Accelerated technical work reduces key reservoir risk and supports progression toward exploration drilling  

• Key exploration risk addressed, with integrated studies providing strong evidence for the presence of deepwater sand-rich reservoir systems across TEA-86 
• Large-scale deepwater fan systems identified, comparable to those hosting major discoveries in Namibia, Guyana, Suriname and Angola Expedited technical work supports progression toward exploration Licence Contract conversion application and establishes a clear pathway toward drilling exploration well/s 

Condor Energy provides an update on the integrated subsurface technical studies across its Technical Evaluation Agreement (TEA-86) area in the offshore Tumbes Basin, Peru. The Company has accelerated its technical work programme under the TEA, delivering key geological and geophysical results ahead of schedule and supporting progression toward exploration Licence Contract conversion application. 

Managing Director Serge Hayon commented:  
“The latest phase of our work programme has addressed a key exploration uncertainty relating to the presence and distribution of deepwater reservoir systems, with results providing strong evidence for turbidite reservoirs across our acreage. 

Through the integration of advanced seismic attribute analysis and geological studies, we have identified intra-slope canyon systems depositing deepwater fan reservoirs across large areas of TEA-86. These systems underpin many of the world’s most significant offshore discoveries, including those in Namibia, Guyana, Suriname and Angola, and materially enhance the potential of our exploration portfolio. 

Importantly, this exploration upside is complemented by our Piedra Redonda gas discovery, which provides a clear pathway toward near-term commercialisation, positioning Condor to advance a balanced exploration and development strategy.” 

KEY RESULTS – DEEPWATER RESERVOIR SYSTEMS IDENTIFIED 

A key uncertainty in the exploration portfolio has been the presence and distribution of deepwater reservoir facies across the identified prospects. To address this, Condor has undertaken an integrated technical programme combining advanced seismic attribute analysis with geological and geophysical studies. 

This work has identified basin-scale sediment transport systems and deepwater fan-style depositional geometries across TEA-86, interpreted as turbidite reservoir systems. Importantly, these depositional fairways extend across areas containing the Company’s existing exploration prospects, supporting the presence of sand-rich reservoirs directly overlying mature source rocks. 

The identification of these depositional systems significantly reduces a key exploration uncertainty relating to reservoir presence and distribution across the portfolio. 

KeyFacts Energy: Condor Energy Peru country profile