September 2024 Quarterly Activities Report

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

Highlights

• 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.
• Significant new oil targets identified from fast-track interpretation of the 3,800km² of legacy 3D seismic data.
• The Salmon Lead exhibits stacked structural traps with potential Direct Hydrocarbon Indicators (DHIs). It Offers several follow-on targets if successful, with a repeated structural configuration.
• Successfully reprocessed 1,000 km² of legacy 3D seismic data across three leading prospects, providing enhanced insights into prospectivity that will guide our ongoing interpretation and resource estimation efforts.
• New seismic inversion and AVO studies have produced indications of high-quality reservoirs and hydrocarbon fill at the Raya Prospect, significantly upgrading its prospectivity.

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.

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

The Raya¹ and Bonito² 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 ‘Best Estimate’ Contingent Resources (2C) of 404 Bcf (100% gross)³ which potentially underpins a standalone gas development and additional low-risk upside located updip from the C-18X discovery well with ‘Best Estimate’ Prospective Resources (2U) of 2.2 Tcf^# (gross unrisked) of natural gas⁴.

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