Overview

Global Oil & Gas (ASX:GLV) is an Australia-based oil and gas exploration company focused on developing its recently acquired Tea LXXXVI oil and gas block in Peru, located in the Tumbes-Progreso basin and near the prolific Talara basin. The project’s hydrocarbon exploration potential leverages Peru’s long history as an oil and gas producer, which dates back to the late 19th century when the country drilled its first well more than 150 years ago.

Oil and gas production in Peru is led by the Peruvian National Agency of Hydrocarbons (Perupetro). The country is resource-rich, with over 421 million barrels (MMbbl) of proven and probable reserves located in the 18 sedimentary basins.

Hydrocarbon fields, both on and offshore, in the Tumbes-Progreso and Talara basins currently contribute over 1.4 billion barrels of domestic oil production and 1.7 trillion cubic feet (TCF) of natural gas production. The Talara basin itself has cumulatively produced more than 1.6 billion barrels of oil and is surrounded by multiple historic and currently producing oil and gas fields.

GLV’s Tea LXXXVI project is the result of a technical evaluation agreement (TEA) with the Peruvian National Agency of Hydrocarbons (Perupetro), which provides GLV and its partner, US-based oil and gas exploration company Jaguar Exploration, the exclusive right for greenfield exploration activities over the TEA area. GLV holds an 80-percent interest in the asset with the remaining 20 percent held by Jaguar.

The project comprises a 4,858-square-kilometer oil and gas block in proven offshore hydrocarbon-bearing basins in Peru, including the prolific Talara basin. Offshore, Peru remains dramatically underexplored and has immense potential for hydrocarbon plays.

The TEA LXXXVI project entitles GLV to a two-year assessment of the block with the option to extend it for one extra year. This requires no minimum spending commitments from GLV. As such, GLV can focus on high-impact, low-cost exploration activities for the next 12 to 18 months, which includes desktop studies, and reprocessing of old 3D seismic data, among other activities. This is beneficial for GLV as it provides the company with an inexpensive and exclusive two-year option to convert all or part of the TEA LXXXVI area into a licence contract. In addition, news flow from low-cost exploration activities should keep investors excited about the company’s future.

Considering the block’s potential, GLV has appointed a world-class technical team with more than 200 years of collective experience to develop the TEA LXXXVI asset. Several of the newly appointed team members have previously worked on the area covered by GLV, which should help in fast-tracking the development of the block. The team comprises proven oil finders with collective discoveries of more than 480 million barrels of oil equivalent of 2P reserves and more than 400 million barrels of oil equivalent in contingent resources in Peru and Colombia.

The experience of working in the TEA LXXXVI property and surrounding fields will be vital for GLV to expedite the understanding and evaluation of the asset.

Company Highlights

Global Oil & Gas Ltd. is an Australia-based oil & gas exploration company focused on developing its recently acquired oil and gas block in Peru, TEA LXXXVIThe TEA LXXXVI project comprises a 4,858 square-kilometer oil & gas block in proven hydrocarbon-bearing basins offshore including the prolific Talara basin (1.6 billion barrels produced, so far). GLV holds an 80 percent interest in the asset with the remaining 20 percent held by US-based oil & gas exploration company, Jaguar Exploration.The block is in proximity to multiple historic and current producing oil & gas fields. This includes the Corvina oil field, producing 4,000 barrels of oil per day, and the Alto-Pena Negra oil field which is currently producing around 3,000 barrels of oil per day, along with a total historical production of more than 143 million barrels of oil. This increases confidence regarding the hydrocarbon exploration potential of TEA LXXXVI. The company is undertaking a detailed work program on the project, including 3D seismic data processing, and geological and geophysical studies. This should help GLV generate certified prospective resources along with three to four drill-ready targets over the next 12-18 months.A world-class technical team with more than 200 years of collective experience was appointed by GLV to develop and advance the TEA LXXXVI offshore block.The company’s other projects include the Georgina Basin project (EP-127) and the Sasanof Prospect (WA-519-P).EP-127 is located in the Southern Georgina Basin in the Northern Territory. The Basin covers more than 100,000 square kilometers in the Northern Territory and the western part of Queensland. This basin is one of the most prospective onshore basins in Australia with potential for both very large conventional and unconventional oil and gas deposits.The Sasanof Prospect is located in permit WA-519-P, where GLV holds a 25 percent interest. The Sasanof Prospect covers an area of up to 400 square kilometers and is estimated to contain a 2C prospective resource of 7.2 trillion cubic feet of gas and 176 million barrels of condensate.

