TEA LXXXVI:
High Impact Exploration in a Proven Basin
UNDEREXPLORED BASIN WITH ONLY ONE WELL DRILLED USING 3D SEISMIC
- Substantial footprint covering 4,858km2 Technical Evaluation Agreement (TEA) with exclusive right to apply for a conventional exploration contract.
- Tumbes Basin only lightly explored by previous operators who focused on the onshore and shallow water areas.
- Only one exploration well, Marina 1-X, has been drilled based on 3D seismic data and which did not test the primary objective.
- TEA JV has acquired and amalgamated the extensive 2D and 3D datasets from previous operators.
- Condor has completed 1,000 km2 of 3D seismic reprocessing (PSTM & PSDM) over three high graded areas across Bonito, Raya and Piedra Redonda.
- Previously discovered resources provide accelerated path to development and cash flow opportunity.
- Work program designed to high grade prospects and mature candidates to drill ready for future campaign.
Proven Petroleum System
- Zorritos Unconformity. Structural traps, Zorritos reservoirs, Cardalitos seal
- Intra Zorritos, Structural traps, Zorritos reservoirs and seals
- Intra Zorritos, Structural/Stratigraphic traps with Zorritos reservoirs and seals plus truncation by Zorritos Unconformity sealed by Cardalitos
- Heath basin margin sands. Structural trap with Heath reservoirs and seals.
- Mancora Stratigraphic onlap play Mancora Reservoirs and Heath top seal
- Mancora Structural traps, Mancora reservoirs and Heath top seal
- Hydrate play. Various reservoirs sealed by hydrate layer
- Channel play sealed by hydrates
- Shallow biogenic gas mostly structural traps various reservoirs
- Proven Reservoir: Zorritos Formation is the main target, with high-quality deepwater reservoir potential.
- Source Rock: Oil-rich Heath Formation fuels the system, with clear migration pathways into reservoirs.
- Well-Positioned Prospects: Targets sit directly above the oil-generating source rock — ideal for charge.
- Multiple Play Types: A mix of structural and stratigraphic traps offers diverse drilling opportunities.
- Piedra Redonda Gas Field: Most likely charged by Mancora source rocks downdip of the structure.- rich hydrocarbon system.
- Effective Seal: Cardalitos Formation acts as a regional seal, trapping hydrocarbons efficiently.
Depositional System
- The Tumbes Basin is a forearc basin west of the Andes, above the subducting Pacific oceanic plate.
- 10 km of sedimentary fill with multiple source, seal and reservoir sequences ranging in age from Eocene to Recent.
- Primary play interval focused on Zorritos Formation, which has yielded the majority of the discoveries in the basin.
- Proven source rocks within the Heath and Mancora Formations within oil/gas maturity window in the TEA area.
- The Mancora Formation sands are also commercially significant and host Piedra Redonda gas field.
- Latest Field Work and Seismic Mapping helping to understand sediment input into the basin and depositional setting.
- Several slope depositional channels have been mapped displaying potential sediment feeds into deeper water.
- Significant Deep water turbidte setting with potential for large, good-quality reservoirs.
