Global Oil & Gas

Tumbes Basin TEA Update

Global Oil & Gas Limited (ASX: GLV) (Global or Company) is pleased to provide an update on its Tumbes Basin TEA project offshore Peru.


Highlights

  • Acquisition of comprehensive historical dataset complete, including more than 3,800 km2 of 3D seismic data.
  • Only one exploration well has been drilled in the 4,858km2 TEA area using 3D seismic data.
  • Opportunity to explore a proven hydrocarbon bearing basin which remains virtually undrilled using modern 3D seismic data.
  • The Company will now reprocess an aggregate of 1,000km2 of 3D seismic, targeting highly prospective area(s) with a view to refining advanced exploration targets and to allow the deployment of Quantitative Interpretation and Artificial Intelligence based interpretation methodologies.

Global’s US based Joint Venture partner, Jaguar Exploration Limited (Jaguar) has obtained over 3,800km2 of 3D seismic data covering more than 66% of the Tumbes Basin TEA area (Figure One).

Figure 1: Tumbes Basin TEA database

In addition, more than 7,000 km of 2D seismic data and information from more than 50 wells relevant to the TEA area have also been received as well as numerous technical studies and independent resource and reserve audits. This information will be collated and incorporated into a prospectivity study which is now underway.

Despite the many discoveries of oil and gas made within and immediately adjacent to the Tumbes TEA it is significant to note that only two wells have been drilled since these 3D seismic data were acquired. One of those was a step-out well on an existing field to test the downdip extent of the oil column while the other was a genuine exploration well. The Tumbes TEA therefore presents the Company with a rare opportunity to explore a proven hydrocarbon basin which remains virtually unexplored using modern 3D seismic data.

The Jaguar technical team have started work on the first phase of the interpretation project. The next milestone will be to high-grade areas within the Tumbes TEA where the 3D seismic data will undergo reprocessing. This should improve the fidelity of the data.

The processing algorithms being used are designed to optimise the impact of new Quantitative Interpretation and Artificial Intelligence methodologies that will be used as part of the prospect definition process.

The plethora of seismic data and identification of technical studies and independent audits detailing resources for several prospects inside the block is a significant step forward for the Company in advancing the Peruvian offshore opportunity.

Further updates will be provided once the high-graded areas are defined.


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)
Elixir Energy

Contingent Resources Increased by 328%

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to announce a material increase in the contingent resources booking for its 100% owned ATP 2044 in Queensland (Project Grandis).

Keep reading...Show less
Oil barrels on black background with golden world map.

Top 10 Oil-producing Countries (Updated 2024)

In recent years, the global oil market has been impacted significantly by COVID-19 disruptions, price wars between oil-producing nations, Russia's war in Ukraine and the conflicts in the Middle East.

Just as oil demand was rebounding as COVID-19 lockdowns eased worldwide, pushing prices higher, Russia’s aggressive war against Ukraine set in, sending oil skyrocketing.

However, last year, slowing economic activity brought on by rising interest rates and recession fears placed downward pressure on oil prices once again. In June 2023, OPEC members agreed to significantly cut output in July and to extend a broader deal to limit supply into 2024.

Keep reading...Show less
Helium Evolution Announces Voting Results From Annual General & Special Meeting of Shareholders

Helium Evolution Announces Voting Results From Annual General & Special Meeting of Shareholders

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to report that all matters presented for approval at its annual general and special meeting of shareholders held on May 22, 2024 (the " Meeting ") were approved. A total of 29,481,254 common shares representing 30.7% of the Company's issued and outstanding common shares were voted in person or represented by proxy at the Meeting.

The shareholders voted in favour of all matters set out in the Company's Management Information Circular dated April 22, 2024 (the " Circular "), including the election of all seven director nominees of HEVI for the ensuing year or until his or her successor is elected or appointed. Each nominee received greater than 96% of votes in favour.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Filing of Q1-2024 Financial Results

Helium Evolution Announces Filing of Q1-2024 Financial Results

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company's interim condensed financial statements and associated management's discussion and analysis for the three months ended March 31, 2024 (the " Q1 Report ").

Complete details of the Q1 Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI's website.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Silhouette of oil rigs against the sunset.

Crescent Energy to Acquire SilverBow in US$2.1 Billion Oil and Gas Deal

Crescent Energy (TSX:CPG,NYSE:CPG) is set to acquire SilverBow Resources (NYSE:SBOW) in a deal valued at US$2.1 billion, positioning Crescent as the second largest operator in the Eagle Ford shale.

Under a definitive agreement announced on Thursday (May 16), SilverBow shareholders will receive 3.125 shares of Crescent Class A common stock for each share of SilverBow common stock they own, with an option to receive cash at a value of US$38 per share, subject to a cash consideration cap of US$400 million.

John Goff, chairman of the board at Crescent, said the deal will place the business in a more favorable position.

Keep reading...Show less
Source Rock Royalties (TSXV:SRR)

Source Rock Royalties Declares Monthly Dividend

Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that its board of directors has declared a monthly dividend of $0.0065 per common share, payable in cash on June 14, 2024 to shareholders of record on May 31, 2024.

This dividend is designated as an "eligible dividend" for Canadian income tax purposes.

Keep reading...Show less

Latest Press Releases

Related News

×