Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to provide an update on its evaluation work on the oil and gas potential of its 4,858km2 Technical Evaluation Agreement (TEA or Block) offshore Peru.
Highlights
Significant new oil targets identified from fast-track interpretation of the 3,800km2 of legacy 3D seismic dataRecently completed field work mapped Zorritos Formation reservoir fairways (the primary reservoir objective) into the Tumbes TEAA series of prospective leads have been mapped within these anticipated reservoir fairways located above Heath Formation source rocks at peak oil maturitySalmon Lead within this new trend has stacked structural traps with some potential Direct Hydrocarbon Indicators (DHIs)The structural configuration of the Salmon Lead is repeated several times, presenting the possibility of multiple follow-on targets in the event of success
As a result of the Company’s fast-track interpretation of the 3,800km2 of legacy 3D seismic data, the Company has identified significant new oil targets which highlights the potential for additional discoveries in the Block (Figure 1). Condor has completed a comprehensive assessment of the Salmon Lead.
The Salmon Lead is a structural target in the basin centre located mid way between the previously identified Raya and Bonito Prospects (Figures 2 and 3).
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