Highlights

• MoU signed with Promigas Perú S.A., a Peruvian natural gas distributor, to assess gas supply from the Piedra Redonda gas field and evaluate midstream and downstream opportunities in Peru.
• Promigas Perú is a natural gas infrastructure company based in Peru, dedicated to the operation, maintenance and development of downstream gas distribution systems within the country.
• Joint studies will define potential gas supply profiles and assess downstream opportunities such as pipelines, power generation, CNG, LNG solutions to unlock value across the value chain and underpin offtake discussions.
• Collaboration combines Condor’s upstream resource base with Promigas Perú’s proven distribution capabilities and established market presence in northern Peru.
• Strategic step towards commercialising Piedra Redonda and supporting Peru’s gas massification program and energy transition goals.

Condor Energy has entered into a non-binding Memorandum of Understanding (“MoU”) with Promigas Perú to collaborate on the assessment of gas supply from Condor’s Piedra Redonda gas field which hosts a Best Estimate 1 Tcf of contingent gas resources (2C gross) 1 and to evaluate onshore facilities and distribution opportunities in northern Peru.

This collaboration marks a significant milestone for Condor as it establishes a clear pathway towards gas monetisation, aligning upstream supply from Piedra Redonda with Promigas Perú’ midstream and downstream expertise, and infrastructure and market access.

Condor Managing Director, Serge Hayon, commented:
“This MoU represents a significant milestone for Condor Energy. By formalising our collaboration with Promigas Perú, one of Latin America’s largest and most experienced natural gas companies, we are providing a clear pathway toward defining and delivering a gas sales solution and potential offtake for the underserved northern Peru gas market.

“Promigas Perú brings extensive infrastructure, investment and distribution expertise in Peru, and together we are well positioned to unlock the value of our strong resource position while delivering cleaner, reliable energy to support Peru’s gas massification strategy and industrial growth.

“The initial scope of studies set out in this agreement provides the foundation for future commercial arrangements that could ultimately enable Condor to advance the 1 Tcf+ Piedra Redonda gas field through development and into monetisation.”

Strategic Rationale

The Collaboration brings together Condor’s upstream resource position at Piedra Redonda with Promigas Perú’s established market presence and infrastructure expertise in Peru. This alignment has the potential to accelerate the commercialisation of Condor’s discovered gas resource, while also supporting Promigas’ efforts to expand access to natural gas in Peru’s northern regions.

• Establishes a pathway towards a potential gas sales route for Piedra Redonda.
• Aligns with Peru’s national gas massification policy and broader energy transition.
• Potential to support industrial growth, power generation, and job creation in northern Peru.
• Positions Condor to progress towards converting its discovered resource into long-term value for shareholders.

If successful, the Collaboration could represent a major step in developing an integrated gas value chain in northern Peru, linking upstream supply with downstream demand and enabling Condor to accelerate monetisation of its discovered gas resource.

Promigas Perú’s participation under the MoU is limited to preliminary technical and commercial assessments. For clarity, this collaboration does not involve, nor shall it be construed as involving, Promigas Perú’s parent company Promigas S.A. E.S.P. (Colombia), or any of the company’s affiliates or subsidiaries outside Peru.

Any potential future agreement between the parties will be subject to internal corporate approvals and applicable regulatory processes.

The parties acknowledge that the details of the technical and commercial evaluations to be carried out under the MoU are confidential and will not be publicly disclosed, because they are being prepared for the internal evaluation purposes of the parties only. Any further announcements regarding potential agreements or project developments will be made jointly and subject to the internal communication policies of both parties.

KeyFacts Energy: Condor Energy Peru country profile