Piedra Redonda Gas Project Assessment Unlocks Multiple Development Options

Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to provide an update on the significant progress made on development planning activities for the Piedra Redonda Gas Project within the Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru.

HIGHLIGHTSTechnical review of the historical Piedra Redonda Gas Field completed with potential field development and monetisation options identifiedScalable development options include gas-to-power and delivery of compressed natural gas (CNG) for industrial and domestic useCompletion of Well Test Data evaluation provides confidence in deliverability estimates and allows for assessment of production profiles for associated development conceptsDiscovery well C-18X drilled in 1978 tested 8.2 million cubic feet per day on ½” choke from a limited 36 feet net pay interval out of estimated total 152 feet net pay intervalContingent resources of 404 Bcf (2C) associated with C-18X discovery area with further 2.2 Tcf (2U) low risk upside located updipUpdated Independent Resource Estimate in progress following receipt of reprocessed 3D seismic data over Piedra Redonda Gas Field

Managing Director Serge Hayon commented:

“We are excited with the results of our initial review of Piedra Redonda gas field which contains an independent best estimate of 404 billion cubic feet (2C gross) with additional low-risk upside of 2.2 trillion cubic feet of gas (2U gross) within the Mancora Formation updip of C-18X discovery well.

“The C-18X well demonstrated strong gas flow rates from a limited 36 feet interval out of an estimated 152 feet total net pay in the Mancora Formation which underlines the significant well deliverability potential and supports multiple standalone development options.

“We will incorporate insights from our technical review and updated interpretation of the recently reprocessed 3D seismic data over the Piedra Redonda Gas Field to deliver an updated Independent Resource Assessment to support selection of future potential well locations and advance development planning.

“In light of the positive technical review we are commencing further commercial and feasibility studies for a conceptual gas-to-power project development plan to determine the optimal commercialisation pathway for the Piedra Redonda Gas Field.

“Developing a commercial gas project at Piedra Redonda would not only realise the value of this asset but also allow access to additional undeveloped gas in the Tumbes basin.”

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