Large-scale Stratigraphic and Structural Trap Potential Revealed at the Raya Prospect

Global Oil & Gas Limited (ASX: GLV) (Global or Company) has identified the second of three areas nominated for 3D seismic re-processing work at its 4,585km² Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru. An aggregate of 1,000km² of 3D seismic will be reprocessed as the Company compiles an inventory of leads, prospects and Resources.

Highlights

• Work has commenced at the second area nominated for seismic re-processing focussing on the Raya prospect located within the Company’s 4,585km² offshore Peru oil and gas block
• Combination of a stratigraphic and structural trap at Raya significantly increases the area under closure, with the potential for multiple pay zones indicative of a large scale target

The block comprises over 3,800km² of existing 3D seismic data and more than 7,000km of 2D seismic. The first prospective area (announced 12 February 2024) covers 250km² in the southern part of the TEA incorporating the Bonito and the Volador prospects (Figure 1). The second project area is in the northern part of the block covering an area of 400km² over the Raya prospect.

Figure 1 – Raya seismic re-processing area

The selection of the second area was based on interpretation of the existing data which demonstrate that the Raya prospect has the potential to hold significant hydrocarbon volumes. Further, Raya has access to a different oil migration pathway than Bonito and Volador, offering a degree of risk independence.

The reprocessing of the 3D seismic data will allow for a better evaluation of the prospects and estimation of Prospective Resources.

Raya Prospect

The Raya prospect is adjacent to the Delphin and Barracuda discoveries which demonstrate the presence of an oil charge in the area (Figure 1 and 2).

The Raya prospect is a structural high against an east-west fault (Figure 2) where the Zorritos Formation, the primary reservoir in the basin, is at a depth of c. 1,970m (~2,050m sub-sea).

Figure 2 – Raya illustrative seismic section.

There are structural closures against the major east-west fault within the Raya prospect at a number of levels in the target Zorritos Formation (Figure 3). By comparison to other targets within the TEA, the area of structural closure is modest however there is potential for stacked pay with multiple Zorritos reservoir-seal pairs being present. The section above the Zorritos unconformity is typically a sealing shale which creates opportunites for combination structural/stratigraphic traps (Figures 3 and 4) where Zorritos Formation sands are truncated by the unconformity. The area under closure within the combination structural/stratigraphic traps is considerably larger than the structural closures with the same potential for multiple pay zones.

Once the reprocessing is complete, the Raya Prospect will be mapped in more detail and various lithology and fluid discrimination techniques based on seismic attributes calibrated by nearby wells will be used to identify target intervals.

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