GED Global Energy

RNS Number:6310N
Global Energy Development PLC
16 June 2005



Immediate Release                                                   16 June 2005



                         GLOBAL ENERGY DEVELOPMENT PLC

                             AGM OPERATIONS UPDATE


Global Energy Development PLC ("Global" or the "Company"), the Latin America
focused petroleum exploration and production company, will provide the following
update on its operations at the Annual General Meeting to be held later today:

"We believe we have amassed a prospect rich portfolio in our chosen geographic
region of Latin America over the last several years, an area where the
management team have decades of operating experience and where our selected
countries of Colombia, Peru and Panama offer independently acknowledged
world-leading contract terms.



We have already significantly added to our multiple prospects and acreage
position so far in 2005 through the addition of an exclusive contract, the Block
95 Area in Peru, and exclusive Technical Evaluation Agreement ("TEA"), the Valle
Lunar Area in Colombia, that total approximately 3.4 million acres between them.



We anticipate we will further enlarge our portfolio during the remainder of 2005
beyond the 5.1 million acres currently held through six contracts in Colombia
and Peru, an exclusive TEA in Colombia and concluded exclusive TEA in Panama,
which is under negotiation to be converted into an exclusive contract and which
we now expect to sign mid-way through the second half of 2005 following contract
drafting which is currently taking place.



Production is currently being achieved from four of our contracts, with hopes
this will rise to five by the end of 2005 through the commencement of production
from our Los Hatos contract in Colombia which was signed in November 2004 and is
adjoined to the established, producing Palo Blanco field within the Alcaravan
contract area.  Location construction has already commenced for the first
exploratory well in the contract area, Los Hatos 1.



Production for 2005 is expected to be materially above what was achieved in 2004
as a result of drilling and workovers predominately within the Alcaravan and Rio
Verde contract areas in Colombia, with the majority of the anticipated uplift in
production expected to come in the second half of 2005 in line with the
Company's drilling and workover programme.  In addition, our production is now
subject to enhanced pricing following the new crude oil sales contract we
entered into with Petrobras as of 1 May 2005.



Much of the exploration acreage under our control, including the new TEA and
contract signed this year, has good historical data stemming from work conducted
by several international petroleum companies in previous years.  Added to this
we commissioned our independent engineers, Ryder Scott, to conduct an
exploration potential reserve report over some of our exploration assets as at
31 December 2004, namely the Block 95 Area in Peru, the Garachine Block Area in
Panama and within the Bolivar Area in Colombia.



These two data sources give us considerable optimism for our exploration assets
and good visibility on where to direct the portion of our capital expenditure
budget directed at exploration, with capital expenditure in 2005 expected to be
funded from cash available and cashflow from established and new production.  We
expect to have the data from our commissioned aeromagnetic survey within the
Block 95 Area in Peru available for interpretation by August and anticipate
following this with seismic acquisition and formalised plans for the drilling of
our first well in the area.



We believe the remainder of 2005 will see Global further strengthen its
position."



For further information:

Global Energy Development PLC
Catherine Miles, director of Investor Relations            +44 (0) 20 7763 7177

www.globalenergyplc.com                                    +44 (0) 7909918034





                      This information is provided by RNS
            The company news service from the London Stock Exchange
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