Global Oil & Gas

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.


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)
BPH Energy Limited  Investee Cortical Dynamics Presentation

BPH Energy Limited Investee Cortical Dynamics Presentation

Perth, Australia (ABN Newswire) - BPH Energy Limited (ASX:BPH) provide a presentation by investee Cortical Dynamics at the Health Innovation Frontier Forum on 18th November 2024. This event will showcase the intersection between technology, health and community.

*To view the presentation, please visit:
https://abnnewswire.net/lnk/91TD2JM9



About BPH Energy Limited:  

BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.

The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.

BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.

BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).



Source:
BPH Energy Limited

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Alvopetro Energy President and CEO Corey Ruttan.

Exclusive Interview with Alvopetro Energy CEO Corey Ruttan

In a recent interview with Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF) President and CEO Corey Ruttan, he expressed confidence that his company is set to become a key player in Brazil’s open gas market.

Alvopetro's natural gas sales increased to 187 percent in October of this year, according to the company. With higher overall sales volumes, revenue rose to $12.9 million, an increase of $0.6 million from Q3 2023 and $2.2 million from Q2 2024.

Keep reading...Show less
Alvopetro Announces Annual Long-term Incentive Grants

Alvopetro Announces Annual Long-term Incentive Grants

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company") announces the annual rolling grants of long-term incentive compensation to officers, directors and employees under Alvopetro's Omnibus Incentive Plan. A total of 251,000 stock options, 213,000 restricted share units ("RSUs") and 68,000 deferred share units ("DSUs") were granted on November 15, 2024 . Of the total grants, 163,000 RSUs and 68,000 DSUs were granted to directors and officers, with no stock options granted to any director or officer. Each stock option, RSU and DSU entitles the holder to purchase one common share. Each stock option granted has an exercise price of C$4.89 being the volume weighted average trading price of Alvopetro's shares on the TSX Venture Exchange for the five (5) consecutive trading days up to and including November 15, 2024 . All stock options, RSUs and DSUs granted expire on November 15, 2029 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
  Jupiter Energy

Completion of Gas Pipeline Integraton and the Commencement of the Sale of Gas

Jupiter Energy Limited (ASX: “JPR”) is pleased to provide this update regarding its strategic gas utilisation infrastructure project.

Keep reading...Show less
Jupiter Energy's Block 31.

Jupiter Energy's Innovative Gas Utilisation Solution in Kazakhstan: A Model for Gas Flaring Compliance

With Kazakhstan’s continued focus on tight environmental regulations in the oil and gas sector, smaller and mid-tier players are often faced with needing to address the high price tag that comes with compliance, before being able to enter into full commercial production. One junior oil and gas company in the region, however, has demonstrated that multi stakeholder collaboration can provide the key to achieving not only compliance, but significant economic and social benefits.

Jupiter Energy (ASX:JPR), an ASX-listed junior oil exploration and production company, with fully licensed oil fields in the prolific Mangistau Basin of Kazakhstan, has successfully built the connections — literally and figuratively — that has paved the way for achieving successful commercial oil production, meeting all the tight Kazakh regulatory standards and also building relationships and infrastructure that will benefit a range of local communities in the Mangistau Oblast.

Investors evaluating Kazakhstan’s oil and gas opportunities would benefit from a deeper understanding of the country’s regulations as well as private sector success stories that demonstrate compelling investment cases.

Keep reading...Show less
Alvopetro Energy President and CEO Corey Ruttan.

Alvopetro Key Player in Brazil’s Emerging Open Gas Market, CEO Corey Ruttan Says

Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF) President and CEO Corey Ruttan has expressed confidence that his company is poised to become a key player in Brazil’s emerging open gas market.

“(Alvopetro) has been operating in Brazil’s state of Bahia before the Brazilian government implemented its new gas market reform program,” Ruttan told the Investing News Network. The company then became the first independent company in Brazil to deliver sales-specified natural gas into the local distribution network.

To date, Alvopetro’s production accounts for roughly 13 percent of the natural gas produced in Bahia, and with investments already made in its gas production infrastructure and pipelines, any new natural gas discoveries moving forward can be quickly converted into production and cashflow, the executive stressed.

Keep reading...Show less

Latest Press Releases

Related News

×