Overview of Global Oil & Gas announcement

Global Oil and Gas Limited (ASX: $GLV) has commenced work at the Raya prospect, the second area nominated for seismic re-processing within its offshore Peru oil and gas block. The company aims to evaluate the potential for multiple pay zones and significant hydrocarbon volumes at the Raya prospect, indicating a large-scale target.

Executive commentary on Raya prospect

The presence of oil in adjacent wells to Raya gives us confidence in the petroleum system whilst the combination structural/stratigraphic trap has the potential to contain significant volumes of hydrocarbons.

Summary of Global Oil & Gas announcement

Global Oil & Gas Limited (ASX: $GLV) has revealed the identification of significant stratigraphic and structural trap potential at the Raya prospect within its offshore Peru oil and gas block. The company is undertaking seismic re-processing to better evaluate the prospects and estimate Prospective Resources. The Raya prospect, adjacent to the Delphin and Barracuda discoveries, shows potential for stacked pay with multiple reservoir-seal pairs, indicating a considerable area under closure within the combination structural/stratigraphic traps. The reprocessing aims to refine depth mapping, lithology, and fluid discrimination techniques, potentially elevating Raya to drill-ready status. The company is finalizing the location of the final seismic reprocessing project and will report on progress in due course.