Condor Energy Limited has advanced its offshore Peru portfolio with a new high-potential oil prospect and a strategic gas offtake agreement, positioning itself for future commercialisation in a promising basin.
- Signed MoU with Promigas Perú for Piedra Redonda gas offtake evaluation
- Discovered new Raya West oil prospect with strong seismic indicators
- Confirmed 3 billion barrels gross prospective oil resources in Tumbes Basin
- Ongoing stakeholder engagement supports commercial and regulatory progress
- Maintained solid cash position despite exploration-related outflows
Strategic Partnership Advances Gas Commercialisation
In the December 2025 quarter, Condor Energy Limited took a significant step forward in developing its offshore Peru assets by signing a Memorandum of Understanding (MoU) with Promigas Perú S.A., a leading natural gas distributor in the region. This agreement sets the stage for joint technical and commercial studies to assess gas supply from the Piedra Redonda gas field, which holds an estimated 1 trillion cubic feet of contingent natural gas resources. While non-binding, the MoU represents a crucial move towards securing a long-term gas offtake pathway, aligning upstream supply with downstream demand and supporting Peru’s broader energy transition goals.
New Oil Prospect Identified Through Advanced Seismic Analysis
Condor also announced the discovery of the Raya West prospect, an extension of the existing Raya oil prospect, following detailed Amplitude Versus Offset (AVO) seismic studies. Raya West exhibits multiple stacked hydrocarbon-bearing intervals over an 800-metre gross interval, indicating strong potential for significant oil resources. This new prospect adds to the company’s already substantial portfolio, which includes a combined best estimate gross unrisked prospective resource of 3 billion barrels of oil across several prospects in the Tumbes Basin.
Robust Exploration Portfolio and Commercial Engagement
Condor’s 80% interest in the TEA LXXXVI offshore block places it at the heart of a prolific but under-explored basin surrounded by producing fields. The company’s technical advisors and independent assessments have confirmed the basin’s multibillion-barrel potential, with ongoing work to refine volumetric estimates for the new Raya West prospect. Alongside technical progress, Condor has maintained active engagement with industry stakeholders, potential partners, and regulatory bodies, reinforcing momentum towards commercialisation and licensing.
Financial Position and Outlook
Despite operating and investing cash outflows related to exploration activities, Condor ended the quarter with a healthy cash balance of AUD 1.928 million. The company continues to manage its resources prudently while advancing its technical and commercial objectives. Payments to related parties were disclosed in line with governance requirements, and no changes occurred in tenement interests during the period.
Looking Ahead
With a strengthened oil prospect inventory and a strategic gas offtake framework underway, Condor is well positioned to progress its partnering process and unlock value from its offshore Peru portfolio. The company’s disciplined approach to exploration and commercialisation, supported by regulatory goodwill and market interest, sets a promising foundation for future drilling and development activities.
Bottom Line?
Condor’s dual focus on gas commercialisation and oil exploration in Peru could soon translate into tangible value for shareholders as partnering discussions intensify.
Questions in the middle?
- What are the timelines and milestones for formalising gas offtake agreements with Promigas and other parties?
- How will the volumetric estimates for Raya West impact Condor’s overall resource valuation and drilling plans?
- What funding strategies will Condor pursue to support upcoming exploration and development phases?