GED Global Energy

 

TIDMGED 
 
RNS Number : 4021N 
Global Energy Development PLC 
17 February 2009 
 

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| For immediate release              |                   17 February 2009 | 
+------------------------------------+------------------------------------+ 
 
 
 
 
 
 
GLOBAL ENERGY DEVELOPMENT PLC 
 
 
OPERATIONS UPDATE 
 
 
Global Energy Development PLC (the 'Company'), the Latin America focused 
petroleum exploration and production company (LSE-AIM: 'GED'), is pleased to 
provide an update ahead of announcing final results for the year ended 31 
December 2008 on 20 April 2009. The annual independent reserve report, dated 31 
December 2008, is also currently being finalised by Ralph E. Davis Associates, 
Inc. and details of the report will be announced prior to the final results. 
Total production during 2008, net to the Company, was 438,007 barrels of oil 
('bbls') (unaudited), an increase on the prior year due to new production 
through drilling successes being added in the second half (2007: 413,775 bbls). 
Average operating cash netback per barrel was $35.74 (unaudited) against an 
average price for West Texas Intermediate ('WTI') of $99.55 (2007: average 
operating cash netback per barrel $30.44; average price WTI $72.48). 
 
Against the considerably declining oil price during the latter part of 2008 and 
into 2009 the Company has been particularly focused on cash management, and 
efforts are continuing to improve cash flow from operations. 
 
For further information: 
 
 
  Global Energy Development PLC 
  Catherine Miles, Company Secretary    +44 (0)20 7228 4266 
  www.globalenergyplc.com                 +44 (0)7909918034 
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|                                    |                                   | 
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| Teathers                           | +44 (0)20 7426 9000               | 
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| Tom Hulme                          |                                   | 
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| Sebastian Jones                    |                                   | 
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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. 
 
 
The information contained within this announcement has been reviewed by Mr. 
Stephen Voss, a Director of the Company, for the purpose of the Guidance Note 
for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect 
of AIM companies which outlines standards of disclosure for mineral projects. 
Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of 
SPE for 25 years. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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