June 2024 Quarterly Activities Report

Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to provide the following report on exploration activities for the quarter ending 30 June 2024.

Highlights

• Tumbes basin source rocks maturity maps demonstrate the basin’s potential for oil generation over the majority of the TEA
• Raya and Bonito Prospects shown to be favourably located with respect to mature source rocks within the peak oil generating zone
• Depositional models for the Zorritos and Mancora Formations provides significant insight on the Tumbes Basin’s target source rocks
• Additional deeper stacked targets identified in the proven oil-bearing Zorritos Formation represents significant upside for the Bonito Prospect
• TOTAL Energies enters the Tumbes basin

Figure 1 – TEA Prospects and 3D Seismic areas selected for reprocessing

Technical Evaluation Agreement (TEA) LXXXVI - Offshore Oil and Gas Block (CND 80% Working Interest)

During the reporting quarter, Condor and US-based joint venture partner Jaguar Exploration Limited (Jaguar), continued the evaluation of the 4,858km2 Technical Evaluation Agreement (TEA or block) offshore Peru in conjunction with the Company’s technical advisors Havoc Services Pty Ltd (Havoc).

Condor’s block comprises over 3,800km2 of existing 3D seismic data from which an aggregate of 1,000km2 have been selected to undergo pre-stack depth migration (PSDM) reprocessing and interpretation across three discrete highly prospective areas (Figure 1). The three areas selected for reprocessing were chosen following the identification of the Raya and Bonito prospects and the Piedra Redonda gas field.

The Raya and Bonito prospects are large features in the Zorritos Formation, which present structural closure at multiple levels and the potential for stacked pay with multiple Zorritos reservoir-seal pairs present. The Piedra Redonda gas field contains a gross ‘Best Estimate’ Contingent Resources of 404 billion cubic feet (Bcf) plus ‘Best Estimate’ Prospective Resources# of 2.2 trillion cubic feet (Tcf) of gas contained within the Company’s TEA.

#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.

Work completed during the quarter included the completion of a fast-track regional interpretation of the whole 3,800km2 of 3D legacy seismic data, the identification of different petroleum systems based on maturation mapping of the main source rocks in the basin and the identification of additional deeper targets at the Bonio prospect. Also, subsequent to the end of the quarter, the Company reported the completion of a field geology trip on the onshore section of 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.