The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Investing

Piedra Redonda Gas Project Assessment Unlocks Multiple Development Options

by October 16, 2024
October 16, 2024
Piedra Redonda Gas Project Assessment Unlocks Multiple Development Options

Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to provide an update on the significant progress made on development planning activities for the Piedra Redonda Gas Project within the Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru.

HIGHLIGHTSTechnical review of the historical Piedra Redonda Gas Field completed with potential field development and monetisation options identifiedScalable development options include gas-to-power and delivery of compressed natural gas (CNG) for industrial and domestic useCompletion of Well Test Data evaluation provides confidence in deliverability estimates and allows for assessment of production profiles for associated development conceptsDiscovery well C-18X drilled in 1978 tested 8.2 million cubic feet per day on ½” choke from a limited 36 feet net pay interval out of estimated total 152 feet net pay intervalContingent resources of 404 Bcf (2C) associated with C-18X discovery area with further 2.2 Tcf (2U) low risk upside located updipUpdated Independent Resource Estimate in progress following receipt of reprocessed 3D seismic data over Piedra Redonda Gas Field

Managing Director Serge Hayon commented:

“We are excited with the results of our initial review of Piedra Redonda gas field which contains an independent best estimate of 404 billion cubic feet (2C gross) with additional low-risk upside of 2.2 trillion cubic feet of gas (2U gross) within the Mancora Formation updip of C-18X discovery well.

“The C-18X well demonstrated strong gas flow rates from a limited 36 feet interval out of an estimated 152 feet total net pay in the Mancora Formation which underlines the significant well deliverability potential and supports multiple standalone development options.

“We will incorporate insights from our technical review and updated interpretation of the recently reprocessed 3D seismic data over the Piedra Redonda Gas Field to deliver an updated Independent Resource Assessment to support selection of future potential well locations and advance development planning.

“In light of the positive technical review we are commencing further commercial and feasibility studies for a conceptual gas-to-power project development plan to determine the optimal commercialisation pathway for the Piedra Redonda Gas Field.

“Developing a commercial gas project at Piedra Redonda would not only realise the value of this asset but also allow access to additional undeveloped gas in the Tumbes basin.”

Click here for the full ASX Release

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
5 Best-performing Canadian Crypto Mining Stocks
next post
Entitlement Offer Fully Subscribed

You may also like

Jindalee Lithium Limited (ASX: JLL) – Trading Halt

Top 5 Small-cap Pharma Stocks of 2025 (Updated...

CHARBONE Hydrogen Announces Changes to Board of Directors

Canada Nickel Achieves Best Drill Results to Date...

Continued Excellent Results from Jasper Hills with Initial...

Large Scale Copper Discovery Confirmed

Musk Proposes DOGE Audit of Fort Knox Gold...

Top 10 Cloud Security Companies (Updated 2023)

Psychedelics Market 2023 Year-End Review

Exceptional silver and cobalt assays from seaweed

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Department of Justice opens criminal investigation into NY AG Letitia James

    • Brunswick Exploration Announces Brokered Private Placement for Gross Proceeds of up to C$2.5 Million, with a Lead Order from a Strategic Investor

    • Drill Contract Awarded for Elizabeth Hill. Technical Visit Completed to Define Drill Targets

    • $2.6M Placement and SPP to fast-track China entry and sales

    • Trump’s first vice president urges his old boss against raising taxes on wealthy Americans

    Categories

    • Business (1,633)
    • Investing (4,789)
    • Politics (7,535)
    • World (6,124)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top