Global Oil and Gas (ASX:GLV) has begun reprocessing 1,000km-square of 3D seismic data across 3 ‘highly prospective’ areas within its Tumbes Basin Technical Evaluation Agreement (TEA) offshore block in Peru.
The $6.53 million market capitalisation company has kicked off the reprocessing work with data from a 250km-square area first. This zone sits in the southern part of the TEA, incorporating the Bonito and the Volador prospects.
The Bonito prospect is a ‘large’ anticlinal feature with 76km-square of closure, while the Volador prospect spans 40km-square.
From the interpretation of the historically processed data, Global says it is clear that both prospects have the potential to hold ‘significant’ hydrocarbon volumes.
Global Oil and Gas says the reprocessing of the 3D seismic data will enable it to estimate prospective resources and progress the prospects to drill-ready status.
Director Scott Macmillan says the Tumbes TEA evaluation is ‘firmly’ on track, and the company is eager to see the results of its first seismic reprocessing project, as well as the application of the latest geophysical technologies across its 3D dataset.
“Bonito has the potential to be a world-class drilling target. However, we are spoilt for choice across our portfolio, and the real challenge may be picking our first drill target from a host of standout prospects.”
“Bonito has the potential to be a world-class drilling target”
The company notes that the reprocessing work is anticipated to enhance structure mapping and improve lithology and fluid discrimination, as well as allow for the estimation of prospective resources.
Following today’s (12 February) announcement, Global Oil and Gas’ share price has risen 6.67% to $0.016 as of 1:30pm AEDT.
Global is currently finalising the locations of the remaining 2 seismic reprocessing targets and will report on progress once the selection process is complete.
Global Oil and Gas is an Australia-based oil and gas explorer focused on identifying, exploring, and developing energy and resource assets within Australia and globally.
Images: Global Oil and Gas