Rig Contract
February 06 2008 - 2:02AM
UK Regulatory
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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