Condor Energy’s maiden independent resource estimate confirms a multibillion barrel prospective oil resource offshore Peru, supported by enhanced seismic data and ongoing gas commercialisation studies.
- 3 billion barrels oil prospective resource confirmed by NSAI
- Reprocessed 2D seismic data improves geological confidence
- Widespread thermogenic hydrocarbons detected in surface geochemistry
- 1 Tcf gas contingent resource at Piedra Redonda under commercial study
- Active partner engagement and portfolio optimisation underway
Maiden Independent Resource Estimate
Condor Energy Limited (ASX – CND) has announced a significant milestone with the release of its maiden independent prospective resource estimate for its offshore Tumbes Basin Technical Evaluation Area (TEA) in northern Peru. The evaluation, conducted by Netherland, Sewell & Associates (NSAI), confirms a best estimate gross unrisked prospective resource of 3 billion barrels of oil across five key prospects – Bonito, Raya, Salmon, Caballa, and Tiburon. This translates to approximately 2.4 billion barrels net to Condor, reflecting its 80% working interest.
Enhanced Geological Confidence Through Seismic Reprocessing
Building on this resource estimate, Condor completed the reprocessing of around 400 line kilometres of legacy 2D seismic data over the Caballa and Tiburon prospects. The upgraded seismic imaging has substantially improved fault delineation, reservoir definition, and the identification of direct hydrocarbon indicators. These enhancements provide stronger validation of the geological model and increase confidence in the prospects’ trap integrity and hydrocarbon presence.
Supporting Evidence from Surface Geochemistry
A review of legacy surface geochemical data further supports the presence of an active petroleum system within the TEA. Thermogenic oil and gas signatures were detected widely across the block, aligning with known source rocks in the region. This geochemical confirmation complements the seismic data and resource estimates, reinforcing the basin’s prospectivity.
Progress on Gas Commercialisation at Piedra Redonda
Alongside oil exploration, Condor is advancing the commercialisation of the shallow water Piedra Redonda gas field, which holds a contingent resource of 1 trillion cubic feet (Tcf) of natural gas. The company has engaged international consultancy OPC to conduct a market and commercialisation study assessing development options and regional demand. This study is a critical step toward defining viable pathways for monetising the gas discovery.
Strategic Focus and Partner Engagement
Condor continues to streamline its portfolio by exiting lower-priority assets in Australia and focusing on high-impact opportunities in Peru. The company’s formal data room remains open, attracting interest from multiple international parties as it seeks strategic and financial partners to advance its offshore projects. Managing Director Serge Hayon highlighted the company’s commitment to technical de-risking and commercial clarity as key drivers of value creation.
Bottom Line?
Condor’s robust resource base and advancing commercial studies position it well for the next phase of offshore Peru development, but exploration risks and market dynamics remain pivotal.
Questions in the middle?
- How will Condor prioritise drilling and development among its multibillion barrel prospects?
- What are the potential timelines and economics emerging from the Piedra Redonda gas commercialisation study?
- Which partners are showing the strongest interest, and how might that influence project funding and execution?