Key Project

TEA LXXXVI Project

This oil and gas block is located on the northwest coast of Peru in the Tumbes-Progreso basin, in water depths that range from 100 meters to 1,500 meters. The project spans 4,858 square kilometers and is surrounded by historical and current producing oil and gas fields. The block includes the Corvina oil field which generated past production rates of up to 4,000 barrels of light oil per day. In the south is the Talara basin, which is one of the most productive basins in Peru having produced more than 1.6 billion barrels of oil. To the southeast is the Alto-Pena Negra oil field, one of Peru’s most productive fields, currently producing around 3,000 barrels of oil per day and with a total historical production of more than 143 million barrels of oil.

The project benefits from the presence of excellent infrastructure, including a refinery that is only 70 kilometers away. The block has seen exploration in the past, specifically in the early 1970s, when three exploration wells were drilled, all showing the presence of oil. In addition, historical data from 2D seismic surveys and more than 3,800 square kilometers of 3D seismic surveys are available for processing. The rarity of finding a large, undrilled area in a proven hydrocarbon basin system with completed 3D surveys is noteworthy.

The historical discoveries were mostly located in shallow waters and could prove to be an easy target for GLV. In addition, there is a high likelihood of further discoveries in deeper waters (400 meters to 800 meters). Utilizing historical seismic data, GLV along with its partner Jaguar have identified prospects and leads in the block that can be classified as prospective resources. Of particular interest are two main prospects – Bonito and Tiburon.

The company has planned extensive work over the next 12 to 24 months. The first 12 months will focus on reprocessing 1,000 square kilometers of 3D seismic data and carrying out amplitude versus offset (AVO) studies. The following 12 months will then focus on geological and geophysical studies including 3D seismic interpretation and structural analysis. By the end of two years, GLV aims to generate certified prospective resources along with three to four drill-ready targets. In addition, GLV is looking for a farming partner to cover the cost of drilling. The block has a billion-barrel potential according to Perupetro.

TEA’s 2-Year Work Commitment

Management Team

Chris Zielinski – Non-executive Chairman

Chris Zielinski is the chairman of Global Oil & Gas with considerable experience in capital raisings, takeovers, M&A, due diligence, commercial drafting, Corporations Act and ASX Listing Rule compliance, advising on corporate governance issues and providing general corporate and commercial advice. He is a graduate of the University of Notre Dame Australia with a Bachelor of Laws and Bachelor of Commerce (finance). Following graduation, he worked in boutique Western Australian law firms specializing in commercial and corporate law. He is currently associated with Nova Legal and holds the title of senior associate, corporate and commercial.

Patric Glovac – Managing Director

Patric Glovac co-founded GTT Ventures in 2013, a boutique corporate advisory firm specializing in the resource and technology sector. Glovac is currently executive director of Tao Commodoties (ASX:TAO), non- executive director of ASX-listed Cirrus Networks (ASX:CNW), Robo 3D (ASX:RBO) and Force Commodities (ASX:4CE).

Troy Hayden – Non-executive Director

Troy Hayden has more than 25 years of experience in the upstream oil and gas industry. He has worked on numerous oil and gas asset acquisitions, divestments, and M&A transactions. He is currently the business development manager at Transborder Energy, a small-scale Floating LNG company. He was the CEO at ASX-listed Tap Oil for six years and worked at Woodside Petroleum for 12 years, where he held a number of senior leadership positions. He has consulted with several resource companies, working with First Quantum Minerals (acting CFO), QR National (group treasurer) and Western Gas.

Anna Mackintosh – Company Secretary

Anna Mackintosh has over 26 years of commercial experience, including 11 years with BHP and 10 years with AFSL holder Kirke Securities as compliance manager, finance manager and responsible executive. In addition to GLV, she also serves as company secretary of TAO Commodities (ASX:TAO), Marquee Resources (ASX:MQR), and XS Resources.