Global Oil & Gas

Global’s Licence Area Incorporates Discovered Gas Field with Significant Resources

Global Oil & Gas Ltd (ASX:GLV) (Global or the Company) has identified the Piedra Redonda gas field located, in its entirety, within Global’s (80% holder) 4,858km2 oil and gas Tumbes Technical Evaluation Agreement (TEA or block) offshore Peru, where work carried out by the previous operator, BPZ Energy, and the internationally recognised oil and gas auditing firm Netherland, Sewell & Associates, Inc (NSAI) defined Contingent and Prospective resources for the Piedra Redonda gas field.


Highlights

  • Piedra Redonda gas field contains ‘Best Estimate’ Contingent Resources of 404 billion cubic feet (Bcf) plus ‘Best Estimate’ Prospective Resources of 2.2 trillion cubic feet (Tcf) of gas audited by Netherland, Sewell & Associates, Inc.
  • Piedra Redonda gas field is located within Global’s TEA offshore Peru and is a significant asset in its own right, requiring further evaluation in parallel with other significant oil prospects identified within the TEA
  • Piedra Redonda will be the focus of the third and final area for reprocessing of existing 3D seismic to further refine and enhance this exciting gas field to understand the potential for future commercialisation
NSAI defined, with an estimate date of the 1 January 2010, a Best Estimate (2C) gross Contingent Resource of 404 billion cubic feet of gas (Bcf) (323 Bcf net to Global) from the existing discovery well C-18X and C-13X appraisal well, and in addition, a Best Estimate (2U) Prospective Resource# of 2.2 trillion cubic feet of undiscovered gas (Tcf) (1.8 Tcf net to Global) in the Piedra Redonda gas field. Please see the Notes in the Appendix relating to the estimates for further information.

#Cautionary Statement: The estimated quantities of gas that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.

Director Scott Macmillan commented:

“We are excited with the results of our initial review of the Piedra Redonda gas field which contains a best estimate of 404 billion cubic feet (2C gross) and further exploration upside of 2,200 billion cubic feet of gas (2U gross) in the Mancora Formation.

Piedra Redonda is located in shallow water within our Tumbes TEA area and will be further evaluated as part of the historical 3D seismic reprocessing exercise being undertaken by Global to mature our understanding of the play diversity and portfolio of prospects in the TEA.

Whilst we will continue to focus on the evaluation of the oil targets identified in the initial two seismic reprocessing areas selected, the Piedra Redonda gas field offers the Company a low risk discovered gas field with significant resources and further upside within the field which will be evaluated for potential commercialisation.”

Piedra Redonda Gas Field

The Piedra Redonda gas field is hosted in the Lower Oligocene Mancora Formation and is defined by a wedge-shape structural trap between two faults (Figure 1).

The Mancora Formation is composed of a series of lowstand and highstand stratigraphic sequences and is bounded by the younger Heath Formation of Late Oligocene age and Eocene age sediments (Figure 3).

Figure 1 – Piedra Redonda - Mancora reservoir depth map showing the C-18X and C-13X wells

The presence of gas was proven in 1978 by the C-18X well which was drilled in 55m of water and flowed at a maximum rate of 8.2 million standard cubic feet per day of gas (mmscfd), recovering a total of 128 million cubic feet of gas (mmcfg) during an extended test over 60 days.


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.

GLV:AU
The Conversation (0)
Silhouette of drilling rigs and oil derricks with Canadian flag in background.

5 Best-performing Canadian Oil and Gas Stocks in 2026

Oil prices climbed back above US$100 per barrel in the third quarter of 2026 as renewed fighting in the Middle East and continued disruptions to shipping through the Strait of Hormuz tightened global supply.Brent crude opened July at US$71.50 and ended September at US$97.91, a gain of nearly 37... Keep Reading...
Oil barrels with rising financial graphs and arrow, indicating increased oil prices.

Oil Prices Fall as Iran Talks Ease Supply Fears, Cameco Weighs In on AI Power Demand

US crude fell below US$100 per barrel on Monday (November 2) after Iranian negotiators left Qatari-mediated talks with a draft proposal in circulation, knocking more than 4 percent off oil prices a day before the US midterm elections.Brent crude futures dropped US$4.79, or 4.2percent, to... Keep Reading...
A gas export terminal begins to take shape in Northern BC.

Power Boost: British Columbia’s Role in Canada’s Energy Market Diversity

British Columbia is an emerging hub in Canada’s drive for energy sovereignty and secure supply. The federal government cited British Columbia as “a natural partner” in lifting its gas exports to markets outside the US. Its strengths, from its abundant energy resources to being the only province... Keep Reading...
Kinetiko Funded to Advance Brakfontein Development

Kinetiko Funded to Advance Brakfontein Development

Kinetiko Energy (KKO:AU) has announced Kinetiko Funded to Advance Brakfontein DevelopmentDownload the PDF here. Keep Reading...
Kinvestor Day 2026 Virtual Investor Conference: Presentations Now Available for Online Viewing

Kinvestor Day 2026 Virtual Investor Conference: Presentations Now Available for Online Viewing

Kin Communications ("Kin"), Canada's Leading Investor Relations Agency, is pleased to announce that presentations from the Kinvestor Day 2026 Virtual Investor Conference, held on October 22, 2026, are now available on the Kinvestor YouTube channel. Access replays:... Keep Reading...

Interactive Chart

Latest Press Releases

Related News