Condor Energy has unveiled a significant upgrade to its offshore Peru portfolio with the addition of the Raya West prospect, pushing the Greater Raya area’s prospective oil resources beyond 900 million barrels. This milestone enhances Condor’s position as a major player in the Tumbes Basin exploration landscape.
- Raya West adds 341 million barrels (gross unrisked 2U) to Condor’s portfolio
- Greater Raya Prospect now exceeds 900 million barrels of oil (gross unrisked 2U)
- Condor’s total exploration portfolio tops 3.3 billion barrels of prospective oil resources
- Multiple stacked AVO anomalies indicate thick hydrocarbon-bearing sands
- Enhanced technical maturity boosts partner appeal for upcoming drilling campaigns
A Major Step Forward in Offshore Peru Exploration
Condor Energy Limited (ASX – CND) has announced a substantial upgrade to its exploration portfolio offshore Peru with the identification of the Raya West prospect. This new addition contributes an estimated 341 million barrels of gross unrisked 2U prospective oil resources, bringing the combined Greater Raya Prospect; comprising Raya and Raya West; to over 900 million barrels. This represents a significant milestone for Condor, positioning the company as a key player in the under-explored Tumbes Basin.
Seismic Insights and Resource Estimation
The Raya West prospect was delineated through detailed seismic interpretation and volumetric analysis, building on earlier amplitude versus offset (AVO) seismic studies. These analyses revealed multiple stacked Class II and III AVO anomalies within the proven Zorritos Formation, consistent with thick hydrocarbon-bearing reservoir sands. Such seismic signatures are encouraging indicators of oil presence, supported by calibration against known gas-charged sands nearby.
Condor’s technical advisors, Havoc Partners, conducted the resource estimation using consistent methodologies aligned with prior independent assessments by NSAI. The combined unrisked 2U prospective resources for Greater Raya now stand at approximately 916 million barrels gross, with Condor holding an 80% interest. This addition lifts Condor’s total exploration portfolio across six prospects in the Tumbes Basin to more than 3.3 billion barrels of gross unrisked 2U prospective resources.
Strategic Implications and Partnering Prospects
Managing Director Serge Hayon highlighted the strategic value of the expanded portfolio, noting that the scale and clustering of these prospects enhance both commercial flexibility and technical maturity. The Greater Raya prospect offers a high-impact drilling opportunity that could unlock significant value. Condor is actively engaging with potential partners through LAB Energy Advisors, leveraging the strengthened portfolio to attract farm-in or joint venture interest ahead of planned exploration drilling.
The Tumbes Basin Technical Evaluation Agreement (TEA) area, covering nearly 4,900 square kilometres offshore Peru, remains a frontier region with proven petroleum systems and adjacent producing fields. The presence of the undeveloped Piedra Redonda gas field nearby further underscores the basin’s hydrocarbon potential. Condor’s 80% stake in the TEA, alongside partner Jaguar Exploration’s 20%, provides a robust platform for advancing exploration activities.
Looking Ahead
While the unrisked prospective resource estimates are promising, it is important to note that these figures are subject to discovery and development risks. Further appraisal and exploration drilling will be critical to confirming commercial viability. Nonetheless, the Raya West discovery materially enhances Condor’s portfolio and market positioning, setting the stage for the next phase of exploration and potential value creation in the Tumbes Basin.
Bottom Line?
Condor’s expanded Greater Raya prospect marks a pivotal moment, but the journey from resource to revenue is just beginning.
Questions in the middle?
- What are the timelines and targets for Condor’s upcoming drilling campaigns in the Greater Raya area?
- How will Condor’s partnering discussions evolve given the enhanced portfolio scale and technical maturity?
- What are the key risks and uncertainties that could impact the commercial development of these prospective resources?