Tumbes Basin TEA Technical Update

Global Oil & Gas Limited (ASX: GLV) (Global or Company) is pleased to provide an update on its Tumbes Basin Technical Evaluation Agreement (“TEA”) offshore Peru (Figure 1). In August 2023, the Company executed TEA LXXXVI with PeruPetro, the Government department responsible for the administration and promotion of oil and gas exploration in Peru. The 4,858km2 TEA incorporates almost all of the offshore Tumbes Basin, in moderate water depths of between 100m and 1,500m. The block is surrounded by, and includes, multiple historic and currently producing oil and gas fields.

Highlights

• Identification and interpretation of historical data has identified more than 20 potential leads in the TEA area.
• Work programme commenced to develop, rank and ‘high-grade’ these leads and define new prospective features.
• The next milestone will be to select areas for 3D seismic reprocessing with a view to the deployment of new Quantitative Interpretation and Artificial Intelligence based interpretation methodologies.

Figure 1 – Tumbes Basin TEA area in northern Peru.

The Company has now collected and curated a significant quantity of geophysical and geological data over the TEA and the wider Tumbes Basin and interpretation work is underway.

Figure 2 - TEA geophysical data

There are several oil and gas discoveries in the Tumbes Basin itself, with the southerly adjacent Talara Basin representing the most prolific offshore hydrocarbon basin in Peru. The majority of existing discoveries and prospective targets in the Tumbes Basin are within the Miocene Zorritos Formation, with hydrocarbons sourced from the Oligo-Miocene Heath Formation (Figure 3).

Figure 3 – Tumbes Basin stratigraphy. Primary reservoir objectives are in the Miocene Zorritos Formation with secondary objectives in the Miocene Tumbes Formation and Pliocene Mal Pelo Formation. The primary source rock is the Oligo-Miocene Heath Formation with secondary potential in the Miocene Cardalitos Formation where it is buried deep enough to reach maturity.

The Tumbes Basin has a complex geological history related to the Pacific Plate colliding with, and being subducted beneath, the South American Plate. The basin is heavily faulted (Figure 4) creating a multitude of structural trapping styles.

Despite the presence of several discoveries within and adjacent to the TEA area, only one well, Marina- 1, has been drilled to test an exploration prospect informed by 3D seismic data. Marina-1 was drilled in 2020 and encountered some hydrocarbon shows in shallow Pliocene reservoirs, however the anticipated reservoirs in the Tumbes Formation were not well developed. The well did not reach the Zorritos Formation which is the primary reservoir target in the basin.

Marina-1 was a commitment well drilled in the early period of the COVID pandemic when oil prices had dropped significantly due to global uncertainty.

The results of the Marina-1 are to be reviewed in detail and will be of value in determining where the Tumbes reservoir might be better developed. There are over 3,800 km² of 3D seismic data within the TEA area and, as noted above, Marina-1 is the only exploration well to have been drilled since these data were acquired.

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