Highlights

• Best Estimate (2C) Contingent Resource of 1 trillion cubic feet (Tcf) (Gross) & High Estimate (3C) of 2.65 Tcf (Gross) of gas in Piedra Redonda located within Condor's Tumbes Technical Evaluation Agreement (TEA), offshore Peru
• 147% increase in 2C Resources and 513% increase in 3C Resources with significant additional upside to be targeted in future appraisal drilling campaign
• Resource assessment completed by RISC Advisory based on newly reprocessed seismic data and interpretation integrated with geological, petrophysical, and geophysical studies.
• Piedra Redonda now ranks as one of the largest undeveloped offshore gas discoveries on the west coast of South America
• Potential for additional Piedra Redonda look-alike prospects along strike in the Mancora gas play
• Interpretation of Miocene oil play exploration prospects are well advanced with prospective resource estimates for high-graded prospects in progress.

Condor Energy has announced the independent assessment of the Piedra Redonda gas field resource, with an updated Best Estimate (2C) Contingent resource of 1 trillion cubic feet (Tcf) of gas (802 Bcf net to Condor), by RISC Advisory (RISC), a leading international independent resource auditing firm.

This is a significant upgrade (147% increase) from the previous Best Estimate (2C) Contingent resource of 404 Billion cubic feet (Bcf).

Please see the Notes in the Appendix for further information relating to the estimation of Contingent Resources.

The Piedra Redonda gas field is located, in its entirety, within Condor’s (80% holder) 4,858km2 oil and gas Tumbes Technical Evaluation Agreement LXXXVI (TEA or block) offshore Peru.

Managing Director Serge Hayon commented:
"We are thrilled to announce the substantial increase in contingent resources for the Piedra Redonda gas field which contains an independently assessed best estimate of 1 trillion cubic feet (2C gross).

"Piedra Redonda now ranks as one of the largest undeveloped offshore gas discoveries on the west coast of South America and dramatically increases the value and strengthens our position in the Tumbes basin.

"Piedra Redonda is located in shallow water and proximal to potential markets and following the positive results of this independent assessment and substantial increase to the resource base the commercialisation and field development options have expanded considerably.

"Our focused initial work program and high-quality technical work to mature the Tumbes TEA through integrating the newly reprocessed and interpreted seismic data and petrophysical, geological and basin modelling studies has delivered an excellent result. 'The material discovered resource along with our inventory of over 20 prospects and leads in a proven but underexplored basin, underscores the substantial existing value and high potential within the TEA." 

Piedra Redonda Independent Contingent Resource Estimate

Condor has completed a resources review following the reprocessing of 3D seismic over the Piedra Redonda discovery, the updated mapping, petrophysical review and integrated geological interpretation.

RISC has independently certified updated estimates as of 13 January 2025, with a Best Estimate (2C) gross Contingent Resource of 1 Trillion cubic feet of gas (Tcf) (802 Bcf net to Condor) from the existing discovery well C-18-X and C-13-X appraisal well, in the Piedra Redonda field.

KeyFacts Energy Industry Directory: Condor Energy