Condor Energy secures Peru exploration milestone. The ASX-listed company has applied to convert its TEA 86 block offshore Tumbes Basin into an exploration and exploitation licence contract after acquiring 100% interest. The block contains over 3.3 billion barrels of prospective oil resources and 1 trillion cubic feet of gas from the Piedra Redonda discovery. Condor completed its work program ahead of schedule, strengthening the hydrocarbon charge case and de-risking key reservoir uncertainties. A A$2.25 million capital raise funds the licence conversion and exploration drilling preparation. Regulatory approval from Perupetro remains the critical hurdle before drilling can proceed, with commercialisation discussions already advancing with potential partners.
