Multiple Significant New Oil Leads Identified in Peruvian TEA

Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to provide an update on its evaluation work on the oil and gas potential of its 4,858km² Technical Evaluation Agreement (TEA or Block) offshore Peru.

Highlights

• Significant new oil targets identified from fast-track interpretation of the 3,800km² of legacy 3D seismic data
• Recently completed field work mapped Zorritos Formation reservoir fairways (the primary reservoir objective) into the Tumbes TEA
• A series of prospective leads have been mapped within these anticipated reservoir fairways located above Heath Formation source rocks at peak oil maturity
• Salmon Lead within this new trend has stacked structural traps with some potential Direct Hydrocarbon Indicators (DHIs)
• The structural configuration of the Salmon Lead is repeated several times, presenting the possibility of multiple follow-on targets in the event of success

As a result of the Company’s fast-track interpretation of the 3,800km² of legacy 3D seismic data, the Company has identified significant new oil targets which highlights the potential for additional discoveries in the Block (Figure 1). Condor has completed a comprehensive assessment of the Salmon Lead.

Figure 1 – Perspective view of the Zorritos Unconformity. The Salmon Lead at this level has two separate closures (A&B) and additional leads (C-G) have also been identified. The green arrows show inferred oil migration pathways into the traps.

Figure 2 – Maturation map showing expected Vitrinite Reflectance (%) in the middle of the Heath Formation. The peak oilgeneration zone corresponds to a range in vitrinite reflectance between 0.8 and 1.2% shown in green.

The Salmon Lead is a structural target in the basin centre located mid way between the previously identified Raya and Bonito Prospects (Figures 2 and 3).

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