How Condor Energy’s Seismic Upgrade Unveils Billion-Barrel Prospects Offshore Peru

• Advanced 2D seismic reprocessing improves imaging over Caballa and Tiburon prospects
• Independent assessment estimates over 1 billion barrels of prospective oil resources
• Geochemical review confirms widespread thermogenic hydrocarbons in underexplored areas
• Enhanced fault delineation and hydrocarbon indicators support active petroleum system
• Focus on de-risking and high-grading targets ahead of future drilling

Enhanced Seismic Imaging Unlocks New Insights

Condor Energy Limited (ASX – CND) has taken a significant step forward in its offshore Peru exploration campaign by applying modern processing techniques to legacy 2D seismic data across its Technical Evaluation Agreement (TEA) area in the Tumbes Basin. This initiative focused on the Caballa and Tiburon prospects, which lie outside the existing 3D seismic coverage, delivering a substantial uplift in data quality and structural clarity.

The reprocessed seismic lines reveal sharper fault delineation, clearer reservoir sequences, and improved trap definition. These improvements are critical in assessing reservoir quality and potential hydrocarbon accumulations, providing a more confident geological framework for future exploration decisions.

Robust Prospective Resources Backed by Independent Evaluation

Earlier independent assessments by Netherland Sewell & Associates Inc. estimated a combined best estimate prospective resource of over 1 billion barrels of oil across the two key prospects, 524 million barrels for Caballa and 565 million barrels for Tiburon. While these figures remain unrisked and contingent on further appraisal, the enhanced seismic clarity strengthens the case for these substantial volumes.

Condor’s Managing Director, Serge Hayon, highlighted that the improved seismic data and supporting geochemical evidence validate the company’s geological model and underscore the basin’s exploration potential.

Geochemical Evidence Supports Active Petroleum System

Complementing the seismic advances, a review of a 2010 surface geochemistry study by TDI-Brooks identified widespread thermogenic hydrocarbons, both oil and gas, in near-surface sediments across the TEA. The isotopic signatures closely match Miocene-sourced oils found in producing fields along the Peruvian and Ecuadorian coasts, reinforcing the presence of a mature and active petroleum system.

This geochemical footprint extends beyond known shallow water discoveries, suggesting a large-scale system with multiple exploration targets yet to be fully evaluated.

Technological Advances and Next Steps

The seismic reprocessing incorporated cutting-edge techniques such as advanced de-ghosting, multiple attenuation, and Q-PSDM imaging, which collectively enhanced resolution and amplitude fidelity. The application of Amplitude Variation with Offset (AVO) analysis further highlighted shallow gas accumulations, potentially offering tie-back opportunities to existing infrastructure like the Piedra Redonda gas field.

Condor is now focused on de-risking and high-grading its prospects, aiming to refine targets ahead of future drilling campaigns. The company’s 80% stake in the TEA, alongside partner Jaguar Exploration, positions it well to capitalize on these promising developments.

Bottom Line?

With seismic clarity and geochemical data converging, Condor Energy is poised to advance its offshore Peru exploration towards critical drilling milestones.

Questions in the middle?

• When will Condor finalize drilling plans to test these enhanced prospects?
• How will the company integrate AVO analysis with other datasets to confirm reservoir quality?
• What are the potential timelines and capital requirements for moving from evaluation to development?