Condor Energy (ASX: CND) has gained further confidence in the potential of its Piedra Redonda gas field off the coast of Peru with new insights derived from the interpretation of reprocessed 3D seismic data.
The Piedra Redonda gas field lies within the 4,858 square kilometre Tumbes Basin Technical Evaluation Agreement (TEA) area granted to Condor by the Peruvian government.
The new data will now contribute to an independent resource estimate based on the updated seismic and petrophysical interpretation currently in progress.
Managing director Serge Hayon said the reprocessed seismic data and subsequent interpretation studies indicate a profile that has significant positive implications for the overall size and connectivity of the field.
“The substantial increase in the quality of data has provided us with the ability to map a stratigraphic trap with improved reservoir connectivity compared to what was previously possible using the legacy data,” Mr Hayon said.
“The presence of a gas column of potentially up to 500 metres and the results of production testing over a limited interval of the well at commercial gas flow rates enhance the project’s resource potential and our confidence in monetising the asset.”
The company has completed several studies, along with an interpretation of the newly reprocessed 3D data over the Piedra Redonda field.
This included a new petrophysical evaluation of the C-18X discovery well.
Production testing on C-18X – drilled in 1978 – yielded 8.2 million cubic feet per day on a half-inch choke from a limited 36-foot net pay interval out of an estimated total 152-foot net pay interval.
Condor has also identified a number of potential field development and monetisation options for Piedra Redonda.
The project, which benefits from its size and strategic location close to market demand and infrastructure, has current ‘best estimate’ prospective resources of 2.2 trillion cubic feet of natural gas.
Condor and its partner Jaguar Exploration entered into the TEA with national petroleum company Perupetro in August 2023, giving them the exclusive right to negotiate a licence contract over the area.
The Tumbes Basin block is surrounded by multiple historic and currently producing oil and gas fields.
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