Additional Deeper Targets Identified in Bonito Prospect

Global Oil & Gas Ltd (ASX:GLV) (Global or the Company) is pleased to provide an update on exploration activities on its (80% held) 4,585km² Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru.

Highlights

• Additional deeper stacked targets identified in the proven oil-bearing Zorritos Formation represents significant upside for the Bonito Prospect
• Deeper targets proven in adjacent producing oil fields evident on seismic data at Bonito
• Reprocessing of 3D seismic data over Bonito area is well advanced
• Prospective Resource estimates will incorporate reprocessed seismic data and deeper targets

Figure 1 – Bonito prospect showing Top Zorritos reservoir contour and 76km2 trap closure

The block incorporates over 3,800km² of existing 3D seismic data which the Company is currently reviewing; with an aggregate of 1,000km² currently prioritised and undergoing reprocessing and interpretation across three discrete highly prospective areas (one of which includes the Bonito Prospect) (see Figure 2). Reprocessing will include pre-stack depth migration (PSDM) work across each of the three areas.

The Bonito Prospect was first identified in the early 2000s. Previous Operators focussed exclusively on the Upper Zorritos reservoir demonstrating that it had potential to contain significant hydrocarbon volumes.

However, deeper Zorritos Formation reservoirs have also been identified and proven in discoveries and other wells drilled in the Tumbes Basin, as demonstrated by production from the Lower Zorritos Formation in the Albacora field, as well as pay zones identified in the Delfin discovery and non-pay reservoirs identified in the Piedra Redonda gas field (Figure 3). Further, intra-formational seals identified within the Zorritos Formation in the Delfin discovery, suggest that the Lower Zorritos levels possess genuine potential as independent targets.

Figure 2 – Bonito prospect and areas selected for seismic re-processing

At the Upper Zorritos level the faulted three-way dip closure trapping geometry at Bonito measures 76km² with approximately 300m of vertical relief. Should the lower Zorritos levels prove viable, the additional vertical relief of the stacked reservoirs could be substantial.

Seismic reprocessing of the Bonito area (250km²) is well underway and will result in improvements in data quality that will facilitate precise depth mapping and enhance lithology and fluid discrimination.

It is anticipated that a Prospective Resource estimate for the Bonito Prospect incorporating the reprocessed seismic data and the newly identified deeper targets will be released once completed and additional work undertaken to mature Bonito to drill-ready status.

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