ASX: CND • CONDOR ENERGY LIMITED

Exploring
Corporate Presentation
One of South May 2024

America’s Great
Offshore Basins

1
condor-energy.com.au
IMPORTANT INFORMATION

Disclaimers & Disclosures

This presentation has been prepared by Condor Energy Limited (Condor), formerly COMPETENT PERSON’S STATEMENT
The information in this report is based on information compiled or reviewed by Mr Scott Macmillan, Non-Executive
known as Global Oil & Gas Limited (GLV). This Presentation is provided on the basis that
Director of Condor Energy Limited. Mr Macmillan is a Reservoir Engineer with more than 15 years’ experience in oil
neither the Company nor its representatives make any warranty (express or implied) as and gas exploration, field development planning, reserves and resources assessment, reservoir simulation, commercial
to the accuracy, reliability, relevance or completeness of the material contained in the valuations and business development. Mr Macmillan has a Bachelor degree of Chemical Engineering and an MSc in
Petroleum Engineering from Curtin University and is a member of the Society of Petroleum Engineers (SPE).
Presentation and nothing contained in the Presentation is, or may be relied upon as a
promise, representation or warranty, whether as to the past or the future. The Company
hereby excludes all warranties that can be excluded by law. The Presentation contains FORWARD LOOKING STATEMENTS

material which is predictive in nature and may be affected by inaccurate assumptions This document may include forward looking statements. Forward looking statements are only predictions and are
subject to risk, uncertainties, and assumptions which are outside the control of Condor. Actual values, results or
or by known and unknown risks and uncertainties, and may differ materially from results
events may be materially different to those expressed or implied in this document. Given these uncertainties,
ultimately achieved. recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in
this document are relevant only at the date of this document. Subject to any continuing obligations under
This presentation is in summary form and does not purport to be all inclusive or applicable laws, Condor does not undertake any obligation to update or revise any information or any of the
complete. Recipients should conduct their own investigations and perform their own forward looking statements in this document or any changes in events, conditions or circumstances on which any
such forward looking statement is based.
analysis in order to satisfy themselves as to the accuracy and completeness of the
information, statements and opinions contained. This is for information purposes only.
Neither this nor the information contained in it constitutes an offer, invitation, HYDROCARBON RESOURCE ESTIMATES
The Contingent Resource and Prospective Resource estimates for Condor’s TEA LXXXVI presented in this report are
solicitation or recommendation in relation to any transaction associated with Condor.
prepared as at 1 January 2010. The estimates have been prepared by the Netherland, Sewell & Associates, Inc (NSAI)
on behalf of the previous field operator BPZ Energy in accordance with the definitions and guidelines set forth in the
To the fullest extent permitted by law, Condor, its officers, employees, related bodies
Petroleum Resources Management System, 2007, approved by the Society of Petroleum Engineer and have been
corporate, agents and advisers do not make any representation or warranty, express prepared using deterministic methods.
or implied, as to the currency, accuracy, reliability or completeness of any information,
statements, opinions, estimates, forecasts or other representations contained in this The Prospective Resource estimates are unrisked and have not been adjusted for both an associated chance of
discovery and a chance of development. The Company confirms that there have not been any material changes to
presentation. No responsibility for any errors or omissions from this arising out of
the resource estimates since the release of the 18 March 2024 released to the ASX platform.
negligence or otherwise is accepted.

2
Rare World-Class Hydrocarbon
Exploration Opportunity
INVESTMENT SUMMARY

Billion barrel oil potential in one of Peru’s

proven offshore hydrocarbon basins with
more than 20 prospects and leads mapped.

Undeveloped gas field in shallow water with

2C Contingent Resources# of 404 Bcf plus
2U Prospective Resources# of 2.2 Tcf.

Large acreage position covering 4,858 km2

prospective licence.

3,800 km2 of modern 3D seismic with only one

exploration well drilled.

Technical Partnership with Havoc Services –

proven explorers and oil finders.

