Condor Energy Limited (ASX:CND)

Condor Energy Limited (ASX: CND) announced that it has received formal qualification approval from PERUPETRO S.A., Peru’s state-owned oil and gas contracting agency, confirming that Condor has the legal, financial and technical capability to assume the obligations of a proposed 100% Exploration and Exploitation Licence Contract over offshore Block Z-72 in northern Peru. The qualification is a key regulatory milestone that allows Condor to move from its existing Technical Evaluation Agreement (TEA LXXXVI) toward direct negotiations with PERUPETRO on final licence terms, after which execution will still depend on agreement of those terms, community consultation and required government approvals. The announcement notes that the 4,858 km2 TEA area covers almost all of the Peruvian offshore Tumbes Basin in water depths of 50m to 1,500m, includes the undeveloped Piedra Redonda gas field with best estimate contingent resources of 1 Tcf gross, and has significant exploration upside, with independent assessment by NSAI attributing a combined best estimate gross unrisked 2U prospective resource of 3 billion barrels of oil across five prospects, rising to more than 3.3 billion barrels including the internally estimated Raya West prospect; Condor said this progress supports its broader gas commercialisation and oil exploration strategy and ongoing discussions with strategic partners and gas customers.