GED Global Energy

RNS Number:9864T
Global Energy Development PLC
11 November 2005


Immediate Release                                               11 November 2005

                         GLOBAL ENERGY DEVELOPMENT PLC

                               OPERATIONS UPDATE

Global Energy Development PLC ("Global" or the "Company"), the Latin America
focused petroleum exploration and production company (LSE-AIM: "GED"), announces
that Harken Energy Corporation ("Harken"), a Delaware corporation and holder of
33.78% of the Company's issued ordinary shares of one pence each, has filed with
the Securities and Exchange Commission of the United States its Quarterly Report
on Form 10-Q for the quarter ended 30 September 2005.

Harken's Form 10-Q includes certain financial information, on an United States
GAAP basis, with respect to the Company's operations. As at 30 June 2005 and 30
September 2005, Harken held 62.36% and 34.02% respectively of the Company's
issued ordinary shares of one pence each. Under United States accounting and
legal regulations, Harken was required to consolidate Global's operations in
Harken's financial statements for the period ended 30 September 2005. Global
announces its financial results on an U.K. GAAP basis and hence the stated
financial results contained in the Form 10-Q differ from those Global reports.

Reported within Harken's Form 10-Q, Global's net production for the nine months
ended 30 September 2005, after all royalities and production attributable to
Ecopetrol, was approximately 367,000 barrels of oil which exceeded Global's net
production for the whole of 2004 (year ended 31 December 2004: 365,527 barrels
of oil). Global's average oil price increased 39% to $49.33 per barrel during
the third quarter of 2005 compared to $35.48 per barrel during the third quarter
of 2004. The higher price received was due to improved terms from the PetroBras
crude oil sales contract signed in April 2005 and effective from May 2005 and
the prevailing oil price.

Global has also exercised its exclusive option to commence negotiations with the
National Hydrocarbons Agency of the Republic of Colombia ("ANH") to convert a
portion of its Valle Lunar Technical Evaluation Agreement ("TEA") acreage into
an exclusive Exploration and Production Concession contract. Global anticipates
executing this contract before the end of 2005 whilst continuing to hold the
remaining TEA acreage. Global has taken the decision to convert a portion of the
TEA acreage early to accelerate development related activities relating to
existing wells and acreage that featured oil tests in the 1980s.


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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