Amended Announcement - Piedra Redonda Gas Project Assessment

Condor Energy Ltd. (ASX: CND) advises that it has updated the announcement released on 16 October 2024 (Piedra Redonda Gas Assessment Unlocks Development Options). The attached amended announcement now includes reference to the ASX market announcement released on 18 March 2024 titled “Global’s TEA area incorporates discovered gas field”. Condor Energy also confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Resource tables have also been included as referenced in the release dated 18 March 2024.

Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to provide an update on the significant progress made on development planning activities for the Piedra Redonda Gas Project within the Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru.

Highlights

• Technical review of the historical Piedra Redonda Gas Field completed with potential field development and monetisation options identified
• Scalable development options include gas-to-power and delivery of compressed natural gas (CNG) for industrial and domestic use
• Completion of Well Test Data evaluation provides confidence in deliverability estimates and allows for assessment of production profiles for associated development concepts
• Discovery well C-18X drilled in 1978 tested 8.2 million cubic feet per day on ½” choke from a limited 36 feet net pay interval out of estimated total 152 feet net pay interval
• Contingent resources of 404 Bcf (2C) associated with C-18X discovery area with further 2.2 Tcf (2U) low risk upside located updip
• Updated Independent Resource Estimate in progress following receipt of reprocessed 3D seismic data over Piedra Redonda Gas Field

Managing Director Serge Hayon commented:

“We are excited with the results of our initial review of Piedra Redonda gas field which contains an independent best estimate of 404 billion cubic feet (2C gross) with additional low-risk upside of 2.2 trillion cubic feet of gas (2U gross) within the Mancora Formation updip of C-18X discovery well.

“The C-18X well demonstrated strong gas flow rates from a limited 36 feet interval out of an estimated 152 feet total net pay in the Mancora Formation which underlines the significant well deliverability potential and supports multiple standalone development options.

“We will incorporate insights from our technical review and updated interpretation of the recently reprocessed 3D seismic data over the Piedra Redonda Gas Field to deliver an updated Independent Resource Assessment to support selection of future potential well locations and advance development planning.

“In light of the positive technical review we are commencing further commercial and feasibility studies for a conceptual gas-to-power project development plan to determine the optimal commercialisation pathway for the Piedra Redonda Gas Field.

“Developing a commercial gas project at Piedra Redonda would not only realise the value of this asset but also allow access to additional undeveloped gas in the Tumbes basin.”

Click here for the full ASX Release

This article includes content from Condor Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.