Condor Energy Reports Major Resource Upside at Piedra Redonda Gas Field

January 16, 2025 08:59 PM AEDT | By Team Kalkine Media

Condor Energy Reports Major Resource Upside at Piedra Redonda Gas Field — Image source: Shutterstock

Resource Growth Highlights

RISC's evaluation identified a 147% increase in Piedra Redonda's 2C contingent resource, now estimated at 1 trillion cubic feet (tcf) of gas. More notably, the field's 3C contingent resource experienced a staggering 513% boost to 2.65 tcf of gas. These assessments firmly position Piedra Redonda as one of the largest undeveloped offshore gas fields along South America's west coast.

Strategic and Commercial Opportunities

The field, located in shallow waters within the Tumbes Technical Evaluation Agreement (TEA) where Condor Energy holds an 80% interest, offers several strategic advantages. Its proximity to potential markets enhances the field's commercial prospects, while the positive resource upgrade broadens development opportunities.

"With this dramatic resource increase, Piedra Redonda becomes a game-changer for our position in the Tumbes Basin,” said managing director Serge Hayon. “The field's shallow location and improved resource base open the door for expanded commercialization and development options."

Unlocking Further Exploration Potential

Alongside joint venture partner Jaguar Exploration, Condor Energy (ASX:CND) is actively evaluating similar exploration prospects within the TEA. The company has over 20 identified prospects and leads in the underexplored Tumbes Basin, showcasing significant exploration upside.

Mr. Hayon emphasized that technical advancements, including the reprocessing of seismic data and petrophysical studies, have been pivotal in delivering these results. "Our high-quality technical work has underscored the basin’s potential while reinforcing the discovered resource's material value," he said.

Next Steps for Piedra Redonda

The company has completed a resource review based on updated seismic and geological interpretations, paving the way for further independent certification of selected high-grade oil prospects.

Having secured the TEA LXXXVI license in partnership with Jaguar Exploration and Perupetro in 2023, Condor Energy remains committed to unlocking the untapped potential of this lightly explored block, spanning 4,858 square kilometers of shallow-to-moderate water depths.

This strategic progress strengthens Condor’s foothold in Peru’s burgeoning offshore energy sector, setting the stage for transformative growth opportunities.

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