Condor Energy

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).


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.

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