Evidence for Multiple Petroleum Systems Confirms Oil & Gas Plays in Peruvian TEA

Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to provide an update on exploration progress at its Technical Evaluation Agreement (TEA) offshore Peru where two large oil prospects (Raya and Bonito) have already been identified and regional mapping shows that the primary source rock interval, the Oligocene/Miocene aged Heath Formation, is mature for oil generation over much of the TEA area.

• Maturation mapping shows that at least two source rock intervals are present within the TEA
• Heath Formation source rocks shown to be oil mature over majority of the TEA
• Zorritos Formation reservoirs (primary target) have access to oil charge from mature Heath Formation source rocks
• Piedra Redonda gas field most likely to be charged by deeper source rocks in the Mancora formation
• Unexplored deep gas play in the TEA identified

Figure 1 – Maturation map showing expected Vitrinite Reflectance (%) in the middle of the Heath Formation. The peak oil generation zone corresponds to a range in vitrinite reflectance between 0.8 and 1.2% shown in green.

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.

Based on analysis of surface outcrops, cuttings and core samples from previous wells published by Perupetro (the Peruvian national oil regulator), there are numerous potential source rock intervals in the Tumbes Basin.

The Company recently completed an interpretation of the wider regional seismic data which mapped key intervals and confirmed that the Heath Formation (Figure 1) and Mancora Formation likely sit within the maturity window for oil and gas generation respectively.

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