Condor Energy advances Piedra Redonda gas development

Condor Energy (ASX:CND) completed an independent development study for its Piedra Redonda gas field offshore in Peru to evaluate conventional shallow-water production options containing one trillion cubic feet of natural gas.

The engineering work reviewed platform and pipeline configurations to match development capacity against contracted customer demand rather than committing the entire resource upfront.

“Completion of the independent Piedra Redonda development study has provided a stronger technical foundation for advancing the project, confirming conventional shallow-water development options with flexibility to accommodate future gas demand,” said Condor Energy Managing Director Serge Hayon.

Peru’s state hydrocarbons agency PERUPETRO formally qualified the business to enter direct negotiations over the proposed Block Z-72 licence following meetings during the September quarter.

Following the announcement, the Condor Energy share price was unchanged at $0.18.

The company also initiated a drilling feasibility study and rig market survey to assess equipment availability for potential future offshore operations.

The offshore Tumbes Basin portfolio contains additional exploration prospects with estimated prospective oil resources subject to ongoing discovery and development risks.