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
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.
Click here for the full ASX Release
This article includes content from Global Oil & Gas Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Global Oil & Gas (ASX:GLV) is an Australia-based oil and gas exploration company focused on developing its recently acquired Tea LXXXVI oil and gas block in Peru, located in the Tumbes-Progreso basin and near the prolific Talara basin. The project’s hydrocarbon exploration potential leverages Peru’s long history as an oil and gas producer, which dates back to the late 19th century when the country drilled its first well more than 150 years ago.
Oil and gas production in Peru is led by the Peruvian National Agency of Hydrocarbons (Perupetro). The country is resource-rich, with over 421 million barrels (MMbbl) of proven and probable reserves located in the 18 sedimentary basins.
Hydrocarbon fields, both on and offshore, in the Tumbes-Progreso and Talara basins currently contribute over 1.4 billion barrels of domestic oil production and 1.7 trillion cubic feet (TCF) of natural gas production. The Talara basin itself has cumulatively produced more than 1.6 billion barrels of oil and is surrounded by multiple historic and currently producing oil and gas fields.
GLV’s Tea LXXXVI project is the result of a technical evaluation agreement (TEA) with the Peruvian National Agency of Hydrocarbons (Perupetro), which provides GLV and its partner, US-based oil and gas exploration company Jaguar Exploration, the exclusive right for greenfield exploration activities over the TEA area. GLV holds an 80-percent interest in the asset with the remaining 20 percent held by Jaguar.
The project comprises a 4,858-square-kilometer oil and gas block in proven offshore hydrocarbon-bearing basins in Peru, including the prolific Talara basin. Offshore, Peru remains dramatically underexplored and has immense potential for hydrocarbon plays.
The TEA LXXXVI project entitles GLV to a two-year assessment of the block with the option to extend it for one extra year. This requires no minimum spending commitments from GLV. As such, GLV can focus on high-impact, low-cost exploration activities for the next 12 to 18 months, which includes desktop studies, and reprocessing of old 3D seismic data, among other activities. This is beneficial for GLV as it provides the company with an inexpensive and exclusive two-year option to convert all or part of the TEA LXXXVI area into a licence contract. In addition, news flow from low-cost exploration activities should keep investors excited about the company’s future.
Considering the block's potential, GLV has appointed a world-class technical team with more than 200 years of collective experience to develop the TEA LXXXVI asset. Several of the newly appointed team members have previously worked on the area covered by GLV, which should help in fast-tracking the development of the block. The team comprises proven oil finders with collective discoveries of more than 480 million barrels of oil equivalent of 2P reserves and more than 400 million barrels of oil equivalent in contingent resources in Peru and Colombia.
The experience of working in the TEA LXXXVI property and surrounding fields will be vital for GLV to expedite the understanding and evaluation of the asset.
This oil and gas block is located on the northwest coast of Peru in the Tumbes-Progreso basin, in water depths that range from 100 meters to 1,500 meters. The project spans 4,858 square kilometers and is surrounded by historical and current producing oil and gas fields. The block includes the Corvina oil field which generated past production rates of up to 4,000 barrels of light oil per day. In the south is the Talara basin, which is one of the most productive basins in Peru having produced more than 1.6 billion barrels of oil. To the southeast is the Alto-Pena Negra oil field, one of Peru’s most productive fields, currently producing around 3,000 barrels of oil per day and with a total historical production of more than 143 million barrels of oil.
The project benefits from the presence of excellent infrastructure, including a refinery that is only 70 kilometers away. The block has seen exploration in the past, specifically in the early 1970s, when three exploration wells were drilled, all showing the presence of oil. In addition, historical data from 2D seismic surveys and more than 3,800 square kilometers of 3D seismic surveys are available for processing. The rarity of finding a large, undrilled area in a proven hydrocarbon basin system with completed 3D surveys is noteworthy.
The historical discoveries were mostly located in shallow waters and could prove to be an easy target for GLV. In addition, there is a high likelihood of further discoveries in deeper waters (400 meters to 800 meters). Utilizing historical seismic data, GLV along with its partner Jaguar have identified prospects and leads in the block that can be classified as prospective resources. Of particular interest are two main prospects – Bonito and Tiburon.
The company has planned extensive work over the next 12 to 24 months. The first 12 months will focus on reprocessing 1,000 square kilometers of 3D seismic data and carrying out amplitude versus offset (AVO) studies. The following 12 months will then focus on geological and geophysical studies including 3D seismic interpretation and structural analysis. By the end of two years, GLV aims to generate certified prospective resources along with three to four drill-ready targets. In addition, GLV is looking for a farming partner to cover the cost of drilling. The block has a billion-barrel potential according to Perupetro.
