Condor Energy Ltd. has submitted its formal licence contract application for its offshore block in Peru, marking the next step of exploration, development and gas commercialisation activities.
The application was lodged with Peruvian federal oil and gas regulator Perupetro S.A., and aims to convert the company’s offshore Tumbes Basin Technical Evaluation Agreement (TEA 86) into a formal exploration and exploitation licence contract.
The move follows Condor consolidating its stake in the asset to 100 per cent, following the transfer of Jaguar Exploration Inc.’s 20 per cent interest.
This consolidation increases Condor’s net attributable exposure, boosting its resource base to over 3.3 billion barrels of un-risked prospective resources (2U) and 1 trillion cubic feet (Tcf) of contingent gas resources (2C).
Condor has completed its technical work program ahead of schedule, utilising advanced seismic interpretation, geological modelling, and basin evaluation studies.
The comprehensive subsurface evaluation has identified more than 20 high-grade leads and prospects across a proven petroleum system.
Alongside the massive oil exploration portfolio, the asset features the shallow-water Piedra Redonda gas discovery. Backed by strong regional gas demand and its close proximity to the shore, the discovery offers a clear pathway for commercialisation and near-term cash flow under the upcoming contract phase.
Condor Energy Managing Director Serge Hayon said the milestone reflects the significant technical and commercial work completed across the block.
“We have established a growing portfolio of high-impact prospects and leads across a proven petroleum system, alongside the Piedra Redonda gas discovery which provides a potential pathway toward future development and cash flow,” Hayon said.
“Progression toward the Licence Contract phase establishes a clear regulatory framework and defined work programme to advance the project from technical evaluation toward execution, including future exploration drilling and development activities.”
With the progression toward a licence contract, Condor is establishing a clear pathway toward the drilling of exploration well/s within the licence area, subject to regulatory approvals and further technical and commercial evaluation.