ASX: CND • CONDOR ENERGY LIMITED #See ASX release on 18 March 2024 3
Corporate Snapshot DIRECTORS

Matt Ireland Scott Macmillan Ricardo Garzon Rangel

Non-Executive Chairman Non-Executive Director Executive Director
CORPORATE OVERVIEW Mr Ireland, a Partner at Steinepreis Mr Macmillan is the Managing Director Mr Garzon Rangel is an industrial
Paganin, is a highly experienced and founder of Invictus Energy Limited engineer and energy economist with
corporate and commercial lawyer with (ASX: IVZ) which, since listing on the ASX in over 15 years international experience in
extensive experience in corporate 2018, has grown substantially in value from oil and gas and mineral exploration
governance and compliance matters a microcap frontier explorer to an projects. As a dual Australian and
CONDOR OIL & GAS LIMITED ( ASX: CND) as well as in mining and oil & gas emerging oil and gas developer following Colombian citizen, Mr Garzon Rangel
transactions. two gas-condensate discoveries from the has a depth of experience in Latin
first wells drilled in one of the last untested America and has a proven ability to

4.1c 557M
Matt graduated from Murdoch large fronter rift basins in onshore Africa. establish relationships with governments
University with a Bachelor of Laws and a and other industry participants.
Bachelor of Commerce in 2002 and was Mr Macmillan is a Reservoir Engineer with
Share Price Shares On Issue admitted to the Supreme Court of New more than 15 years’ experience in oil and Mr Garzon Rangel has a Bachelor
South Wales in 2003 and the Supreme gas exploration, has a Bachelor degree of degree of Industrial Engineering from
Court of Western Australia in 2004. Chemical Engineering and an MSc in Universidad Distrital Francisco Jose de

$22.8M $2.5M Petroleum Engineering from Curtin

University and is a member of the Society
Caldas in Bogotá Colombia, an MSc in
Energy Economics and Management
Market Cap Cash (31 Mar 24) of Petroleum Engineers (SPE). from Curtin University and is a member
of the Society of Petroleum Engineers
(SPE).

NIL $20.3M SHARE PRICE PERFORMANCE

Debt Enterprise Value 6c 60 m

5c 50 m

SHARE PRICE (AUD cents)

MAJOR SHAREHOLDERS
4c 40 m
SHAREHOLDER PERCENTAGE

VOLUME
DC & PC HOLDINGS PTY LTD 3.05% 3c 30 m

GREENSEA INVESTMENTS PTY LTD 2.87%

2c 20 m
BNP PARIVAS NOMINEES PTY LTD 2.71%

PDA INVESTMENT CO NO 2 PTY LTD 2.51% 1c 10 m

MR FAN PENG 2.15%

c -
May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24

ASX: CND • CONDOR ENERGY LIMITED Volume Price (AUD) 4

TEA LXXXVI: High Impact Exploration
in a Proven Basin
PROJECT OVERVIEW

• Substantial footprint covering 4,858 km2 Technical Evaluation

Agreement (TEA) with exclusive right to apply for a conventional
exploration contract.

• TEA area covers majority of the Peruvian offshore Tumbes Basin in

shallow to moderate water depths of between 50m and 1,500m.

• Underexplored block in a proven petroleum system surrounded by

multiple historic and currently producing oil and gas fields.

• Multiple proven play types with more than 20 prospects and leads
mapped.

• Several oil prospects already mapped with potential for >100 mmbbl.

• Piedra Redonda undeveloped gas discovery within TEA has

independent certified Contingent Resources of 404 Bcf (2C) plus
Prospective Resources# of 2.2 Tcf (2U) additional upside.

• Held in partnership with Jaguar Exploration Inc. (CND 80% - JAG 20%).

ASX: CND • CONDOR ENERGY LIMITED #See ASX release on 18 March 2024 5
Premier Position in a
Prolific Neighbourhood
MAJORS & IOCs ACTIVE IN BASIN & PERU

• In May 2024 Total Energies E&P (Total) signed three TEAs offshore Peru
following Condor’s entry into the Tumbes.

• Total's TEA (LXXXIX) is contiguous to Condor’s TEA area.

• Total's entry into Peru validates Condor’s identification of the

exploration opportunity offered by the Tumbes Basin.