TEA’s 2-Year Work Commitment
Matt Ireland, a partner at Steinepreis Paganin, is a highly experienced corporate and commercial lawyer with extensive experience in corporate governance and compliance matters as well as in mining and oil & gas transactions including joint venture agreements, M&A transactions, capital raisings and asset acquisitions/disposals. Ireland graduated from Murdoch University with a Bachelor of Laws and a Bachelor of Commerce in 2002 and was admitted to the Supreme Court of New South Wales in 2003 and the Supreme Court of Western Australia in 2004.
Scott Macmillan is the managing director and founder of Invictus Energy Limited (ASX:IVZ) which, since listing on the ASX in 2018, has seen Invictus grow substantially in value from a microcap frontier explorer to an emerging oil and gas developer. Invictus Energy is an oil and gas company opening one of the last untested large fronter rift basins in onshore Africa. Macmillan is a reservoir engineer with more than 15 years of experience in oil and gas exploration, field development planning, reserves and resources assessment, reservoir simulation, commercial valuations and business development. Before founding Invictus, Macmillan worked as a senior reservoir engineer at Woodside Energy and AWE, during which time he participated in large offshore oil and gas field operations and the development of the Waitsia Gas Field.
Troy Hayden has more than 25 years of experience in the upstream oil and gas industry. He has worked on numerous oil and gas asset acquisitions, divestments, and M&A transactions. He is currently the business development manager at Transborder Energy, a small-scale Floating LNG company. He was the CEO at ASX-listed Tap Oil for six years and worked at Woodside Petroleum for 12 years, where he held a number of senior leadership positions. He has consulted with several resource companies, working with First Quantum Minerals (acting CFO), QR National (group treasurer) and Western Gas.
Anna Mackintosh has over 26 years of commercial experience, including 11 years with BHP and 10 years with AFSL holder Kirke Securities as compliance manager, finance manager and responsible executive. In addition to GLV, she also serves as company secretary of TAO Commodities (ASX:TAO), Marquee Resources (ASX:MQR), and XS Resources.
HIGHLIGHTS
Following the recent successful free-flowing test on the Lorelle Sandstone, Elixir advises that this key formation has now been successfully stimulated. The zone was flowed back overnight to clean out the stage, and again flowed gas to surface with slugs of proppant debris and stimulation fluid as expected.
Gas flow from Stage 1 Lorelle Sandstone post stimulation
Data acquired during the Lorelle Sandstone flow periods has been used to predict the initial gas flow rate and ultimate recovery for each well from this lowermost zone. Elixir’s technical and economic modelling1 indicates the Lorelle Sandstone alone could produce a commercial flow rate of gas, with the breakeven commercial initial flowrate being estimated at 2.5 million cubic feet per day1.
This commerciality threshold is strongly underpinned by the location of the Grandis Project only a few tens of kilometres from: gas pipeline infrastructure connecting to domestic and international gas markets; existing and proposed local gas-fired power stations; a commercial gas hub into which spot sales can be made at high gas prices; etc. Accordingly, plans for a staged development are already underway, including engaging with gas offtakers with interests in the region.
Since the stimulation and flow-back of the Lorelle Sandstone, Elixir has sustained a number of logistical and other operational delays. After successfully isolating the Lorelle Sandstone with a bridge plug to proceed with the next stimulation stage, the setting mechanism became lodged in the hole requiring remedial activity. This delay has resulted in the full stimulation program not being able to be completed before the hard deadline for certain equipment to leave the site to meet commitments with another operator.
Stimulation equipment on location at Daydream-2
Accordingly, Elixir has demobilized at Daydream-2 and will re-commence the stimulation program in a month or so. This will ensure that the program can be executed as planned and there are no negatives for the ultimate program except for this time delay. Negotiations with the relevant sub- contractors are in hand and a more precise timetable is expected to be finalized shortly.
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company's annual financial statements and associated management's discussion and analysis for the year ended December 31, 2023 (the " Annual Report ").
Complete details of the Annual Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI's website .
Three Months and Year Ended December 31, 2023 Highlights:
| Three months ended | Year ended | |||
| Tabular amounts in thousands of Canadian Dollars, except share and per share amounts | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 |
| Financial | ||||
| Net loss | 1,719 | 520 | 2,953 | 7,363 |
| Net loss per share, basic and diluted | 0.02 | 0.01 | 0.03 | 0.09 |
| Cash | 6,330 | 9,128 | 6,330 | 9,128 |
| Working capital | 5,743 | 10,236 | 5,743 | 10,236 |
| Total assets | 11,639 | 13,022 | 11,639 | 13,022 |
| Total liabilities | 872 | 226 | 872 | 226 |
| Weighted average shares outstanding | 96,033,974 | 96,033,974 | ||
| Basic and diluted 1 | 96,033,974 | 78,397,100 | ||
| 1 The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive. |
During the year ended December 31, 2023, HEVI continued to execute on its focused strategy of developing the Company's 5.6 million acres of helium rights in southern Saskatchewan and advancing its ultimate goal of producing and selling helium, generating cash flow and driving positive returns for shareholders. HEVI has remained committed to maintaining ongoing financial flexibility, demonstrated by a positive working capital position of $5.7 million at December 31, 2023, excluding $0.8 million of tubing and casing that was pre-purchased and not utilized.
