TEA LXXXVI:
High Impact Exploration in a Proven Basin
- Substantial footprint covering 4,858km2 Technical Evaluation Agreement (TEA) with exclusive right to apply for a conventional exploration contract.
- TEA area covers majority of the Peruvian offshore Tumbes Basin in shallow to moderate water depths of between 50m and 1,500m.
- Underexplored block in a proven petroleum system surrounded by multiple historic and currently producing oil and gas fields.
- Multiple proven play types with more than 20 prospects and leads mapped.
- Several oil prospects already mapped with potential for >100 mmbbl.
- Piedra Redonda undeveloped gas discovery within TEA has independent certified Contingent Resources of 404 Bcf (2C) plus Prospective Resources# of 2.2 Tcf (2U) additional upside.
- Held in partnership with Jaguar Exploration Inc. (CND 80% – JAG 20%).
UNDEREXPLORED BASIN WITH ONLY ONE WELL DRILLED USING 3D SEISMIC
Tumbes Basin Data & History
- 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 datasets from previous operators.
- High quality legacy dataset comprises of:
- 7,134 km of 2D seismic
- 3,180 km2 of 3D seismic covering majority of TEA
- >50 offshore and onshore wells drilled on 2D
- Legacy reports and studies
- Condor has selected three high graded areas across Bonito, Raya and Piedra Redonda to undergo 1,000 km2 of 3D seismic reprocessing (PSTM & PSDM), which is on track for delivery mid-year.
- Regional 3D seismic volume undergoing pre-stack processing to generate lithology prediction cubes and Amplitude Versus Offset (AVO) cubes to assist in target identification and calibration with reprocessed volumes.