Condor Power Ltd (ASX: CND) (Condor or the Firm) has accomplished focused reprocessing of legacy 3D seismic knowledge on its 4,585km2 Tumbes Basin Technical Analysis Settlement (TEA or block) offshore Peru.
Highlights
- Reprocessing of a complete of 1,000km2 of legacy 3D seismic knowledge throughout three main prospects accomplished
- Information high quality vastly improved, considerably enhancing oil and gasoline prospectivity
- Useful resource estimation of principal prospects underway
- Greater than 20 prospects and leads positioned outdoors of the reprocessing areas have been recognized – prospect screening and rating course of commenced
The block accommodates over 3,800km2 of legacy 3D seismic knowledge, with Condor reprocessing an mixture of 1,000km2 protecting the 2 excessive potential oil prospects (Raya and Bonito) and the Piedra Redonda gasoline subject (Determine 1).
The contract for reprocessing was awarded to Superior Geophysical Know-how (“AGT”) of Houston who’ve now delivered ultimate merchandise together with Pre-Stack Time Migration and Pre-Stack Depth Migration volumes in addition to by-product merchandise used for Quantitative Interpretation (“QI”) workflows. These workflows present enhanced insights into the lithology of subsurface rocks and the fluids they might comprise.
Condor is happy with the outcomes of the reprocessed volumes which have improved each the standard of the seismic picture and the frequency content material (Determine 2). These enhancements significantly improve the standard of seismic interpretation.
Determine 2 – The reprocessed knowledge present enhancements in decision, structural imaging and frequency content material
Considerably, the manufacturing of Pre-Stack Depth Migrated volumes gives a beneficial instrument which permits for extra correct structural imaging and allows interpreters to work in depth in comparison with the unique knowledge which had solely been offered in Two Approach Time (“TWT”).
Condor has commenced a evaluation of the Raya and Bonito prospects and the Piedra Redonda found gasoline subject utilizing the brand new reprocessed seismic and is assured that the improved 3D seismic knowledge will allow the formulation of Useful resource estimates.
The Firm has additionally recognized greater than 20 further prospects and leads which lie outdoors of the areas chosen for reprocessing, with the target of choosing essentially the most potential options via a ultimate prospect screening and rating course of.
Concerning the Tumbes Basin TEA
A Technical Analysis Settlement (TEA) is an oil and gasoline contract that gives the holder with the unique proper to barter a Licence Contract over the TEA space.
In August 2023 the Firm, with its associate Jaguar Exploration, Inc. (Jaguar), entered into the 4,858km2 TEA offshore Peru with Perupetro. The TEA space covers nearly the entire Peruvian offshore Tumbes Basin in shallow to reasonable water depths of between 50m and 1,500m.
The under-explored block is surrounded by a number of historic and at present producing oil and gasoline fields and accommodates the undeveloped shallow water Piedra Redonda gasoline subject which accommodates ‘Greatest Estimate’ Contingent Assets of 404 Bcf (100% gross) and ‘Greatest Estimate’ Potential Assets of two.2 Tcf# (gross unrisked) of pure gasoline.
Condor is 80% holder of the TEA, with Jaguar and its nominees holding the remaining 20%.
#Cautionary Assertion: The estimated portions of gasoline which will doubtlessly be recovered by the appliance of a future growth challenge(s) relate to undiscovered accumulations. These estimates have each a threat of discovery and a threat of growth. Additional exploration appraisal and analysis is required to find out the existence of a major amount of doubtless recoverable hydrocarbons.
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