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.
![GLV Exploration](https://sdcms-prod.s3.ap-southeast-2.amazonaws.com/images/paste.b8d8b15941a8e91813745f81ff85e3bf.width-800.png)
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
![GLV Target areas](https://sdcms-prod.s3.ap-southeast-2.amazonaws.com/images/paste.5d832f63d55b874957701f0bf9c4c361.width-800.png)
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 🔄