Global Oil & Gas

March 2024 Quarterly Activities Report

Global Oil & Gas Ltd (ASX:GLV) (Global or the Company) which will be renamed Condor Energy Limited (ASX: CND) (Condor) following approval by shareholders at an Extraordinary General Meeting held on 10 April 2024, is pleased to provide the following activities report for the quarter ending 31 March 2024.


Highlights

  • Review of recently acquired TEA licence area offshore Peru identifies over 20 prospects and leads in proven basin with producing oil fields
  • High priority areas totalling 1,000km2 within Tumbes TEA selected for 3D seismic reprocessing to mature targets to drill ready
  • Priority areas include existing Piedra Redonda gas field with an independently audited ‘Best Estimate’ Contingent Resources of 404 billion cubic feet (Bcf) plus ‘Best Estimate’ Prospective Resources of 2.2 trillion cubic feet (Tcf)#
  • High potential Bonito, Volador and Raya prospects undergoing additional studies in conjunction with 3D seismic reprocessing

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.

GLV:AU
The Conversation (0)
Charbone Hydrogene signe une entente-cadre de collaboration et percevra 1M de dollars americains afin de soutenir le deploiement d'un projet de developpement d'hydrogene vert en Malaisie pour un partenaire local

Charbone Hydrogene signe une entente-cadre de collaboration et percevra 1M de dollars americains afin de soutenir le deploiement d'un projet de developpement d'hydrogene vert en Malaisie pour un partenaire local

(TheNewswire)

Charbone Hydrogen Corporation

L'équipe Charbone servira de conseiller expert auprès d'un groupe financier privé malaisien pour le développement et la construction de leur première usine de production modulaire et évolutive dans la région Asie-Pacifique.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
CHARBONE Hydrogen Executed a Master Collaborative Agreement to Receive 1M USD to Support the Deployment of a Malaysian Green Hydrogen Project Development for a Local Partner

CHARBONE Hydrogen Executed a Master Collaborative Agreement to Receive 1M USD to Support the Deployment of a Malaysian Green Hydrogen Project Development for a Local Partner

(TheNewswire)

Charbone Hydrogen Corporation

The CHARBONE team will serve as expert matter advisors to a private Malaysian financial group for the development and construction of their first modular and scalable production facility in the Asia-Pacific region.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
US flag and declining stock graph overlay.

Oil Prices Rise, Then Tumble as Iran Retaliates Against US

Oil prices plummeted over 6 percent on Monday (June 23) as Iran launched a missile strike on a US military base in Qatar in retaliation for American airstrikes on Iranian nuclear facilities.

Reuters reported that Brent crude futures dropped US$4.90, or 6.3 percent, to settle at US$72.19 per barrel, while US West Texas Intermediate (WTI) crude slid US$4.60, or 6.2 percent, to US$69.23 per barrel.

The sharp declines followed initial spikes of nearly 5 percent on Sunday (June 22) evening, after US President Donald Trump confirmed that American forces had “obliterated” key Iranian nuclear sites in a joint response with Israel.

Keep reading...Show less
Oil barrels with arrow, world map and financial charts in the background.

Oil and Gas Price Update: Q2 2025 in Review

In the face of geopolitical strife oil and gas prices were able to register moderate gains through the first half of 2025, although the second half of the year is likely to be punctuated with continued unrest and supply chain fragility.

Oil benchmarks ended the first quarter slightly off their 2025 start positions, with Brent crude coming in at US$76.08 per barrel and West Texas Intermediate (WT) hitting US$72.87 per barrel before headwinds began sending values lower.

In early May, both benchmarks dropped sharply, Brent slipping nearly 6 percent to US$60.48 while WTI fell to US$57.42, a near two year low. The decline was driven by a combination of weak demand and rising supply as OPEC+ signaled plans to boost production in July, adding to existing oversupply concerns after a surge in global inventories.

Keep reading...Show less
Coelacanth Energy (TSXV:CEI)

Coelacanth Energy


Keep reading...Show less

Latest Press Releases

Related News

×