Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to advise that Mr Serge Hayon has been appointed as Managing Director of the Company effective from the 1st of October 2024.
Mr Hayon is an experienced Reservoir Engineer and Petroleum Geologist with broad exposure to working with and managing multi-disciplinary teams primarily focused on South East Asia, the Americas and Australia.
Mr Hayon has a Bachelor of Science in Geology (Honours) and an MEngSc in Petroleum Engineering from Curtin University.
Prior to joining Condor, Mr Hayon worked for Murphy Oil Corporation for 20 years including most recently as General Director / Country Manager Vietnam during which time he was in charge of the overall management of the Asia business including establishing Murphy’s entry into and securing Final Investment Decision on the Lac Da Vang oilfield, Vietnam.
Mr Hayon has delivered projects encompassing the complete lifecycle from exploration, discovery, appraisal to first oil and production of large oil and gas assets.
During his career his leadership has been instrumental in the development planning and execution of shallow and deep-water operations, maintaining a top safety record and ensuring that the projects and well programs were delivered on time and within budget.
Chairman Matt Ireland commented:
“Condor is in an exciting phase and Serge is joining the Company at a pivotal time to unlock and deliver value from our Tumbes TEA in Peru.”
“Serge has a great track record in the oil and gas industry and brings an outstanding skill set to lead the Company as our Managing Director and we are delighted he is joining the Board.”
Incoming Managing Director Serge Hayon commented:
“Condor has identified a unique opportunity and built an attractive position in the Tumbes TEA which is gaining industry attention due to the billion barrel potential of this proven but underexplored basin.
“I am thrilled to join the Condor team and eager to contribute to the advancing of its exciting portfolio of exploration opportunities, maturing our discovered gas resource towards commercialisation and drive the Company’s growth to unlock its full potential.”
About Condor Energy and the Tumbes Basin TEA
A Technical Evaluation Agreement (TEA) is an oil and gas contract that provides the holder with the exclusive right to negotiate a Licence Contract over the TEA area.
In August 2023 the Company, with its partner Jaguar Exploration, Inc. (Jaguar), entered into the 4,858km2 TEA offshore Peru with Perupetro. The TEA area covers almost all of the Peruvian offshore Tumbes Basin in shallow to moderate water depths of between 50m and 1,500m.
The underexplored block is surrounded by multiple historic and currently producing oil and gas fields and contains the undeveloped shallow water Piedra Redonda gas field which contains ‘Best Estimate’ Contingent Resources of 404 Bcf (100% gross) and ‘Best Estimate’ Prospective Resources of 2.2 Tcf# (gross unrisked) of natural gas.
#Cautionary Statement: The estimated quantities of gas that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
Condor is 80% holder of the TEA, with Jaguar and its nominees holding the remaining 20%.
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