Australia's Condor Energy secured commitments to raise AU$2.25 million ($1.5 million) through a share placement to institutional and professional investors.
Proceeds are designated to fund the conversion of the TEA-86 licence in the Tumbes Basin and support gas development plans in offshore Peru.
The company reported that the funding facilitates a transition from technical evaluation to execution across its regional portfolio.
“This capital raise supports the continued advancement of our offshore Peru portfolio as we move toward the next phase of activity,” Managing Director Serge Hayon noted.
Condor Energy stated it is focused on advancing oil exploration targets which have identified more than three billion barrels (477 million cubic metres) toward drilling readiness.
The company said plans are in place to mature the Piedra Redonda gas field, which contains one trillion cubic feet (28.3 billion cubic metres) of natural gas resources.
Hayon stated, “The existing Piedra Redonda gas field with one tcf of natural gas and further low risk appraisal upside provides a potential pathway to near-term development, alongside our broader exploration portfolio.”