GLV picks second target for seismic reprocessing
Our 2023 Energy Pick of the Year Global Oil & Gas (ASX: GLV) has just picked the second target area for 3D seismic reprocessing at its oil & gas project in Peru.
GLV holds an 80% interest in a giant exploration block in offshore Peru.
The project is surrounded by existing discoveries and sits in a basin that has produced ~1.6 billion barrels of oil in the past.
Despite having tens of thousands of kilometres of seismic shot over the project area, a new discovery hasn't happened since the 1970’s…
GLV is now 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.
Today GLV announced the second area of focus - the Raya prospect.
GLV’s second target (Raya) sits right in the middle of two existing discoveries - Barracuda and Delfin which have both confirmed oil systems.
The main reason GLV said it picked this target area was because it had the potential to have similar “stratigraphic and structural traps” to the two discoveries nearby.
So GLV is looking at oil found in wells nearby AND a combination of potential structural/stratigraphic traps which are indicators of oil/gas systems.
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 🔄
