Condor Energy (ASX:CND) said a review of a legacy 2010 surface geochemistry study conducted by TDI-Brooks provided further evidence of the presence of an active petroleum system within the Tumbes basin in Peru, according to a Thursday Australian Securities Exchange filing.
The review confirmed the widespread presence of thermogenic oil and gas across underexplored areas of the technical evaluation agreement area, the filing said.
The firm reprocessed selected legacy 2D seismic lines using modern imaging techniques, which supported improved geological interpretation in the area for the locations that lie outside current 3D seismic coverage.
The reprocessing focused on the Caballa and Tiburon prospect areas. Netherland Sewell & Associates estimated the best estimate gross unrisked prospective resources of 524 million barrels for Caballa and 565 million barrels for Tiburon.
A technical evaluation agreement is an oil and gas contract that provides the holder with the exclusive right to negotiate a license contract over the technical evaluation agreement area.
Condor Energy's shares were up 4% in recent Thursday trade.
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