• The close presence of one of the world’s largest oil companies should
attract interest from other oil companies and investors.

• Active E&P companies in Peru include Shell, Oxy, Hunt, Repsol YPF,
Sonatrach, Tecpetrol, PetroTal, CNPC, PlusPetrol, Unna, Upland
Resources, Savia and Perupetro.

• Talara Basin, immediately south of TEA, has produced 1.6 billion

barrels of oil to date.

ASX: CND • CONDOR ENERGY LIMITED 6

Tumbes Basin Data
& History
UNDEREXPLORED BASIN WITH ONLY ONE WELL DRILLED USING 3D SEISMIC

• Tumbes Basin only lightly explored by previous operators who focused

on the onshore and shallow water areas.

• Only one exploration well, Marina 1-X, has been drilled based on 3D
seismic data and which did not test the primary objective.

• TEA JV has acquired and amalgamated the extensive datasets from

previous operators.

• High quality legacy dataset comprises of:

• 7,134 km of 2D seismic
• 3,180 km2 of 3D seismic covering majority of TEA
• >50 offshore and onshore wells drilled on 2D
• Legacy reports and studies

• Condor has selected three high graded areas across Bonito, Raya and
Piedra Redonda to undergo 1,000 km2 of 3D seismic reprocessing (PSTM
& PSDM), which is on track for delivery mid-year.

• Regional 3D seismic volume undergoing pre-stack processing to

generate lithology prediction cubes and Amplitude Versus Offset (AVO)
cubes to assist in target identification and calibration with reprocessed
volumes.

• Work program designed to high grade prospects and mature

candidates to drill ready for future campaign.

ASX: CND • CONDOR ENERGY LIMITED 7

Tumbes Basin Regional Maps (3D seismic area)
Petroleum System
PROVEN PETROLEUM SYSTEM & MULTIPLE PLAYS

• The Tumbes Basin is a forearc basin west of the Andes,

above the subducting Pacific oceanic plate.

• 10km of sedimentary fill with multiple source, seal and

reservoir sequences ranging in age from Eocene to Recent.

• Proven source rocks within the Heath and Mancora S

Formations within oil/gas maturity window in the TEA area.

• Both source rock intervals appear to be generating

hydrocarbons.

• Primary play interval focused on Zorritos Formation, which

has yielded the majority of the discoveries in the basin.

• The Mancora Formation sands are also commercially

significant and host Piedra Redonda gas field.

• Regional mapping over the 3D seismic data has been

completed and now more detailed studies of additional
prospective structures outside seismic repro areas are
underway.

ASX: CND • CONDOR ENERGY LIMITED 8

Tumbes Basin
Cross Sections A A’

TARGET RICH ENVIRONMENT

• The subducting Pacific plate causes variation in the

regional stress field resulting in rapid subsidence,
abundant faulting and periods of folding and uplift.

• There are a wide variety of structural and stratigraphic

play types because of the structural history.

• Heath Formation (source rock) is at peak oil maturity

over most of the TEA area.

• Mancora Formation (source rock) estimated to be gas

mature over significant part of TEA.

Stratigraphy
B B’
La Cruz

Mal Pelo

Tumbes
0
Zorritos

Heath

Mancora

Eocene & Older

9
Tumbes Basin
Play Concepts A A’

PROVEN PETROLEUM SYSTEM & MULTIPLE PLAYS

• Only one well in the basin, Marina1-X, has been drilled

using 3D seismic data.

• Marina1-X targeted Tumbes reservoirs which were not

well developed.

• The deeper Zorritos Formation is the primary reservoir

objective in the basin.

• Zorritos reservoirs in structures such as Raya and Bonito, Stratigraphy

and several others, are well situated to receive a B B’
La Cruz
charge from Heath Formation source rocks.
Mal Pelo

Tumbes
• The Piedra Redonda Field is most likely to have been
charged by Mancora source rocks which are in the Zorritos

gas window downdip of the structure. Heath

Mancora
• Many faults do not penetrate the Mancora and thick Eocene & Older
overlying Heath shales are likely to be a barrier to
vertical migration meaning most of the Zorritos targets
should be shielded from a Mancora gas charge.

