Condor Power Ltd (ASX: CND) (Condor or the Firm) is happy to advise that Mr Serge Hayon has been appointed as Managing Director of the Firm efficient from the 1st of October 2024.
Mr Hayon is an skilled Reservoir Engineer and Petroleum Geologist with broad publicity to working with and managing multi-disciplinary groups primarily targeted on South East Asia, the Americas and Australia.
Mr Hayon has a Bachelor of Science in Geology (Honours) and an MEngSc in Petroleum Engineering from Curtin College.
Previous to becoming a member of Condor, Mr Hayon labored for Murphy Oil Company for 20 years together with most not too long ago as Normal Director / Nation Supervisor Vietnam throughout which era he was accountable for the general administration of the Asia enterprise together with establishing Murphy’s entry into and securing Ultimate Funding Choice on the Lac Da Vang oilfield, Vietnam.
Mr Hayon has delivered tasks encompassing the entire lifecycle from exploration, discovery, appraisal to first oil and manufacturing of huge oil and gasoline belongings.
Throughout his profession his management has been instrumental within the growth planning and execution of shallow and deep-water operations, sustaining a high security document and making certain that the tasks and effectively applications had been delivered on time and inside funds.
Chairman Matt Eire commented:
“Condor is in an thrilling part and Serge is becoming a member of the Firm at a pivotal time to unlock and ship worth from our Tumbes TEA in Peru.”
“Serge has an awesome observe document within the oil and gasoline trade and brings an excellent ability set to guide the Firm as our Managing Director and we’re delighted he’s becoming a member of the Board.”
Incoming Managing Director Serge Hayon commented:
“Condor has recognized a singular alternative and constructed a lovely place within the Tumbes TEA which is gaining trade consideration as a result of billion barrel potential of this confirmed however underexplored basin.
“I’m thrilled to hitch the Condor staff and desirous to contribute to the advancing of its thrilling portfolio of exploration alternatives, maturing our found gasoline useful resource in the direction of commercialisation and drive the Firm’s development to unlock its full potential.”
About Condor Power and 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 companion 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 underexplored 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 ‘Finest Estimate’ Contingent Assets of 404 Bcf (100% gross) and ‘Finest Estimate’ Potential Assets of two.2 Tcf# (gross unrisked) of pure gasoline.
#Cautionary Assertion: The estimated portions of gasoline which will doubtlessly be recovered by the appliance of a future growth venture(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 probably recoverable hydrocarbons.
Condor is 80% holder of the TEA, with Jaguar and its nominees holding the remaining 20%.
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