Condor Energy has received commitments totalling AU$2.25 million to advance its offshore oil and gas portfolio in Peru.
The company will issue 132,352,941 new shares at a price of 1.7 cents per share. The placement will be undertaken in two tranches.
The funds raised will allow Condor to move into the execution phase across its offshore portfolio, which includes a mix of near-term gas development and high-impact oil exploration.
Condor Managing Director Serge Hayon said: “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 have already identified over three billion barrels of potential toward drilling readiness, while in parallel progressing licence conversion and gas commercialisation activities.”
The fresh capital is earmarked for several workstreams, most notably the conversion of the TEA-86 licence in the Tumbes Basin into a formal Exploration and Exploitation Licence Contract.
Condor is currently sitting on a technical goldmine; its exploration prospects have been estimated to hold a massive three billion barrels of oil (2U Best Estimate). The company’s primary goal is now to move these priority targets toward drilling readiness.
While the oil prospects offer long-term upside, the Piedra Redonda Gas Field provides a potential pathway to more immediate results. Piedra Redonda represents a potential near-term development and complements the broader exploration opportunity.
Boasting one trillion cubic feet (Tcf) of natural gas (2C Contingent Resources), the field is being progressed through commercialisation and development planning.