ASX: CND • CONDOR ENERGY LIMITED 10

Bonito Prospect

FOCUS AREA 1 – LARGE PROSPECT WITH STACKED POTENTIAL

• Large anticlinal feature with 76 km2 of closure.

• Primary target in Upper Zorritos Reservoirs.

• Additional potential in deeper Zorritos reservoirs proven

in basin in producing fields.

• Secondary reservoirs may be present in the overlying

Tumbes.

• Favourably located to capture hydrocarbon charge

from underlying mature Heath Formation source rocks.

• 3D seismic data over the Bonito structure currently being

reprocessed with delivery expected mid-year.

• Prospective resource estimate will be finalised post

interpretation of reprocessed 3D seismic. 76 km2 – 300m relief
Deepest closing contour

ASX: CND • CONDOR ENERGY LIMITED 11

Raya Prospect
Zorritos
Unconformity
FOCUS AREA 2 – LARGE PROSPECT WITH STACKED POTENTIAL

• The combined structural & stratigraphic trap sealed by the Zorritos

Unconformity covers 46 km2.

• Four-way dip closed structure in Upper Zorritos sands beneath the

Zorritos Unconformity covering 6 km2.

• Sealing shales above the Zorritos Unconformity.

• There are several potential reservoirs that could be sealed by the

unconformity with potential for stacked pay.

• Favourably located to capture hydrocarbon charge from

underlying mature Heath Formation source rocks.

• 3D seismic data over the Raya structure are currently being

reprocessed with delivery expected mid-year.

• Prospective resource estimate will be finalised post-interpretation of

reprocessed 3D seismic.

ASX: CND • CONDOR ENERGY LIMITED 12

 Piedra Redonda Gas Field

FOCUS AREA 3 – UNDEVELOPED GAS FIELD WITH UPSIDE

• Discovery well C-18-X drilled in 1978 in 55m of water.

• Well flowed at maximum rate of 8.2 million standard cubic feet per
day (mmscf/d) recovering 128 mmscf during an extended 60 day
well test period.

• Netherland, Sewell & Associates, Inc. (NSAI) resource estimate

• 2C Contingent Resources of 404 billion cubic feet (Bcf) plus
• 2U Prospective Resources# of 2.2 trillion cubic feet (Tcf) of gas

• Low-risk upside in area updip to north-east of discovery well.

Tumbes TEA CONTINGENT RESOURCES
• Existing gas-to-power feasibility studies will be reviewed in light of Piedra Low – 1C Best – 2C High – 3C
the information to be provided by the reprocessed seismic data Redonda (Bcf) (Bcf) (Bcf)
and positive developments in gas market since previous Piedra Gross (100%) 314 404 465
Redonda evaluation. Net (80% CND) 251 323 372
NSAI contingent gas resource estimate for the Piedra Redonda gas field relate
• 3D seismic data over the Piedra Redonda gas field are currently to estimated recoverable discovered resources estimated as of 1 January 2010.
being reprocessed with delivery expected mid-year. See ASX release on 18 March 2024

Tumbes TEA PROSPECTIVE RESOURCES#

• The wider Mancora gas play is unexplored within the TEA area and Piedra Low – 1U Best – 2U High – 3U
further work will be undertaken to better understand the potential Redonda (Bcf) (Bcf) (Bcf)
for follow on discoveries. Gross (100%) 1,596 2,224 2,852
Net (80% CND) 1,277 1,779 2,282
#Cautionary Statement: The estimated quantities of gas that may potentially be recovered by the application of a future NSAI prospective gas resource estimate# for the Piedra Redonda gas field relate
development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of to estimated recoverable undiscovered resources estimated as of 1 January 2010.
development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of
See ASX release on 18 March 2024
potentially recoverable hydrocarbons. Further important cautionary statements are contained in the Disclaimers & Disclosures 13
Strategy & Newsflow

USE NEW TECHNOLOGY & INSIGHTS TO MATURE & HIGH-GRADE PROSPECTS TO DRILL READY

• Condor and its JV partners, Jaguar, have designed a multi-disciplinary work

programme to rapidly assess the petroleum prospectivity of the Tumbes Basin.

