CND launches market study on discovered gas project

Our early stage oil & gas exploration Investment Condor Energy (ASX:CND) has a giant offshore block surrounded by super majors like TotalEnergies, Occidental Petroleum and Chevron.

While its 3 billion barrel eq prospective oil resource is very interesting, the news from today is about its existing gas discovery that sits on the same block.

CND has one of the largest undeveloped offshore gas discoveries on the west coast of South America.

The Piedra Redonda Gas field which has a contingent resource of ~1 trillion cubic feet of gas.

Today, CND announced that it would commence marketing and commercialisation studies to “evaluate development pathways, assess viable market opportunities and identify the optimum commercialisation options”.

CND’s gas discovery is in shallow water and is less than 15km from the Peru shoreline...

It’s also a discovery that is technically de-risked, previous operators flowed gas to surface at a maximum 8.2mmcf per day.

AND that flow rate was from just a 32 feet section of the well that had 152 feet of total net pay...

Back in 2006 the gas field was also almost developed to try solve Ecuador and Peru's energy crisis..

(which is now a much bigger problem...)

Ecuador only has one offshore gas field (Amistad) which has 1Tcf of gas and has been in production since 2002 - its right near the maritime border with Peru (and CND’s Peruvian acreage).

We are hoping that this marketing study will be added to CND’s data room to help the company identify a farm-in partnership for this part of the project.