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Highlights
- Condor Energy (CND) advances analysis of the Piedra Redonda gas field using reprocessed seismic data.
- New interpretations point to enhanced connectivity and resource potential in the Tumbes Basin.
- Monetisation options aligned with strategic location and substantial natural gas reserves.
Condor Energy (ASX:CND) has made significant advancements in its understanding of the Piedra Redonda gas field, located in Peru’s Tumbes Basin. These insights come from the interpretation of reprocessed 3D seismic data, which have provided new clarity on the structure and resource potential of the area. Spanning 4,858 square kilometres under a Technical Evaluation Agreement (TEA) with the Peruvian government, this field is positioned as a key opportunity for natural gas development.
The new seismic data will be integrated into an independent resource estimate. Combined with updated petrophysical interpretations, these advancements are expected to refine resource evaluation and bolster the project's future plans.
Enhanced Reservoir Connectivity
According to Condor Energy’s managing director, Serge Hayon, the reprocessed data has revealed an improved profile for the Piedra Redonda gas field. The studies suggest better reservoir connectivity and the potential for substantial resource size. The presence of a gas column of up to 500 metres has strengthened the confidence in the asset’s potential.
Production testing conducted on the C-18X discovery well, originally drilled in 1978, reported commercial flow rates of 8.2 million cubic feet per day on a half-inch choke from a limited 36-foot net pay interval. These results add further weight to the revised interpretations and resource potential of the field.
Development and Monetisation Prospects
Condor Energy has identified a range of development and monetisation options for the Piedra Redonda project. The field’s strategic proximity to market demand and existing infrastructure enhances its feasibility for development. Current estimates place the prospective natural gas resources at approximately 2.2 trillion cubic feet.
The TEA agreement with Perupetro, signed in August 2023, grants Condor Energy and its partner Jaguar Exploration exclusive rights to negotiate a license over the area. The basin is surrounded by other oil and gas fields, adding to its strategic value.
With its size, location, and enhanced resource understanding, Piedra Redonda represents a significant milestone in Condor Energy's broader portfolio.
This development positions Condor Energy (CND) for future advancements while highlighting the potential of Peru’s Tumbes Basin as a key region for natural gas production.
