GED Global Energy

RNS Number:4078A
Global Energy Development PLC
18 July 2007

                                                                 

For immediate release                                              18 July 2007



                         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"), intends
announcing interim results for the six months ended 30 June 2007 on 19 September
2007 and is providing the following update.  The interim results will be
prepared under International Financial Reporting Standards ("IFRS") and the
conversion to IFRS from UK GAAP is progressing well.



A key area of focus for the management during recent months has been the ongoing
discussions with potential partners for different projects within the Company's
portfolio which covers the countries of Colombia, Peru and Panama and is
currently 100% owned by the Company.  Several technical review meetings have
been held and discussions have also commenced with a number of new potential
partners.  Certain discussions are now advanced covering several different
projects.



The Company engaged outside technical consultants in June 2007 to determine the
appropriate field development programme for the Colombian Luna Llena contract
area following the positive well test result on the area during the first half
of 2007.  The management expects to finalise details of this programme by
September 2007.  In addition, the Company signed the Panamanian Garachine
contract in June 2007, this being the first operations contract signed by the
Panamanian government since 1990, and initial plans for this area are currently
being formulated.  Ryder Scott Company, LP ("Ryder Scott"), independent
petroleum consultants, are also currently completing an updated evaluation of
the Company's exploration properties following their annual audit of the
Company's reserves published in April 2007.



Gross production for the six months ended 30 June 2007 totalled 242,693 barrels
of oil ("bbls") (six months ended 30 June 2006: 197,960 bbls) with sales, net to
the Company, of 210,369 bbls (six months ended 30 June 2006: 171,444 bbls),
which was in line with management expectations. Industry costs continued to rise
during the first half of 2007 and in light of this and in order to preserve the
Company's strong margins the Company undertook cost reductions during the first
half of the year particularly in the area of non-core personnel.  The associated
personnel cost savings should be almost fully evident in the second half of
2007.



Commenting, Stephen Voss, the Company's Managing Director, said:



"Both Colombia and Peru have seen exceptional levels of interest in their
hydrocarbon industries over recent months and as a result the number of high
potential prospects still available to be contracted has diminished in the
Company's opinion.  This situation is leading companies, either wishing to enter
these countries or extend their operations there, to increasingly look at
partnering.  As a result Global is now in a very favourable position due to its
diverse portfolio featuring a number of highly exciting prospects and this is
borne out by the number and quality of the companies that the Company is holding
partnering discussions with."



For further information:



Global Energy Development PLC

Catherine Miles, Company Secretary                     +44 (0) 20 7763 7177
www.globalenergyplc.com                                +44 (0) 7909918034



Notes to Editors:



The Company's shares have been traded on AIM, a market operated by the London
Stock Exchange, since March 2002 (LSE-AIM: 'GED').  The Company's balanced
portfolio covers the countries of Colombia, Peru and Panama and comprises a base
of production, developmental drilling and workover opportunities and several
high-potential exploration projects.



Ryder Scott reported that as at 31 December 2006, proved reserves net to the
Company totalled 5.5 million barrels of oil equivalent ("mmboe"), proved plus
probable ('2P') reserves net to the Company totalled 19.4 mmboe and proved plus
probable plus possible ('3P') reserves net to the Company totalled 81.8 mmboe.



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.



The information contained within 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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