Condor Energy has identified deep-water turbidite reservoir systems across its Technical Evaluation Agreement (TEA-86) acreage in the Tumbes Basin offshore Peru, following an accelerated programme of integrated subsurface studies.
The findings address a key exploration uncertainty and support the company’s application to convert its TEA into an exploration licence contract.
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The integrated technical programme combined advanced seismic attribute analysis with geological and geophysical studies, drawing on data from more than 60 wells across shallow water and onshore areas.
The study discovered large-scale sediment transport systems and deep-water fan-shaped depositional patterns throughout TEA-86. These are interpreted as turbidite reservoir systems, featuring sand-rich bodies resting above mature source rocks.
Condor Energy managing director Serge Hayon said: “The latest phase of our work programme has addressed a key exploration uncertainty relating to the presence and distribution of deep-water reservoir systems, with results providing strong evidence for turbidite reservoirs across our acreage.
“Through the integration of advanced seismic attribute analysis and geological studies, we have identified intra-slope canyon systems depositing deep-water fan reservoirs across large areas of TEA-86.
“These systems underpin many of the world’s most significant offshore discoveries, including those in Namibia, Guyana, Suriname and Angola, and materially enhance the potential of our exploration portfolio.”
The depositional systems identified at TEA-86 are analogous to those associated with the Venus discovery offshore Namibia, where basin floor fan reservoirs formed above mature source rocks.
The Tumbes Basin systems follow classic turbidite depositional patterns. Sediment carried through intra-slope canyons spills out onto the basin floor, forming laterally extensive sand bodies with strong reservoir characteristics.
Seismic geomorphology and depositional modelling confirmed the presence of feeder channel geometries and fan-shaped depositional bodies across the TEA-86 area.
The analysis targeted the Miocene Zorritos Formation as the primary exploration objective, with the Tumbes and Mal Pelo formations assessed as secondary reservoir intervals.
Condor Energy forayed into the 4,858km² TEA LXXXVI block offshore Peru with partner Jaguar Exploration in August 2023.
The TEA area covers the Tumbes Basin offshore Peru in water depths of 50–1,500m. Condor Energy holds an 80% interest, while Jaguar and its nominees hold the remaining 20%.
The block contains the undeveloped Piedra Redonda gas field, which holds a best estimate contingent resource of one trillion cubic feet (100% gross) of natural gas.
An independent resource assessment by Netherland, Sewell & Associates confirmed a combined best estimate gross un-risked 2U prospective resource of three billion barrels (bbbl) of oil across the Raya, Bonito, Caballa, Salmon and Tiburon prospect areas.
Condor Energy has also identified the Raya West prospect, which raises the company’s total best estimate un-risked 2U prospective resources to more than 3.3bbbl gross, of which 2.7bbbl are net to the company.
The TEA work programme’s last phase, one-dimensional basin modelling, is in progress. Finishing this programme will support Condor Energy’s bid to transform the TEA into an exploration licence contract, setting a clear work plan and regulatory structure for moving forward to exploration drilling.
Last month, Condor Energies reported successful well testing at its Uzbekistan gas development project, with the Kumli-45 well achieving a stabilised flow rate of 5.3 million standard cubic feet per day.
