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Global Oil and Gas Limited (ASX:GLV)

ALERT: Price-sensitive ASX Announcement for GLV
Current share price for GLV : $0.045 0.006 (15.38%)+
Announcement
Release
2 Apr 2024 8:30AM
Price at Release
$0.039
Full Release
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Summary
Global Oil and Gas Limited announced the identification of additional, deeper targets within the Bonito-1 prospect in Peru Block XXI. After the discovery of gas at Bonito-1 in the Verdun and Petroperu Formations, further technical work using seismic and petrophysical data has highlighted the presence of further deeper prospective zones. These deeper targets, which are interpreted as possible hydrocarbon-bearing formations, have not been previously tested in this area and represent an opportunity for further exploration and value creation. The company is progressing its plans for additional drilling to test these deeper zones, and is considering farm-in or joint-venture options to support further exploration and development. The announcement also reiterates Global Oil and Gas Limited's commitment to advancing its exploration activities in Peru and maximizing the potential of Block XXI.
Key Points
  • Global Oil and Gas Limited has identified additional deeper targets at the Bonito-1 prospect in Block XXI, Peru.
  • Discovery of gas at Bonito-1 was made in the Verdun and Petroperu Formations.
  • Further technical work revealed new deeper prospective zones for hydrocarbons.
  • These zones have not yet been tested and could represent significant exploration potential.
  • The company is planning further drilling to assess these deeper targets.
  • Joint venture or farm-in opportunities are being considered to support exploration and development.
  • Global Oil and Gas Limited remains committed to advancing exploration on Block XXI in Peru.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.