Independent Estimate Confirms Multibillion Barrel Prospective Resources

Condor Energy Limited (ASX: CND) (Condor or the Company) is pleased to announce the results of an independent prospective resource assessment conducted by international resource consultancy Netherland Sewell & Associates Inc. (NSAI) across five selected prospects in the Company’s Tumbes Basin Technical Evaluation Area LXXXVI (TEA or Block) offshore northern Peru.

Highlights

• New independent estimate confirms multibillion barrel prospective resource across five prospects in Tumbes TEA
• Total Best Estimate (2U) of 3 billion barrels of oil prospective resources¹ (100% gross unrisked) across Bonito, Raya, Salmon, Caballa and Tiburon prospects
• The largest prospect, Bonito, has a Best Estimate (2U) of 1 billion barrels of oil prospective resource¹ (100% gross unrisked)
• Majority of the resources are contained within Lower Miocene Zorritos Formation, a proven reservoir within the basin
• Resource potential determined by leading international petroleum consultancy Netherland Sewell and Associates (NSAI)
• World class multibillion barrel exploration potential builds on Condor’s substantial discovered gas field at Piedra Redonda (1 Tcf 2C)²
• Farmout process commenced with multiple parties in data room
• Shareholder briefing to be held Thursday 10 April, to detail resource estimate update

The NSAI evaluation confirms multibillion barrel potential, with a combined best estimate gross unrisked 2U prospective resource of 3 billion barrels of oil (2.4 billion barrels net to Condor) across the Bonito, Raya, Salmon, Caballa and Tiburon prospect areas (Table 1).

Figure 1 – Independent estimate of prospective resources across five prospects shown in purple, Raya, Salmon, Bonito, Caballa and Tiburon.

Table 1 – Statistically Aggregated Prospective Resource Estimates (Unrisked) at each of the 5 prospect areas Low (P90), Mid (P50), High (P10).

Prospective resources shown are aggregated by prospect area (Table 1). The geological chance of success (GCoS) has been assessed for the primary target reservoir within each prospect. Each prospect contains multiple stacked reservoir intervals, which may increase the effective chance of success due to multiple opportunities within a single structure.

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