Condor Energy Ltd. has moved to take full control of its offshore project in Peru, announcing a binding deal to buy out its partner Jaguar Exploration.
Condor has signed a binding term sheet with Jaguar to acquire their remaining 20 per cent interest in Technical Evaluation Agreement 86 (TEA 86). Once the deal is finalised, Condor will hold a 100 per cent interest in the offshore block, consolidating control across the entire Tumbes Basin area.
Under the binding term sheet, Condor will acquire the interest in TEA 86 through the issue of 140,127,490 shares.
These shares will only convert into ordinary shares on a one-for-one basis if the project successfully converts from a technical evaluation area into a formal Licence Contract (LC) with the Peruvian regulator, Perupetro. This structure ensures that Jaguar only sees value if the project clears its next major regulatory hurdle.
The deal is a deliberate consolidation step for Condor, providing the company with full control and flexibility over the Peru portfolio.
Condor Managing Director Serge Hayon said: “This transaction is a key step in positioning Condor for the next phase of growth.
“Moving to a 100 per cent ownership simplifies our structure and provides full control as we progress licence conversion, partner engagement and our exploration and development work programmes.
“Importantly, the structure aligns vendor consideration with future value creation while maintaining flexibility across multiple pathways to advance the asset.”
The Tumbes Basin is considered one of South America’s most under-explored regions, yet it holds significant potential.
Condor’s portfolio includes the multi-trillion cubic feet (Tcf) Piedra Redonda gas field and a multi-billion-barrel oil prospect list.
The company has already lodged applications with Perupetro to reflect the new ownership structure.
Shareholders are expected to vote on the performance share issue later this year, with the entire transaction targeted for completion before the end of calendar year 2026.
