• Firm commitments received to raise A$2.25 million via placement
• Strong support from new and existing institutional and professional investors
• Proceeds to fund TEA-86 licence conversion to Exploration/Exploitation Licence Contract
• Progressing the existing Piedra Redonda Gas Field with 1 Trillion Cubic Feet (2C Best Estimate) Contingent Resources to commercialisation and development planning
• Progressing the high-impact exploration prospects with a 3 Billion Barrels (2U Best Estimate) toward drilling readiness
• Transitioning from technical evaluation to execution across offshore Peru portfolio

Condor Energy has received firm commitments to raise A$2.25 million (before costs) via a placement of new fully paid ordinary shares. The Placement was supported by a number of new and existing institutional, professional and sophisticated investors and positions Condor to advance the next phase of activity across its offshore Peru portfolio.

Managing Director Serge Hayon commented:
“This capital raise supports the continued advancement of our offshore Peru portfolio as we move toward the next phase of activity.

Our focus is on advancing high-impact oil exploration targets which has already identified over 3 billion barrels of potential toward drilling readiness, while in parallel progressing licence conversion and gas commercialisation activities.

The existing Piedra Redonda Gas Field with 1 Tcf of natural gas and further low risk appraisal upside provides a potential pathway to near-term development, alongside our broader exploration portfolio.

We appreciate the overwhelming support from both new and existing investors as we continue to progress the asset across multiple value pathways.”

Next phase of activity

Following completion of its TEA work programme, Condor has significantly advanced the technical understanding of its offshore Peru portfolio, including defining a portfolio of high-impact exploration opportunities.

The Company is now focused on execution, including:

• Converting the Tumbes Basin TEA-86 into an Exploration/Exploitation Licence Contract
• Advancing priority oil exploration targets toward drilling readiness
• Continuing technical work to mature identified prospects
• Progressing gas commercialisation and development planning at Piedra Redonda

Piedra Redonda represents a potential near-term development and complements the broader exploration opportunity.

With technical evaluation largely complete, Condor is transitioning to a phase focused on licence conversion, drilling preparation and commercialisation.

KeyFacts Energy: Condor Energy Peru country profile