EP127 - Technical Study Gains Momentum

Global Oil & Gas Limited (ASX: GLV) (Global or Company) is pleased to advise shareholders with an update on the planned exploration program over its 100% owned Exploration Permit 127 in the Northern Territory.

Following the successful 2D seismic reprocessing and subsequent interpretation studies in the permit, the Company is now planning a 2D seismic program that will be conducted in 2024 to further delineate potential targets.

Figure 1 - Reprocessed Seismic

Based on a considerable data quality uplift from the reprocessed seismic the geological interpretation has been refined and several leads identified. To upgrade the leads into drilling targets, an additional 82 km of new seismic is planned. The final line locations are subject to environmental and SSCC approval. Global is moving into the next phase and engaging with stakeholders for the approvals.

Figure 2 – Proposed Macintyre 2D Programme overlaid on Top Thorntonia Time structure contour map

Following interpretation of the reprocessed seismic data, the Company has identified the terrace area southwest of the MacIntyre wells (MacIntyre-1, -2, and -2H) as being the most prospective. This area contains a number of structural closures up dip from the reservoir intersections of the MacIntyre wells. These structures require new 2D seismic to confirm closure, de-risk the leads and firm up drilling locations.

The primary reservoir target are the stromatolites in the Hagen Member (A). These exhibit good porosity and permeability and have good oil shows in nearby wells, Phillips- 2, MacIntyre-1 &-2 and Randall-1. A secondary target has been identified in the Thorntonia Limestone(B). his reservoir relies on proximity to faulting that likely enhances secondary fracture porosity. In addition, sabkha deposits forming reservoir seals have been intersected within the Hagen Member in offset wells. These are characterised by the presence of abundant anhydrite, with provides excellent inter- formational and top seal for the two reservoir units.

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