Condor Energy has discovered an extension that adds a 341 million barrel-best estimate (2U) prospective resource at the Raya West prospect in offshore Peru.
The extension propels the Greater Raya West prospect to 916 million barrels of oil 2U prospective resource, positioning the oil explorer among the biggest oil opportunities in offshore Peru.
Condor Managing Director Serge Hayon said: “The definition of Raya West materially strengthens the scale and quality of Condor’s exploration portfolio.
“Together, Raya and Raya West now form a Greater Raya prospect containing more than 900 million barrels of gross unrisked 2U prospective resources, creating a highly material and attractive drilling opportunity within the Tumbes Basin.”
The Raya West discovery also uplifts Condor’s entire exploration portfolio to over 3.3 billion barrels of gross unrisked 2U prospective resources across six high-grade prospects.
The scale of Raya and Raya West significantly strengthens Condor’s positioning and attractiveness for future exploration and partnering pathways.
“The increasing maturity, scale and clustering of these prospects enhances the total overall attractiveness of the portfolio and provides a strong foundation for Condor’s ongoing partnering process and next phase of exploration activity,” Hayon said.
At Raya West, Condor identified multiple stacked Class II and III Amplitude Versus Offset (AVO) within the proven Zorritos Formation.
These signatures indicate that there is thick reservoir sands and multiple stacked targets providing drilling optionality.