Key Highlights
- An independent Piedra Redonda development concept and feasibility study was completed.
- Conventional shallow-water development options were confirmed.
- Formal PERUPETRO qualification was received after quarter end.
- A drilling feasibility study and rig market survey began.
Condor Energy Limited (ASX:CND) released its September 2026 quarterly activity report, covering technical, regulatory and commercial progress on its offshore gas project in Peru.
Development study
The independent Piedra Redonda Development Concept and Feasibility Study confirmed conventional shallow-water development options with flexibility to accommodate future gas demand. The company also began a drilling feasibility study and rig market survey to assess future offshore drilling options.
Licence process
The company engaged with PERUPETRO and met Peru's Minister of Energy and Mines and Vice Minister of Hydrocarbons. After quarter end it received formal PERUPETRO qualification, enabling progression to direct negotiations on the proposed Block Z-72 Exploration and Exploitation Licence Contract.
Commercial discussions
Management advanced discussions with prospective gas offtakers and potential strategic partners during a visit to Peru.
Piedra Redonda project background
Piedra Redonda is Condor's flagship gas opportunity, with independently assessed 2C Contingent Resources of 1 trillion cubic feet of natural gas, 100% net to Condor. Its shallow-water location offshore northern Peru and proximity to shore support a conventional offshore development concept with potential to supply domestic and regional gas markets. During the quarter Condor progressed technical, commercial, financing and regulatory activities in parallel, including its licence application, gas sales negotiations and strategic partnering discussions.
Why This Could Matter
Qualification by the regulator is a precondition to negotiating a licence contract, and the development study sets out the technical options for a project that has no licence yet.
Final Thoughts
Condor Energy (ASX:CND) completed its study and moved into licence negotiations for Block Z-72.






Please wait processing your request...