update - June 20, 2019 www.condorpetroleum.com 2

Ortakoy Licences in Turkey’s Thrace Basin

Zharkamys West 1 in Kazakhstan’s Pre-Caspian Basin

Presentation amounts are in Canadian dollars unless otherwise stated+ For the 3 months ended March 31, 2019# Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures

Kazakhstan Field Performance


Q2 production to-date = 625 boepd Only 3% of the 19 MM bbls original oil in-place

has been produced

Multiple infill targets remain

Ongoing workover program targets increasing production to over 800 bopd Changing out Taskuduk PCP pumps to Rod

pumps

Zonal optimization in Shoba horizontal wells

Operating Netback+# of $28.91/bbl in Q1 2019 $8/bbl operating cost

Shoba Gauging Station

+ For the 3 months ended March 31, 2019# Operating netback is a non-GAAP measure. See Non-GAAP Financial Measures

Infill Drilling Program Commences in Q3

Sh-14 drilling location is being constructed Planning to spud the well in July 430 meter lateral section

$1.4 MM and 25 days to drill and complete

Expect Sh-14 to add 100 to 150 bopd


OWC ‐646.4mSS

OGC ‐621.2mSS

Sh‐14Sh-10

Sh-14

Sh-15Sh-13

Sh-12

Sh-11

Shoba Field

Large ‘Target Rich’ Exploration 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

Northwest Turkey: Ortakoy Licenses

Q2 production to-date = 300 boepd CPF operating at 99% uptime

Sales gas flowing into the Turkish ITGI pipeline

Pursuing stimulation options to enhance flow rates from lower permeability intervals Evaluating micro-proppant fracs (325 mesh fly ash)

Requires less HHP and pump rate compared to conventional fracs, no chemicals

Significant cost savings over conventional fracs

Exploit near field exploration and appraisal potential Yakamoz-1 (“Yak-1”) encountered strong gas shows

while drilling

Located 2 km north of Poyraz Ridge facilities


Extensive Prospect and Lead Inventory

ITGI 36” Pipeline

Poyraz Ridge Central Processing Facilities (“CPF”)

Re-Targeting Yakamoz 1

Yakamoz-1 (“Yak-1”) confirmed hydrocarbon source, migration and seal are working Commercial discovery can be tied-in to Poyraz Ridge

facilities for ~ $1 MM

Recent calibration and mapping indicate Yak-1 was drilled off-structure Additional seismic lines are being reprocessed to further

image the Yakamoz prospect and sub-thrust trends

Multiple targets for Yak-1 sidetrack well Penetrates deeper targets in pre-Miocene, pre-Sogucak

and fractured basement

Contingent Resources* Miocene: P50 = 7 BCF

Eocene: P50 = 25 BCF

Farm-out discussions are underway Complete reprocessing in Q3

Target spud in Q4

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Seismic Line DG-192 (2010); Stack (Time)

AGM Update - June 20, 2019

Primary Miocene target

Untested Eocene target

(*) Internal estimate --- See Reserves Advisory

Near Term Focus and Catalysts

Grow production rates Kazakhstan in-fill well and workover programs

Turkey stimulation opportunities

Sidetrack and appraise Yak-1 discovery Advancing farm-in discussions that target

drilling in 2019

Deeper potential targets also exist

Finalize extension of the Zharkamys exploration license duration#

Pursue multi-well program farm-in opportunities

Assess and acquire additional regional growth opportunities Apply core strengths of revitalizing and

developing assets in complex or remote locations

AGM Update - June 20, 2019 www.condorpetroleum.com

Shoba Infill Well Drilling Operations

8# See Zharkamys West 1 Advisory

November 2010 www.condorpetroleum.com

Appendix – Additional Information

Reserve Volumes


Gross Company reserves as of December 31, 2018See Reserves Advisory

Kazakhstan Turkey Total

(in Mboe) Oil Mbbls

GasMMCF

GasMboe

CondensateMbbls

Mboe

Proved 1,408 3,041 507 6 1,921Probable 1,446 3,630 605 8 2,059Proved plus Probable 2,854 6,671 1,112 14 3,980Possible 865 3,665 611 7 1,483

