Condor Energy Limited announced the initiation of a market and commercialization study for its Piedra Redonda gas field offshore in the Tumbes Basin of Peru. The study, commissioned to OPC—a prominent international energy consultancy—is designed to assess a range of development options, including gas-to-shore, gas-to-power, LNG, compressed natural gas, and tieback technologies. Additionally, the study will evaluate both domestic and export market opportunities, review existing transport and processing infrastructure, and ensure regulatory compliance with the current legal framework governing gas sales in Peru. The outcome of Phase 1, currently underway, will outline the most promising development pathways to pave the way for a subsequent Phase 2 focused on commercial feasibility, strategic recommendations, and risk assessment. The technical foundations for this study were laid earlier in the year when an independent resource assessment confirmed a best estimate (2C) contingent resource of approximately 1 trillion cubic feet of natural gas at Piedra Redonda. The project represents a significant milestone for Condor Energy Limited, reinforcing its efforts to move the resource toward a fully developed, commercially viable asset and supporting ongoing discussions with potential partners. This initiative builds on the company’s broader exploration activities in the offshore Tumbes Basin, where a Technical Evaluation Agreement in partnership with Jaguar Exploration, Inc. covers an area of 4,858 square kilometers. That agreement, established with Perupetro, not only supports the development potential of Piedra Redonda but also highlights additional prospects with significant upstream oil potential. From a financial perspective, Condor Energy Limited is operating with a market capitalization of approximately $15.4 million and a share price around 2.2 cents, supported by $3.2 million in cash and an enterprise value of $12.2 million with no debt. While these figures indicate a modest-sized operation, they also underscore the company’s focus on advancing its asset portfolio through careful technical and commercial evaluation. The announcement presents a balanced outlook. Bullish sentiment may be drawn from the clear progression towards commercialization of a large natural gas discovery, the involvement of experienced technical and market consultants, and the company’s proactive measures in aligning its development strategy with market demand and infrastructure capabilities. On the other hand, bearish sentiment could arise from the inherent risks associated with early-stage resource developments, the relatively low market capitalization and share price, and the fact that final commercial feasibility remains dependent on the outcomes of the current study and future exploration results. Overall, the company’s recent announcement signals active steps forward within a challenging yet potentially rewarding asset class.