September 2023 Quarterly Activities Report

Global Oil & Gas Limited (ASX: GLV) (Global or Company) is pleased to provide the following report on its activities during the quarter ending 30 September 2023.

Peruvian Project

Global Oil and Gas Limited announced during the quarter that it had 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%.

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.

Exploration Opportunity

In the early 1970's three exploration wells, drilled on poor quality 2D seismic, all encountered oil shows. Since then, additional 2D seismic and four (3,800 km²) 3D seismic surveys have been acquired but only one well has been drilled based on these new data. That well which did not reach the primary basin’s reservoir encountered gas shows and is now a valuable calibration point. It is rare to have the opportunity to explore a basin system with a proven and prolific petroleum system where the 3D has already been acquired and paid for but remains essentially undrilled.

Figure 1: Global’s TEA block offshore Peru – seismic surveys

The historical discoveries are located in shallow waters offering an opportunity to tap into relatively inexpensive targets, however, the most western part of the block also hosts other prospects in deeper waters (400m to 800m).

Global’s partner in the block, Jaguar, has recognised the value of utilising the historical seismic data and has already identified various prospects and leads within the block that can potentially be classified as Prospective Resources.

Of particular interest, are the Bonito prospect, delineated by a 82km² late fold anticline (~500m of closure), and the Tiburon prospect, a broad buttress and fold ~140km² (~150m of closure).

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