Operations Update
Looking forward to the remainder of 2024 and into 2025 and as announced on April 2, 2024 , the Company is strategically planning to embark upon a drilling program in the Mankota area of Saskatchewan with its partner, North American Helium Inc. (" NAH "), building upon three existing helium discoveries in the region. HEVI and NAH are planning to drill up to nine joint development wells (the " New Wells ") which are expected to spud between Q3 2024 and Q2 2025, subject to surface and environmental restrictions. With HEVI's 20% working interest in the New Wells, the Company is positioned to capitalize on this strategic expansion.
Stay Connected to Helium Evolution
Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company's website, which includes the Company's current corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive' research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers. In addition to recent media articles , HEVI maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.
About Helium Evolution Incorporated
Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly traded companies, focused on developing assets in southern Saskatchewan. The Company has 5.6 million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI's management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.
For further information, please contact:
| Greg Robb, President & CEO Kristi Kunec, CFO | Phone: 1-587-330-2459 Email: info@heliumevolution.ca Web: https:// www.heliumevolution.ca/ |
| Cindy Gray, Investor Relations | info@5qir.com | 1-403-705-5076 |
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements regarding the Company's expectations regarding the Company and/or NAH's exploration and drilling plans including the New Wells, the Company's expectations regarding scalable helium production from its land generally , the Company's expectations regarding recoverability of helium, the Company and/or NAH's ability to identify future exploration and drilling targets, the Company's ability to capitalize upon the New Wells, increasing shareholder value, the Company's ability to preserve capital, the drilling timeline for and success of any future Company and/or NAH drills, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its drilling plans, including the New Wells; the Company and/or NAH may determine not to bring wells onto production; new laws or regulations and/or unforeseen events could adversely affect the Company's business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks, other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Provided by GlobeNewswire via QuoteMedia
Highlights
Figure 1 – Bonito prospect showing Top Zorritos reservoir contour and 76km2 trap closure
Technical Evaluation Agreement (TEA) LXXXVI - Offshore Oil and Gas Block (GLV 80% Working Interest)
During the March 2024 quarter, Global and US-based joint venture partner Jaguar Exploration Limited (Jaguar), continued the evaluation of their 4,585km2 Technical Evaluation Agreement (TEA or block) offshore Peru.
The block comprises over 3,800km2 of existing 3D seismic data and more than 7,000 line kilometres of 2D seismic. An aggregate of 1,000km2 of 3D seismic was selected during the quarter to undergo reprocessing and interpretation across three discrete highly prospective areas. Reprocessing will include pre-stack depth migration (PSDM) work across each of the three areas (Figure 2).
Figure 2 – Areas undergoing detailed seismic reprocessing and interpretation
The areas were selected following a review of the seismic data and other historical reports and information related to the TEA. Global identified more than twenty prospects and leads as detailed in the ASX release on 23 January 2024 of which three large scale oil and gas prospects, Bonito, Raya and Volador and one already discovered gas field, Piedra Redonda have been prioritised.
Piedra Redonda Gas Field
As part of the Company’s review of the Tumbes Basin, to identify areas in the TEA for additional studies including seismic repreocessing, the Piedra Redonda gas field, discovered in 1978 by the C-18X well, was reviewed.
The review of the Piedra Redonda gas field including a historical assesment contingent and prospective resource is detailed in the ASX release on 18 March 2024.
Click here for the full ASX Release
This article includes content from Global Oil & Gas Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
HIGHLIGHTS
Global leader in stimulation services Halliburton yesterday commenced the multi-stage stimulation program at Daydream-2, with a total of 16,000 hydraulic horse power of equipment now in use.
Halliburton fleet arriving on site
This program will have six separate stages, targeting two coal zones, three tight gas zones and the Lorelle Sandstone. Flow testing will follow immediately thereafter – with a view to measuring flows from individual zones as well as in totality. Such measurements will be key inputs into a revised resource assessment, which will follow the flow testing.
Elixir’s Managing Director, Mr Neil Young, said: “We are pleased to announce that the next phase of our Daydream-2 work program has now commenced following the mobilization of extensive Halliburton kit to the site. Flow testing of our six separate target zones will follow shortly thereafter. The multiple objectives of this so far very successful appraisal program will now come to fruition in only a few weeks – we await this with bated breath.”
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.