Connect with us

Hi, what are you looking for?

Trading Tips

Additional Deeper Targets Identified in Bonito Prospect

Global Oil & Gas Ltd (ASX:GLV) (Global or the Company) is pleased to provide an update on exploration activities on its (80% held) 4,585km2 Tumbes Basin Technical Evaluation Agreement (TEA or block) offshore Peru.


Additional deeper stacked targets identified in the proven oil-bearing Zorritos Formation represents significant upside for the Bonito ProspectDeeper targets proven in adjacent producing oil fields evident on seismic data at BonitoReprocessing of 3D seismic data over Bonito area is well advancedProspective Resource estimates will incorporate reprocessed seismic data and deeper targets

The block incorporates over 3,800km2 of existing 3D seismic data which the Company is currently reviewing; with an aggregate of 1,000km2 currently prioritised and undergoing reprocessing and interpretation across three discrete highly prospective areas (one of which includes the Bonito Prospect) (see Figure 2). Reprocessing will include pre-stack depth migration (PSDM) work across each of the three areas.

The Bonito Prospect was first identified in the early 2000s. Previous Operators focussed exclusively on the Upper Zorritos reservoir demonstrating that it had potential to contain significant hydrocarbon volumes.

However, deeper Zorritos Formation reservoirs have also been identified and proven in discoveries and other wells drilled in the Tumbes Basin, as demonstrated by production from the Lower Zorritos Formation in the Albacora field, as well as pay zones identified in the Delfin discovery and non-pay reservoirs identified in the Piedra Redonda gas field (Figure 3). Further, intra-formational seals identified within the Zorritos Formation in the Delfin discovery, suggest that the Lower Zorritos levels possess genuine potential as independent targets.

At the Upper Zorritos level the faulted three-way dip closure trapping geometry at Bonito measures 76km2 with approximately 300m of vertical relief. Should the lower Zorritos levels prove viable, the additional vertical relief of the stacked reservoirs could be substantial.

Seismic reprocessing of the Bonito area (250km2) is well underway and will result in improvements in data quality that will facilitate precise depth mapping and enhance lithology and fluid discrimination.

It is anticipated that a Prospective Resource estimate for the Bonito Prospect incorporating the reprocessed seismic data and the newly identified deeper targets will be released once completed and additional work undertaken to mature Bonito to drill-ready status.

Click here for the full ASX Release

This post appeared first on
Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...

    Trading Secrets

    I don’t like it when parts of a puzzle don’t match. You just don’t get a clear picture. As participants in the markets, we...