December 2023 Quarterly Activities Report

Global Oil & Gas Limited (ASX: GLV) (Global or Company) is pleased to provide the following activities report for the quarter ending 31 December 2023.

Highlights

• Acquisition of extensive historical dataset at the 4,858km² Technical Evaluation Agreement LXXXVI (TEA) offshore Peru oil and gas exploration block completed – includes more than 3,800km² of 3D seismic
• Review of historical information identifies more than 20 potential leads within the TEA area
• Highly experienced oil and gas group with proven experience in frontier offshore oil and gas projects, Havoc Services Pty Ltd, appointed as advisors
• Transformational Board changes

Figure 1 – Tumbes Basin TEA area in northern Peru.

Technical Evaluation Agreement (TEA) LXXXVI Offshore Oil and Gas Block (GLV 80% Working Interest)

During the December 2023 quarter, Global and US-based joint venture partner Jaguar Exploration Limited (Jaguar), obtained over 3,800km² of historic 3D seismic data, more than 7,000 line kilometres of 2D seismic data as well as information from more than 50 oil and gas wells together with numerous technical reports related to the TEA area.

The 4,858km² TEA incorporates almost all of the Peruvian offshore Tumbes Basin, in moderate water depths of between 100m and 1,500m. There are several oil and gas discoveries in the Tumbes Basin (Figure 2) with the majority of them hosted within the Miocene Zorritos Formation, with hydrocarbons sourced from the Oligo-Miocene Heath Formation.

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