Condor Secures 12-Month TEA Extension Backed by 3 Billion Barrels Prospective Oil
Condor Energy has secured a 12-month extension for its Technical Evaluation Agreement in Peru’s Tumbes Basin, underpinning its exploration and commercialisation plans backed by significant prospective oil and gas resources.
- 12-month extension granted by PeruPetro for TEA 86
- Independent assessment confirms ~3 billion barrels prospective oil resources
- 1 trillion cubic feet contingent gas resource at Piedra Redonda
- Extension supports technical de-risking and commercial planning
- Active partnering process underway with major industry interest
Extension Secures Strategic Exploration Window
Condor Energy Limited (ASX, CND) has announced a significant milestone in its offshore exploration efforts in Peru, securing a 12-month extension to its Technical Evaluation Agreement (TEA) 86 in the Tumbes Basin. This extension, granted by PeruPetro, the Peruvian regulatory authority, underscores the strong collaborative relationship between Condor and the regulator, as well as recognition of the company’s technical progress to date.
The extension provides Condor with valuable runway to advance its exploration and commercialisation agenda, allowing the company to further mature its technical understanding, refine drilling targets, and continue active discussions with potential partners. It also aligns with Condor’s long-term vision to unlock the underexplored but highly prospective offshore basins of Peru.
Robust Resource Potential Validated
These figures highlight the basin’s world-class potential and position Condor as a leading player in Peru’s frontier offshore exploration sector. The company’s extensive reprocessing of vintage seismic data and regional studies have been instrumental in identifying over 20 robust leads and prospects, further de-risking the basin’s exploration profile.
Preparing for Next Phase, Partnering and Drilling
The extension is not merely a regulatory formality but a strategic enabler. It allows Condor to complete high-impact regional mapping and basin modelling, which are critical to refining the structural and stratigraphic framework of the area. This technical work runs in parallel with an active partnering process that has already attracted interest from major global industry players, including new entrants into the surrounding basins.
Condor’s Managing Director, Serge Hayon, emphasized the importance of this extension, stating it provides the necessary runway to secure a partner and prepare for a future drilling campaign aimed at testing some of the most promising oil plays in the region. The company is also focused on advancing the commercialisation of the Piedra Redonda gas discovery, which could add a valuable dimension to its portfolio.
Strategic Positioning in Peru’s Offshore Frontier
With Condor holding an 80% interest in the TEA and its partner Jaguar Exploration holding the remaining 20%, the company is well positioned to capitalise on Peru’s underexplored offshore potential. The Tumbes Basin’s shallow to moderate water depths and proximity to existing producing fields enhance its attractiveness for future development.
While prospective resources inherently carry exploration and development risks, Condor’s integrated approach, combining technical de-risking with commercial and partnership milestones, strengthens its prospects for successful licensing and execution of exploration drilling. This methodical progression is critical in a frontier basin where geological uncertainties remain.
Bottom Line?
Condor’s extended TEA period sets the stage for pivotal drilling decisions that could redefine Peru’s offshore energy landscape.
Questions in the middle?
- Which potential partners are showing the strongest interest in TEA 86?
- What are the timelines and capital requirements for the planned drilling campaign?
- How might evolving regulatory or market conditions in Peru impact Condor’s commercialisation plans?
