GED Global Energy

RNS Number:3834N
Global Energy Development PLC
06 February 2008


For Immediate Release                                            6 February 2008

                         GLOBAL ENERGY DEVELOPMENT PLC

                             RIG CONTRACT SIGNED

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 signing of a contract with Saxon de Panama S.A. for the
use of Rig 132 for a two-well drilling programme within the Company's Colombian
Rio Verde contract.

Rig mobilisation to the Boral 1 exploratory well is expected to commence prior
to the end of the month with the rig then mobilised directly to the Tilodiran 3
development well once drilling operations are complete at Boral 1.  The Company
retains a 100% working interest in both wells and is the operator.

The Rio Verde contract, 100% owned by the Company, contains the Tilodiran 2 well
which the Company successfully drilled and placed on production in July 2006.
The Tilodiran 2 well is currently producing at approximately 574 barrels of oil
per day ("BOPD") against the Company's total gross production of approximately
1,250 BOPD which had a decline rate of 6.4% in 2007.

For further information:

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

Landsbanki Securities (UK) Limited                         +44 (0) 20 7426 9000
Jeff Keating / Fred Walsh

The information contained within this announcement has been reviewed by Mr.
Stephen Voss, a Director of the Company.  Mr. Voss has been a Member of SPE-AIME
(Society of Petroleum Engineers-American Institute of Mine Engineers) for 36
years and is a Registered Petroleum Engineer in Texas.

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

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