GLV working with more than 20 oil & gas targets in Peru

Published 23-JAN-2024 10:52 A.M.

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Our 2023 Energy Pick Of The Year, Global Oil & Gas (ASX: GLV), just released an update for its project in Peru.

GLV holds an 80% interest in ~4,858km^2 of offshore oil & gas exploration ground in Peru.

The project sits across two basins (Tumbes-Progreso and Talara) of which one has produced >1.6 billion barrels of oil in the past.

The project is relatively well advanced from a technical perspective with ~17,935km in 2D and 3,878km2 of 3D seismic data available on parts of the project.

Despite all of that work, the project has only seen one well drilled for the last ~50 years.

Today, GLV finished putting together all of the historical exploration data and has identified over 20 different leads worthy of follow up exploration.

The next stage of works will be on ranking the leads from based on the risk & size of the lead.

At the moment, based on all of the historical data, here is how GLV has ranked the leads:

What’s next for GLV?

GLV is working under a two year pre-defined work program which means that for the first 12 months the focus is on reprocessing existing data.

As a result GLV’s focus in the short term will be on applying modern technology to reprocess existing data and rank its portfolio of leads again.

The goal is to see big, large bubbles in the top right section of the graph, which would mean they are “low risk” and “high volume”.

This is in line with our GLV Investment Memo where the first objective we want to see GLV achieve is the “Reprocessing of 3D seismic data across the highest priority areas”.