This acreage contains several exploration prospects that Global believes could each yield up to 3 Billion barrels of oil based on new independent technical analysis by GNS Science of New Zealand.
This special opportunity to participate comes after recent reprocessing and advanced interpretation of 2D seismic shot over the Block. Global has acquired and integrated all of the available seismic data bases e.g., TGS-Nopec (2001), Fugro, along with other prior data acquisitions into a new single interpretation resulting in a comprehensive evaluation of this previously overlooked prospective oil basin with large exploration potential.
Global recently opened an exclusive and confidential online data room at the offices of Global's technical consultants, GNS Science in Lower Hutt. According to GNS Science, the seismic data points to a large number of potentially world class prospects. Global is negotiating for sharing a seismic vessel to acquire 3,100 kms. of new proprietary 2-D seismic data as part of the first stage of the Work Program in early 2008. Each stage has a work obligation or drop option. There is no drilling obligation at this initial stage, only during the third stage in 2009-2010. An offshore satellite oil seep detection survey has been completed as part of the Work Program.
The 55,830 sq. km. (13,790,896 acres) Deepwater Block contains two primary plays and indications of further prospects and leads. "A number of significantly large structures have been defined which are analogous in style to those in various Asian productive basins," per GNS Science specialists.
"On the basis of available data and the recently completed Comprehensive and Integrated Deepwater Taranaki Basin Report by GNS Science, all of the Petroleum System Elements are in place for potentially very large oil and gas discoveries," states Chris Uruski, Project Manager with GNS Science.
"The proposed forward Work Program is designed to bring identified prospects to drillable status and confirm the interpretation surrounding hydrocarbon oil generation with world-class reserves," per Mr. R. C. Thompson of Global Resource Holdings.
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