Piedra Redonda Gas Field: New Insights from Reprocessed Seismic Data & Petrophysics

Condor Energy release

Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to provide an update on the Piedra Redonda Gas Field evaluation within the Tumbes Basin Technical Evaluation Agreement (TEA) offshore Peru.

Managing Director Serge Hayon commented:

“We are pleased with the progress we’ve made towards updating our resource estimates for the Piedra Redonda gas field and the new seismic and petrophysical studies have significant positive implications on the overall size and connectivity of the field.

“The substantial increase in the quality of reprocessed seismic data across Piedra Redonda has provided us with new insight and the ability to map a stratigraphic trap with improved reservoir connectivity than was previously possible using the legacy data.

“The presence of a large gas column, potentially up to 500m, and results of production testing over a limited interval of the well at commercial gas flow rates, enhances the project’s resource potential and confidence to monetising the asset.

“An updated resource assessment is currently underway, incorporating the latest insights from the mapping of reprocessed seismic data and petrophysical evaluation and we look forward to delivering the results soon."

The full release is available here.