Highlights

  • Condor completed an independent development concept and feasibility study in July 2026 for the Piedra Redonda gas discovery.
  • The gas discovery lies approximately four to ten kilometres offshore and the company describes gas quality as approximately 99% methane.
  • Condor reports an 80% working interest in a 4,858-square-kilometre position in the Tumbes Basin.
  • The company’s stated priorities include commercial gas discussions, advancing development engineering and maturing offshore oil exploration targets.

Condor Energy (ASX:CND) is moving its Piedra Redonda offshore gas discovery in Peru from resource appraisal towards development concept selection and commercial negotiations.

A completed feasibility study provides a technical basis for evaluating gas delivery options, while additional exploration opportunities remain separate from the discovered field.

Piedra Redonda Development Concept

Condor completed an independent development concept and feasibility study in July 2026 for the Piedra Redonda gas discovery. It assessed a conventional shallow-water platform with a pipeline to shore and considered alternative configurations to match customer demand. The company’s stated 2C contingent resource is approximately one trillion cubic feet, while the 3C high estimate is 2.65 trillion cubic feet. These figures are contingent resources, not proved producing reserves.

Near-Shore Setting Supports Planning

The gas discovery lies approximately four to ten kilometres offshore and the company describes gas quality as approximately 99% methane. The comparatively short offshore distance is a design consideration for the development concept, although costs, infrastructure and customers still need to be finalised. Condor is engaging potential purchasers and partners while evaluating the route to front-end engineering design and subsequent development decisions.

Exploration Portfolio Adds Optionality

Condor reports an 80% working interest in a 4,858-square-kilometre position in the Tumbes Basin. Its portfolio includes six high-graded oil prospect areas with an aggregate 2U prospective resource estimate of 3.3 billion barrels and more than 20 identified prospects and leads. Prospective resources are undiscovered and carry exploration and development risk; they are not current production or recoverable reserves.

Outlook: Next Development Priorities

The company’s stated priorities include commercial gas discussions, advancing development engineering and maturing offshore oil exploration targets. A feasibility study does not itself mean a final Investment decision has occurred.

CND shares traded at AUD 0.019 on 6 November 2026, with a daily change of 0.00%. Market Capitalisation was approximately AUD 16.41 million.