GED Global Energy

RNS Number:7290S
Global Energy Development PLC
17 October 2005


Immediate Release                                                17 October 2005

                         GLOBAL ENERGY DEVELOPMENT PLC

      COMMENCEMENT OF PILOT TEST PHASE OF TORCAZ FIELD CYCLIC CO2 PROJECT

                          IMPROVED RECOVERY PROGRAMME

Global Energy Development PLC ("Global" or the "Company"), the Latin America
focused petroleum exploration and production company (LSE-AIM: "GED"), is
pleased to announce the commencement of the Pilot Test Phase of its Torcaz Field
Cyclic CO2 Project.

The Torcaz Field currently has two producing wells and lies within Global's
approximate 54,700 acre Bocachico Association Contract located in the Middle
Magdalena Valley of Central Colombia. The Torcaz field oil quality is 15 degrees
API and as such is classified as heavy.

The Pilot Test Phase of the Cyclic CO2 Injection Project represents the
implementation of an engineering feasibility study conducted by the Company's
independent engineers which recommended CO2 should be injected on a cyclic basis
into the producing Torcaz wells to assess the effect on production and reserve
recovery rates in the Torcaz Field.

The effect of CO2 injection should be to swell the oil in place thereby reducing
its density and viscosity, improving overall oil mobility in and around each
wellbore and potentially increase production and reserve recovery rates.

Currently, proved and probable reserve recovery rates for the Torcaz Field are
estimated by Global's independent engineers to be less than 3% of the original
oil in place. The management of Global believe, following analysis of the
engineering feasibility study, that if the Project is successful there could be
a four-fold improvement in recovery rates.

Total Torcaz Field proved and probable original oil in place was estimated by
independent engineers to be approximately 144 million barrels as at 31 December
2004 with recoverable proved and probable reserves net to Global estimated to be
almost 3 million barrels.

The Company has commenced equipment specification and purchasing and in addition
has already located a nearby source of CO2 supply of sufficient quality and
volume to meet the requirements of the feasibility study.

Presently, Global estimates injection of CO2 will begin in at least one of its
Torcaz wells by the end of the year. When the Pilot Test is completed the
Company will provide the operating data to its independent engineers for further
analysis to determine how Cyclic CO2 Injection could benefit field-wide
development and production.

Commenting on the Torcaz CO2 Pilot Test, Stephen Voss, Global's Managing
Director, said:

"We are most excited about the hugely positive effect cyclic CO2 injection could
have on our Torcaz Field which is currently characterized by low productivity
but significant reserves and we hope to see encouraging production results by
the end of the year.

There is a substantial volume of proved and probable original oil in place that
could be converted into recoverable reserves based on the results of the Pilot
Test. Should results be encouraging, the Company will proceed to prepare the
engineering and geological plans necessary to develop the Torcaz Field, which
our independent engineers currently estimate will require at least 20 wells in
the Proved and Probable Reserve Recovery Phase."

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 approximately 5.1 million acres through six contracts in
Colombia and Peru, an exclusive Technical Evaluation Agreement ("TEA") in
Colombia and a concluded exclusive TEA in Panama which is in the process of
being converted into an exclusive contract. As at 31 December 2004, Global had
independently reported proved and probable reserves totaling 16.5 million BOE.




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

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