GED Global Energy

RNS Number:9677F
Global Energy Development PLC
11 July 2006


Immediate Release                                                   11 July 2006


                         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"), is
pleased to provide an update on its operations ahead of announcing Interim
Results for the six months ended 30 June 2006 on Monday, 11 September 2006.

Capital expenditure for the first half of 2006 was approximately $10 million,
half the $20 million anticipated for the whole of 2006, and was funded from cash
flow from production and includes the successful Tilodiran 2 exploratory well,
the first of the Company's planned 2006 eight well drilling, spudding and
location construction programme.

The budgeted $10 million capital expenditure for the second half of the year
will be directed primarily at delineation drilling in the Primavera field within
the Colombian Luna Llena contract area, this being the Company's near-term focus
in order to increase production and book further reserves at the year end. 50 to
100 kilometres of new 2D seismic is to be acquired over the Primavera field and
five delineation wells are proposed to be drilled or spudded during the
remainder of the year at a cost of approximately $1.1 million each and each
taking 10 to 14 days to drill. The other two wells also scheduled for 2006, the
Los Sauces 1 exploratory well and Tilodiran 3 development well, are still
anticipated to be spudded or have their locations under construction by year
end.

Gross production averaged just under 1,100 barrels of oil per day ("bopd") for
the first half of 2006. The Company's 2006 production is predicted to be second
half weighted with the new Tilodiran 2 well being placed on continuous
production early next week and the Luna Llena - Primavera wells expected to
begin contributing to production in the fourth quarter of the year. The Company
continues to estimate that gross production for the year will be approximately
590,000 barrels of oil ("bbls") as per the independent reserve report prepared
by Ryder Scott Company, LP ("Ryder Scott") and dated 31 December 2005.

The Company continues to progress seismic and / or geochemical programmes on
four other contract areas, namely the Colombian Los Sauces and Caracoli
contracts, the Peruvian Block 95 contract and the Panamanian Garachine area.

Commenting, Stephen Voss, Managing Director of Global Energy Development PLC,
said:

"The Company continues to pursue both exploration and exploitation activities
given our diversified portfolio of properties. Emphasis during the second half
of 2006 will be focused on increasing daily gross production mostly through the
new contribution of Tilodiran 2 with additional volumes also expected from the
Primavera delineation programme prior to year end. Presently, the Company is
evaluating proposals from contractors capable of furnishing drilling services at
Primavera and final arrangements for a suitable rig are expected to be completed
in the very near future."


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 has been listed on the AIM Market of the London Stock Exchange since
March 2002 (LSE-AIM: "GED"). The Company currently holds in excess of 5.2
million acres through nine contracts in Colombia and Peru, an exclusive
Technical Evaluation Agreement ("TEA") in Colombia and a concluded exclusive TEA
in Panama. Global's portfolio comprises production, developmental drilling and
workover opportunities and several high-potential exploration projects.

Ryder Scott, the Company's independent engineers, reported that as at 31
December 2005, proved plus probable reserves ("2P reserves") net to Global
totalled 17.5 million barrels of oil and proved plus probable plus possible
reserves ("3P reserves") net to Global totalled 67.5 million barrels of oil.
Based upon an approximate Brent Price of $58 per barrel, this being the closing
price as at 31 December 2005, Future Net Revenues ("FNR") for the 2P reserves
net to Global totalled $621 million and FNR for the 3P reserves net to Global
totalled approximately $2.8 billion.

Proven and probable oil and gas reserves are estimated quantities of
commercially producible hydrocarbons which the existing geological, geophysical
and engineering data show to be recoverable in future years from known
reservoirs. The proved reserves reported by Ryder Scott conform to the
definition approved by the Society of Petroleum Engineers ("SPE") and the World
Petroleum Congress ("WPC"). The probable and possible reserves reported by Ryder
Scott conform to definitions of probable and possible reserves approved by the
SPE/WPC using the deterministic methodology.

This announcement has been reviewed by Ryder Scott.



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

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