Condor Energy Limited has secured a 12-month extension from PeruPetro on its Technical Evaluation Agreement for TEA 86 in the Tumbes Basin of Peru. The extension, granted in recognition of the company’s strong regulatory relationships and significant technical achievements, provides the company with additional time to refine exploration targets, further de-risk its assets, and engage in commercial discussions with potential partners. This move supports Condor’s long-term vision in advancing one of the region’s most promising underexplored offshore oil plays. The company has made notable progress in recent months, underscored by an independent assessment that confirmed approximately 3 billion barrels (gross) of unrisked oil prospective resources and around 1 trillion cubic feet (gross) of Best Estimate (2C) contingent gas resource at the Piedra Redonda discovery. Other technical milestones include extensive reprocessing and interpretation of vintage 2D seismic data, regional studies that have identified over 20 leads and prospects, and the maturation of five large prospects with multibillion-barrel potential. These achievements set the stage for further regional mapping, basin modelling, and the design of a work program that aligns technical objectives with commercial milestones ahead of a future drilling campaign. The extension not only allows Condor Energy Limited to deepen its understanding of the stratigraphic and structural framework of the Tumbes Basin but also provides a critical window to advance partner discussions. The growing interest from major industry players and new country entrants into surrounding basins reflects a positive commercial outlook. This integrated approach of advancing both technical and commercial workstreams is expected to lay the groundwork for the future licensing and potential commercialisation of the Piedra Redonda gas field. From a market sentiment perspective, the news presents a bullish outlook with the regulatory backing and critical technical milestones suggesting significant upside potential. The extension could heighten investor confidence as it positions the company to unlock large-scale oil and gas resources, attracting potential partners and further validating the company's exploration strategy. On the bearish side, the inherent risks of exploration remain, with resource estimates subject to further appraisal. Additionally, the company’s modest market capitalization, low share price, and limited cash reserves highlight the challenges that remain in de-risking and executing a full-scale drilling campaign.