Condor Energy raises AU$2.25m for Peru oil and gas projects

“This capital raise supports the continued advancement of our offshore Peru portfolio as we move toward the next phase of activity,” Managing Director Serge Hayon noted.

Condor Energy stated it is focused on advancing oil exploration targets which have identified more than three billion barrels (477 million cubic metres) toward drilling readiness.

The company said plans are in place to mature the Piedra Redonda gas field, which contains one trillion cubic feet (28.3 billion cubic metres) of natural gas resources.

Hayon stated, “The existing Piedra Redonda gas field with one tcf of natural gas and further low risk appraisal upside provides a potential pathway to near-term development, alongside our broader exploration portfolio.”