Global Oil & Gas (ASX:GLV) reveals massive gas upside off Peru

Global Oil and Gas’s initial review of the Piedra Redonda gas field has revealed best estimate resources of 404 billion contingent cubic feet and 2.2 trillion cubic feet of prospective resources located entirely within its Tumbes block in offshore Peru.

Piedra Redonda is a significant asset to add to the block and will be the focus as Global’s third and final area for reprocessing 3D seismic data, aimed at refining and enhancing the gas field and to better understand its potential for commercialisation.

Global’s Technical Evaluation Agreement provides an exclusive right to negotiate a licence contract over the 4858 square kilometre covering almost all of the Tumbes Basin, surrounded by and incorporating multiple historic and producing oil and gas fields.

Global Director Scott Macmillan said the company was excited at the results and the field’s exploration upside.

“Piedra Redonda is located in shallow water within our Tumbes TEA area and will be further evaluated as part of the historical 3D seismic reprocessing exercise being undertaken by Global to mature our understanding of the play diversity and portfolio of prospects in the TEA,” he said.

“Whilst we will continue to focus on the evaluation of the oil targets identified in the initial two seismic reprocessing areas selected, the Piedra Redonda gas field offers the company a low-risk discovered gas field with significant resources and further upside within the field which will be evaluated for potential commercialisation.”

Review of historical data has revealed more than 20 areas as potential exploration targets, and Global, alongside JV partner Jaguar Exploration, will now work towards high-grade different areas where reprocessing 3D seismic data using up-to-date technology will have the greatest impact on defining historical targets.

Global believes the Peruvian TEA is immensely prospective, and that work done during its tenure has continued to put a spotlight on Tumbes as its top priority.

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