Condor Energy completes 1 Tcf Peru gas study

• Condor Energy has completed an independent development concept and feasibility study for its Piedra Redonda offshore gas discovery in Peru.
• The study establishes the technical and engineering foundation required to advance gas sales negotiations, project financing, and strategic partnering.
• Confirming two shallow-water development configurations allows the company to tailor initial production rates from 30 to 150 million standard cubic feet per day to meet evolving energy demand.

Condor Energy (ASX:CND) completed an independent feasibility study confirming that its 1 trillion cubic feet Piedra Redonda discovery offshore Peru can be commercially developed using shallow-water infrastructure.

The engineering assessment provides a formal development model for the 100%-owned discovery, which contains 1.0 trillion cubic feet of independently certified 2C contingent natural gas resources.

“Piedra Redonda remains one of the largest undeveloped offshore gas discoveries on the west coast of South America,” said Condor Energy Managing Director Serge Hayon.

The proposed concept utilises an offshore wellhead platform linked directly to shore, offering initial production capacity scenarios ranging from 30 to 150 million standard cubic feet per day.

The study establishes key technical foundations as the project moves towards front-end engineering design and ongoing licence application processes.

Following the announcement, the Condor Energy share price was unchanged at $0.015.

The company holds 100% of the 4,858km2 technical evaluation agreement block covering the under-explored Tumbes Basin in northern Peru.

Beyond its main gas field, Condor Energy recently appointed former Karoon Energy CEO Dr Julian Fowles to its board as it targets prospective oil resources exceeding 3.3 billion barrels across the basin.