GED Global Energy

RNS Number:1264Q
Global Energy Development PLC
16 August 2005


Immediate Release                                                16 August 2005



                         GLOBAL ENERGY DEVELOPMENT PLC


        RIG MOBILIZATION TO FIRST EXPLORATORY WELL ON LOS HATOS CONTRACT



Global Energy Development PLC ("Global" or the "Company"), the Latin America
focused petroleum exploration and production company (LSE-AIM: "GED"), announces
that it has commenced rig mobilization to the first well, Los Hatos 1, within
its exclusive 85,000 acre Los Hatos Exploration and Production Concession
contract (the "Contract") in Colombia.


The Contract, part of an approximate 5.1 million acre portfolio currently held
by Global in Colombia, Peru and Panama, is located in the central Llanos region
and is contiguous southwards to Global's Alcaravan Association contract which
contains the established, producing Palo Blanco field.


The Los Hatos 1 exploratory well is updip and approximately 300 metres from the
Cajaro 1 well within the Palo Blanco field, with this well having cumulative
production to date of approximately 328,000 gross barrels of oil since it was
placed on to production in June 2003.  Global anticipates Los Hatos 1 to have a
significantly larger oil zone thickness than Cajaro 1's 11 feet.


Global expects to spud Los Hatos 1 by late August 2005 with the well equipped
for production by early October 2005.


Should Los Hatos 1 be successful it will increase to five the number of Global's
contracts currently producing, with 100% ownership by Global of all contracts,
and the Company would expect the Los Hatos Contract to add to the Company's
independently reported proved and probable reserves as at 31 December 2005.


Following the operations on Los Hatos 1, Global expects the rig to be mobilized
sometime during the fourth quarter to another exploratory well, Tilodiran 2,
within the producing Rio Verde Exploration and Production Concession contract.



For further information:


Global Energy Development PLC
Catherine Miles, director of Investor Relations        +44 (0) 20 7763 7177
www.globalenergyplc.com                                +44 (0) 7909918034



Notes to Editors:


Global currently holds 5.1 million acres through six contracts in Colombia and
Peru, an exclusive Technical Evaluation Agreement ("TEA") in Colombia and
concluded exclusive TEA in Panama in the process of being converted into an
exclusive contract.  As at 31 December 2004, independent engineers, Ryder Scott,
reported that Global had proved and probable reserves totalling 16.5 million
BOE.






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

END
DRLSFUFWISISEFA

Global Energy Development (LSE:GED)
Historical Stock Chart
From Aug 2024 to Sep 2024

Global Energy Development (LSE:GED)
Historical Stock Chart
From Sep 2023 to Sep 2024