Condor Energy Limited has recently advanced its exploration efforts offshore Peru by reprocessing approximately 400 line‐kilometres of legacy 2D seismic data with modern imaging techniques. The enhanced dataset, focused on the Caballa and Tiburon prospects, has delivered a significant uplift in data quality and resolution, improving imaging across key geological features such as unconformities, faults, and the Bottom Simulating Reflector (BSR). The reprocessed seismic data now clearly reveals well-defined reservoir sequences, direct hydrocarbon indicators, and shallow gas accumulations, providing robust support for the existence of high-quality reservoirs. In addition, advanced processing tools – including PSDM velocity model building, Q-PSDM imaging, and angle stacks to facilitate Amplitude Variation with Offset (AVO) analysis – have substantially sharpened subsurface interpretation and strengthened the basis for evaluating prospective targets. In parallel, a review of a legacy 2010 surface geochemistry study by TDI-Brooks has affirmed the widespread presence of thermogenic oil and gas across the Technical Evaluation Area (TEA). The geochemical signatures, reminiscent of Miocene-sourced oils found in coastal Peru and Ecuador, further validate the maturity and extent of the petroleum system underlying the basin. Independent resource estimates have highlighted the considerable prospective resources at Caballa and Tiburon—with best estimates at 524 million barrels and 565 million barrels respectively—as part of an overall assessment totaling up to 3 billion barrels of oil prospective resources across several key prospects. These encouraging technical indicators reinforce the potential for future drilling opportunities and the tie-back prospects associated with nearby developments, such as the shallow water Piedra Redonda gas field. The developments present a mixed picture for market sentiment. On the bullish side, the marked improvement in seismic imaging and the supportive geochemical data significantly boost confidence in the exploration potential of the underexplored TEA. The enhanced clarity in subsurface interpretation, combined with the substantial prospective resource estimates, positions Condor Energy Limited to de-risk and advance its high-grade targets in a well-populated petroleum province. Conversely, the bearish view centers on the early-stage nature of these findings and inherent exploration risks, including the uncertainties that remain around the actual recoverable volumes despite promising prospective estimates. The company’s modest market capitalization, limited cash resources, and the challenges in converting exploration success into commercial production also warrant cautious optimism among investor circles.