Global Oil and Gas

GLV Secures Giant 4,858km2 Highly Prospective Oil And Gas Block Off Peru

Global Oil & Gas Limited (ASX: GLV) (Global or Company) is pleased to announce that it has executed a Technical Evaluation Agreement LXXXVI (TEA) with the Peruvian National Agency of Hydrocarbons, Perupetro, for a 4,858km2 oil and gas exploration block offshore Peru. The Company now holds 80% of the TEA with project partner, US based oil and gas exploration company Jaguar Exploration, Inc. (Jaguar), holding the remaining 20%. Pursuant to the agreement, GLV shares as detailed in the ASX announcement dated 7 June 2023, and approved at the Shareholders meeting on 15 August 2023, will be issued today.


Highlights

  • Global has executed a contract with Peruvian national agency of hydrocarbons Perupetro for a 4,858km2 oil and gas block in proven hydrocarbon bearing basins offshore Peru, including the prolific (+1.6 billion barrels produced) Talara basin
  • Block surrounds the excised 27.8 Million barrel Corvina oil field
  • Located immediately south of the block is the Alto-Pena Negra oil field, one of Peru’s most productive fields, with total historical production of more than 143 million barrels of oil
  • Data from 7 historical 2D seismic campaigns and more than 3,800km2 of 3D seismic has been secured
  • A detailed work program is now underway which includes reprocessing 1,000 km2 of 3D seismic data, AVO studies, geological and geophysical studies and developing a portfolio of leads & prospects with a view to potentially generating Prospective Resources
  • Manageable two year work program commitment with opportunity to extend for one extra year

Figure 1: Onshore and offshore oil and gas wells in the Southern Talara Basin, Peru

Managing Director Patric Glovac commented:

“The acquisition of this highly significant 4,858km2 (over 1.1 million acres) offshore oil and gas opportunity in Peru is transformational for the Company.

The nearby oil discoveries and petroleum refinery close to the offshore block make this an enviable address for global oil and gas players. Seven 2D seismic surveys and more than 3,800km2 of 3D seismic has been received and is now being processed to identify leads, prospects and, potentially, certified Prospective Resources.

The Company is in the process of creating a comprehensive data room to facilitate the process of marketing this opportunity to prospective project investors and/or joint venture partners.

This world-class asset is an incredible opportunity for the Company to comprehensively collate all existing information, potentially generating certified Prospective Resources and compelling drill targets”.

Figure 2: Global Oil’s TEA block offshore Peru

The oil and gas block is located in the Tumbes-Progreso basin, in water depths that range from 100m to 1,500m. Immediately to the south is the Talara Basin which is one of the most productive basins in Peru having already produced more than 1.6 billion barrels.

The block is surrounded by, and incorporates, multiple historic and currently producing oil and gas fields. The southeast of the block borders the Alto-Pena Negra oil field which is one of Peru’s most productive fields, currently producing around 3,000 barrels of oil per day (bopd) with total historical production of more than 143 million barrels of oil.

In the northeast, the block incorporates the excised 27.8 million barrel Corvina oil field which generated past production rates of up to 4,000 barrels of light oil per day (28.45⁰ API).

The southern border of the TEA is also only 70km from the Talara crude oil refinery which received production from the Corvina field.


Click here for the full ASX Release

This article includes content from Global Oil and 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)
Helium periodic symbol.

A Global Helium Shortage: Why This Investment Opportunity is Heating Up

Helium is experiencing an increasing level of demand for its applications in the medical, research, aerospace and technology industries. This rare and finite element is used in MRI machine technology, fiber optics, semiconductors, space exploration and more. Helium is also valuable for scientific research, medical use and in other specialized industries.

So, what is helium? Helium is a colorless, odorless, tasteless, inert and non-toxic gas that sits first in the group of noble gases on the periodic table of elements. Since it has so many important uses in the modern world, helium stocks are being reduced at a steady rate and at current rates of consumption the world could see its supply potentially dry up in the not too distant future.

While the US was once the dominant global supplier of helium, Canada and other countries around the world are emerging as potential new supply sources having large reserves of this noble gas, which could help with the looming helium shortage.

Keep reading...Show less
Elixir Energy (ASX:EXR)

New Resource Booking

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an update on a new resource booking for its 100% owned ATP 2077, located in the Taroom Trough in Queensland, Australia.

Keep reading...Show less
Oil rig in front of stacks of oil barrels with Canadian flag spray painted on them.

5 Top Canadian Oil and Gas Dividend Stocks in 2024

Canadian oil and gas stocks have faced a rollercoaster ride over the past few years.

However, analysts remain optimistic about the sector, and there are signs that oil and gas companies in Canada may be in a multi-year bull market. The top oil and gas stocks on the TSX and TSXV have been posting gains despite volatile market conditions, and many companies offer strong payouts for dividend investors.

Canadian energy stocks that pay dividends — a portion of corporate profits shared on a specific timeline — are attractive to those who prefer a long-term approach to wealth creation. Dividend investing allows for a steady flow of income and the opportunity to increase equity holdings.

Keep reading...Show less
Charbone Hydrogen (TSXV:CH)

Charbone Hydrogen


Keep reading...Show less
Elixir Energy (ASX:EXR)

Quarterly Activities Report for the Period Ended 30 September 2024

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to present its Quarterly Activities and Cash Flow Report.
Keep reading...Show less

Latest Press Releases

Related News

×