PERTH: Global Oil & Gas Limited (GLV) has entered into an exclusive Heads of Agreement (HOA) for the option to acquire a 20% equity interest in Goshawk Energy Corporation Pty Ltd, a news release said.

Goshawk owns several strategic licences, which are prospective for oil and gas located in Western Australia’s Canning Basin covering an area of approximately 40,800km2. The proposed acquisition will also assist the Company to progress its 100% owned Georgina Basin Helium Project (EP127) located in the Northern Territory by allowing it to leverage off the Goshawk management and technical team, which will complement the Company’s planned technical interpretation and updated reconnaissance work on EP127.

GlobalOil and Gas Director, Patric Glovac commented: “The Company is excited with its option to acquire a strategic stake in Goshawk. The assets represent a key part of Western Australia’s onshore oil and gas potential which is becoming more and more prevalent as energy security needs increase due to the current state of the world. Having exposure to both the Squadron Joint Venture as well as the Goshawk 100% licence area adjacent to Buru’s production acreage gives Global a significant exploration and development growth platform in the short to medium term with Squadron already embedded as a key strategic partner.

The addition of the Goshawk technical team also allows the Company to progress EP 127 in the Northern Territory with added potency. We look forward to completion of the Transaction and updating shareholders as significant exploration gets underway.”

Goshawk has established a well-defined exploration program, including acquisition of 3D seismic and planned drilling of the onshore Helvetica oil Prospect. Seismic reprocessing will be undertaken during the next 12 months for STP-EPA-0146. A 3D Seismic program is anticipated to take place in STP-EPA-0146 in the next 6 to 18 months.

An exploration well is expected to be drilled in STP-EPA-0146 within the next 18 to 24 months. Seismic reprocessing, seismic surveys and exploration wells will be required across other licences held by Goshawk to further prove up resources and are expected to be under taken within the next 24-48 months.