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- Independent study establishes technical foundation supporting commercialisation
- Independent development concept and feasibility study wrapped up
- Study confirms field can be developed using simple conventional shallow-water wellhead platform
- Independent engineering assessment supports ongoing gas sales negotiations
Condor Energy (ASX:CND) is preparing the Piedra Redonda field offshore towards front end engineering design (FEED) and future project execution after completing a positive development concept and feasibility study.
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MD, Serge Hayon, said the completion of a the study for the gas discovery offshore Peru, represents an important milestone in progressing the field towards commercial development.
“Piedra Redonda remains one of the largest undeveloped offshore gas discoveries on the west coast of South America. The development concepts evaluated utilise simple and proven conventional shallow- water offshore infrastructure and a wide range of gas sale scenarios to support commercial offtake agreements,” Mr Hayon said.
“Completion of this study demonstrates a technically and economically robust development solution and provides an independent engineering framework to support our ongoing gas sales negotiations, strategic partnering and future financing discussions and progressing the grant of a licence contract.
“As we continue advancing Piedra Redonda, we will further refine the project alongside prospective customers and partners to optimise the final development configuration and position the project for its next stage in the maturation process.”
Piedra Redonda is Condor’s flagship gas development opportunity and contains an independently certified 2C contingent resources of approximately 1.0 trillion cubic feet (Tcf) of natural gas positioning it as one of the largest undeveloped conventional offshore gas discoveries in Peru.
Located in shallow water offshore northern Peru, the field is well positioned to supply growing domestic and regional gas demand through a range of potential commercialisation pathways.
Its shallow-water location, proximity to shore and conventional development concept provide a strong foundation for future commercial development.
The preferred development concept consists of an offshore well head platform and pipeline tied back to shore.
Piedra Redonda is progressing through the conventional stages of project development integrating technical, commercial, financing and regulatory activities to systematically mature the project towards potential commercial development.
The company is currently progressing the licence contract application alongside gas sales negotiations, strategic partnering and financing discussions.
CND was steady at 1.9¢ with a Mkt cap of $16.13M.
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