Proved plus Probable plus Possible

3,719 10,336 1,723 21 5,463

Reserve Values


Gross Company reserves as of December 31, 2018See Reserves Advisory

Total Volume (Mboe)

NPV10 After Tax (US$MM)

NPV10 After Tax (CA$MM)#

CA$ PerShare

Proved 1,921 26.6 36.3 0.82Probable 2,059 30.4 41.4 0.94Proved plus Probable 3,980 57.0 77.7 1.76Possible 1,483 22.4 30.6 0.69

Proved plus Probable plus Possible

5,463 79.4 108.3 2.45

# Using an exchange rate of 1.3642 CA$/US$ as of December 31, 2018

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

Forward Looking Statements (1 of 2)

AGM Update - June 20, 2019 13

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; general business strategies and objectives; thetiming and ability to obtain various approvals and conduct the Company’s planned exploration and development activities; theexpectations, timing, ability and costs of exploration, appraisal, and development activities; the timing and ability to drill new wells andthe ability of the new wells to become producing wells; the timing and ability to fund future development and exploration activities; thetiming and ability to obtain future funding on favorable terms, if at all; the timing and ability to access domestic and export oil and gaspipelines and sales markets; the timing and ability to mature prospects and leads into drill ready targets; estimated productionamounts; the timing and ability to increase production; historical production rates may not represent future production rates; historicalsales prices, netbacks and costs may not represent future sale prices, netbacks and costs; uncertainty regarding the Company’s futurelegal rights to have the Zharkamys West 1 contract extended; the timing and ability to obtain a farmout partner for Zharkamys West 1;the timing and ability to obtain a farmout partner for Yakamoz; the timing and ability to tie Yakamoz into the current productionfacilities; the ability to validate the petroleum system and the prospectivity of the Yakamoz structure; the ability to confirm hydrocarbonsource, migration, trap and seal; the ability to calibrate 3D seismic to the geological age of sediments; the ability to confirm thegeologic model accuracy and to predict sedimentary packages and interfaces and identify structures; making further discoveries anddeveloping 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.

These risk factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including theCompany’s: Annual Information Form, Consolidated Financial Statements and related Management’s Discussion and Analysis for theyear ended December 31, 2018, which may be accessed through the SEDAR website (www.sedar.com).

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 Petroleum Reserves, Kazakhstan and Turkey Properties,based on forecast prices and costs as of December 31, 2018 prepared by independent reserves evaluators McDaniel & AssociatesConsultants Ltd. (“McDaniel”), resources information pertaining to the Resource Assessment, Zharkamys West 1 Block, Kazakhstan asof December 31, 2015 prepared by McDaniel and resources information pertaining to the internally generated estimates of Companyresources effective December 31, 2018, 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 to 1 bbl may be misleading asan 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 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 includes completestand-alone facilities for each prospect without any facility synergies, optimization or sharing. Commercial production of each prospect isplanned to commence in 2.5 to 3.5 years from initial prospect discovery using currently established and proven drilling, completion andfacility 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 Shoba Primary Basin prospect is US$225 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.

The estimated total costs required for the Yakamoz prospect is US$8.7 MM per internal estimates. Commercial production is planned tocommence in 12 months from initial prospect commercial validation using currently established and proven drilling, completion andfacility technology. The project is based on pre-development 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, 2018. 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 confirmedthat the force majeure event had occurred, in April 2018 the Ministry appealed the Civil Court ruling and in May 2018 the Court ofAppeal ruling upheld that the force majeure event had occurred. Since the May 2018 ruling, the Ministry did not file an appeal to theSupreme Court within the six month timeframe allotted by Kazakhstan law. The Company has submitted an application to the Ministryand is in the process of seeking approvals for the various development projects required for the 630 day extension.

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 valueH halfQ 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

2019 AGM Update