Condor Energy Uncovers New Raya West Prospect, Doubling Hydrocarbon Targets Offshore Peru
Condor Energy has identified a promising new hydrocarbon prospect, Raya West, adjacent to its existing Raya Prospect offshore Peru, significantly enhancing its exploration portfolio with advanced seismic analysis confirming multiple stacked oil-bearing intervals.
- New Raya West Prospect identified as extension to 575 million barrel Raya Prospect
- Advanced AVO seismic analysis reveals multiple stacked Class II and III anomalies
- Raya West shows more than twice as many hydrocarbon-bearing intervals as Raya
- Both prospects exhibit thick reservoir sands over an 800m section in Zorritos Formation
- Condor progressing resource estimation and partnership discussions for future drilling
Expanding Horizons in the Tumbes Basin
Condor Energy Limited (ASX – CND) has announced a significant advancement in its offshore Peru exploration program with the identification of a new prospect named Raya West. Situated approximately 10 to 15 kilometres west of the previously identified Raya Prospect, Raya West adds substantial scale and promise to Condor’s portfolio within the under-explored Tumbes Basin.
The Raya Prospect itself holds a 575 million barrel 2U prospective resource, independently assessed by Netherland, Sewell & Associates Inc., and has long been a key focus for Condor due to its shallow water location and proximity to proven oil and gas fields. The discovery of Raya West, supported by detailed Amplitude Versus Offset (AVO) seismic analysis, now elevates the potential of this cluster of prospects.
Seismic Insights Unlocking Hydrocarbon Potential
These seismic responses are interpreted as indicative of oil-charged reservoir intervals, supported by geological conformity and trapping geometries such as subcrop and fault-seal closures. The presence of an effective top seal, identified as a regional shale layer with no AVO response, further strengthens the case for hydrocarbon entrapment.
Strategic Implications and Next Steps
Condor’s Managing Director, Serge Hayon, emphasised the significance of the findings, noting that Raya West substantially enhances the materiality and prospectivity of their acreage. The company is now progressing volumetric resource estimation for Raya West and preparing to engage potential joint venture partners to advance these prospects towards drilling.
The combined cluster of Raya and Raya West prospects represents a high-quality exploration target with multiple stacked pay zones, reducing geological risk and increasing confidence in future discovery potential. This development aligns with Condor’s broader strategy to unlock value in the Tumbes Basin, which also hosts other promising leads and the undeveloped Piedra Redonda gas field.
While these results are encouraging, it is important to remember that prospective resource estimates remain contingent on further exploration and appraisal activities. The true commercial viability of these prospects will only be confirmed through drilling and subsequent evaluation.
Bottom Line?
With Raya West doubling the number of hydrocarbon targets, Condor is poised for a pivotal exploration phase in Peru’s Tumbes Basin.
Questions in the middle?
- What are the updated prospective resource estimates for Raya West after volumetric analysis?
- How will Condor structure partnerships to share exploration risks and costs for upcoming drilling?
- When can investors expect first drilling results and what impact might they have on Condor’s valuation?