• There are a large number of prospective features across the whole 3D seismic
volume and some features outside the 3D which are mapped on 2D seismic.

• The portfolio will be high-graded and risked before being audited by

independent reserve auditors.

• The JV will seek to farm-down some interest in the project before converting
the TEA into a conventional exploration contract.

• The primary objective is to drill one or more wells to test the oil potential in
some of the undrilled prospects high-graded by the technical study.

• The secondary objective is to determine the feasibility of a gas-to-power

project based on the development of the Piedra Redonda gas field.

Completed
TEA maturation strategy & newsflow Planned
3D Reprocessing Piedra Redonda Piedra Redonda Independent
Data Commenced Technical Commercial Resource Contract
Collection for Focus Areas Assessment Assessment Estimate Application

Regional G&G Prospect Mapping 3D Reprocessing Prospect JV Funding Drilling

& Mapping outside Results Mapping for
Focus Areas for Focus Areas Focus Areas
ASX: CND • CONDOR ENERGY LIMITED 14
 ASX: CND • CONDOR ENERGY LIMITED

L1, 10 Outram Street, West Perth WA 6005

P (08) 6243 0429

E [email protected]

W condor-energy.com.au

This presentation was approved for release by the Condor Energy Board

ASX: CND • CONDOR ENERGY LIMITED

ASX: CND • CONDOR ENERGY LIMITED

Appendix

16
condor-energy.com.au
Source Rock Maturity –
Heath Formation
PEAK OIL MATURITY OVER MOST OF TEA AREA

• The Heath Formation is the primary source rock based on

analyses of onshore and offshore rock samples and oils
recovered within the basin.

• Maturation modelling has been used to estimate present-day

Vitrinite Reflectance (a measure of source rock maturity) at
the top of the Heath Formation.

• The Heath Formation is at peak oil maturity over most of the

TEA area.

• Most of the potential traps identified in the basin should have

access to migration pathways out of mature Heath Formation
source rocks.

Mid Heath Formation Source Rock Maturity

(Vitrinite Reflectance %)

ASX: CND • CONDOR ENERGY LIMITED 17

Source Rock Maturity –
Mancora Formation
GAS MATURE OVER SIGNIFICANT PORTION OF TEA AREA

• Shales within, or below, the Mancora Formation are the most

likely source of gas in the Piedra Redonda gas field.

• Maturation modelling has been used to estimate present

day Vitrinite Reflectance (a measure of source rock
maturity) at the top of the Mancora Formation.

• The source rocks are expected to be deeper within the

Mancora Formation or maybe even below it, which means
the map is a minimum maturity case.

• The Mancora Formation is estimated to be gas-mature over

a significant part of the TEA area.

• The gas kitchen is downdip of the Piedra Redonda gas

discovery, however it lies on a clear migration pathway out
of the basin.

• There may also be a charge into Piedra Redonda from the

east.

Top Mancora Formation Source Rock Maturity

(Vitrinite Reflectance %)

ASX: CND • CONDOR ENERGY LIMITED 18

 SW NE SE NW
Technology

NEW TECHNOLOGY TO PROVIDE INSIGHTS TO OLD DATASETS

intersection

intersection
• Conventional seismic Direct Hydrocarbon Indicators (DHIs) such as

Line

Line
amplitude anomalies and flat spots (Tumbes example below) can
Amplitude Volume
sometimes be used to identify potential accumulations.
SW NE SE NW
• Houston based consultants eSeis Inc are conducting pre-stack processing of
the 3D seismic volumes, using their proprietary LithSeis technology, to
produce a Lithology/Fluid volume and an Amplitude Versus Offset (AVO)
volume.

• The volumes are designed as screening tools to highlight areas of interest for
further evaluation.

• New technology provides new insight into old data. Lithology Volume

Amplitude anomaly SW NE SE NW

Flat spot

AVO Volume
19