Building a Strategic Energy Position in Peru
Condor Energy (ASX:CND) is advancing a strategic offshore energy portfolio in Peru’s Tumbes Basin, combining a substantial discovered gas resource with basin-scale oil exploration upside.
– 1 Tcf discovered contingent gas resource at Piedra Redonda
– 3.3 billion barrels of prospective oil resources across six high-graded prospects
– Dominant 4,858km² offshore position in the Tumbes Basin
– More than 20 identified prospects and leads
– 80% working interest across the project area
– Clear pathway to gas commercialisation and future exploration drilling
Two Distinct Value Drivers
Discovered Gas Resource
Piedra Redonda is one of the largest undeveloped offshore gas discoveries on the west coast of South America, strategically positioned close to shore and existing infrastructure.
– 1 Tcf independently assessed contingent gas resource
– Shallow water development concept
– Lean, high-quality gas
– Multiple offtake discussions underway
– Clear route to monetisation
High-Impact Exploration Portfolio
Condor holds a dominant offshore position across the Tumbes Basin with multiple drill-ready oil prospects supported by extensive seismic interpretation and petroleum system analysis.
– 3.3Bn bbl prospective oil resource base
– Multiple high-graded prospects
– Proven petroleum system
– Basin-scale exploration upside
– AVO-supported targets
WHY THE TUMBES BASIN?
A Proven Basin With Significant Upside
– Dominant 4,858km² offshore position
– Proven oil and gas discoveries
– More than 20 identified prospects and leads
– Extensive 2D and 3D seismic coverage
– One of South America’s most underexplored offshore basins
Industry Validation
Major energy companies active in Peru include TotalEnergies, Shell, Repsol, Occidental, Hunt Oil, CNPC, Pluspetrol, Sonatrach and PetroTal. TotalEnergies entered offshore Peru in 2024, securing acreage directly adjacent to Condor’s position.
Piedra Redonda Gas Discovery
A substantial discovered gas resource providing a potential pathway to future development and cash flow.
– 1 Tcf best estimate contingent gas resource
– High estimate (3C) resource of 2.65 Tcf
– Located in shallow water close to shore
– Lean, high-quality gas with minimal processing requirements
– Multiple gas offtake discussions underway
– Potential to supply northern Peru and southern Ecuador
– Low-capex development concept under evaluation
Multi-Billion Barrel Exploration Portfolio
– 3.3 billion barrels prospective oil resources (2U)
– Six high-graded prospect areas
– More than 20 prospects and leads identified
– Proven petroleum system
– Extensive 2D and 3D seismic coverage
– Multiple AVO-supported prospects
– Significant exploration upside beyond current resource estimates
