Overview of Global Oil and Gas announcement

Global Oil and Gas Limited (ASX: $GLV) has announced the identification of the Piedra Redonda gas field located within its Tumbes Technical Evaluation Agreement (TEA) offshore Peru. The gas field contains 'Best Estimate' Contingent Resources of 404 billion cubic feet (Bcf) and 'Best Estimate' Prospective Resources of 2.2 trillion cubic feet (Tcf) of gas audited by Netherland, Sewell & Associates, Inc.

Executive commentary on Piedra Redonda gas field

We are excited with the results of our initial review of the Piedra Redonda gas field which contains a best estimate of 404 billion cubic feet (2C gross) and further exploration upside of 2,200 billion cubic feet of gas (2U gross) in the Mancora Formation. 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. 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.

Summary of Global Oil and Gas announcement

Global Oil and Gas Limited (ASX: $GLV) has identified the Piedra Redonda gas field within its Tumbes Technical Evaluation Agreement (TEA) offshore Peru, containing significant 'Best Estimate' Contingent Resources of 404 billion cubic feet (Bcf) and 'Best Estimate' Prospective Resources of 2.2 trillion cubic feet (Tcf) of gas. The company plans to further evaluate the gas field as part of the historical 3D seismic reprocessing exercise to understand the potential for future commercialisation. This discovery presents a low risk opportunity with substantial resources and further upside, aligning with the company's strategy to explore and develop assets in the offshore Peru region.