Condor Energy Secures $3 million Placement to Expedite Exploration in Peru

Highlights:

• Condor Energy (ASX: CND) successfully raised A$3 million through a placement of fully paid ordinary shares, driven by strong support from institutional and sophisticated investors.
• The funds will be utilized to expedite exploration activities in the Tumbes Basin, offshore Peru, focusing on technical evaluations, resource assessments, and the commercialisation of the Piedra Redonda gas discovery.
• This capital raise positions Condor Energy to accelerate its exploration goals, with plans to refine seismic data, assess high-grade oil prospects, and advance development strategies in the region.

Successful Capital Raise to Fund Exploration Goals

Condor Energy Limited (ASX: CND) has successfully raised A$3 million through a placement of fully paid ordinary shares, as announced by the company. The capital raise, which received robust support from institutional, professional, and sophisticated investors, reflects growing confidence in Condor's high-impact exploration and commercialisation plans for the Tumbes Basin Technical Evaluation Agreement (TEA), offshore Peru.

The funds raised will bolster Condor’s cash reserves, enabling the company to accelerate exploration and commercialisation activities in the region. At the time of writing, Condor is advancing its work on the TEA with a focus on technical evaluations, resource assessments, and development strategies for the Piedra

Redonda gas discovery.

Planned Utilisation of Funds
The A$3 million proceeds will be allocated to several strategic initiatives, including:

• Advancing technical work to refine a portfolio of high-priority prospects using extensive 3D and 2D seismic data covering over 3,800 km² and 7,000 km.
• Conducting resource assessments of high-graded oil prospects to mature exploration targets.
• Progressing commercialisation efforts for the Piedra Redonda gas discovery, which boasts a recently upgraded Best Estimate (2C) Contingent Resource of 1 trillion cubic feet of gas, including 802 billion cubic feet net to Condor.

Placement and Broker Details

The placement was conducted at an issue price of $0.026 per share, representing a 15.9% discount to the 15-day volume-weighted average price. Settlement is scheduled for January 31, 2025, with Euroz Hartleys Limited acting as the sole lead manager.

Managing Director Serge Hayon remarked, “The strong support from investors highlights the significance of our TEA in the Tumbes Basin. The raised funds position us well to expedite our exploration and commercialisation plans.”

With these resources in place, Condor Energy aims to accelerate drilling and unlock the basin's vast potential.

Disclaimer for Kapitales Research

The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com