GLV banks $1.365M to run seismic reprocessing
Our 2023 Energy Pick of the Year Global Oil & Gas (ASX: GLV) just raised cash to fund its seismic reprocessing programs.
GLV raised $1.365M at 1.5c per share.
The raise came with 1 for 4 free options exercisable at 4c with a 31 December 2025 expiry.
The shares from the capital raise are expected to be issued on the 6th of March.
GLV already had ~$1.8M cash in the bank (at 31 December 2023) and so after the capital raise it should have >$3M cash in the bank.
Some context on GLV’s exploration strategy -
GLV holds an 80% interest in a giant exploration block in offshore Peru.
GLV is operating the block under a Technical Evaluation Agreement (TEA) which will see it rank priority drill targets over a 24 month period with a view to drill after that period.
In the first 12 months, GLV will be reprocessing seismic data across three different target areas.
That means that the first 24 months of ownership will be relatively low cost seismic reprocessing and desktop studies for its project.
GLV now has 2/3 target areas
GLV has to reprocess ~1,000km^2 of seismic data and has so far picked two target areas for a total of ~650km^2.
- Bonito prospect - 250km^2
- Raya prospect - 400km^2
- Third prospect not chosen
What’s next for GLV?
- Reprocessing 3D seismic data across Target #1 (Bonito prospect) 🔄
- Reprocessing 3D seismic data across Target #2 (Raya prospect) 🔄
- Target area #3 to be picked 🔄
