GED Global Energy

 

TIDMGED 
 
RNS Number : 2873F 
Global Energy Development PLC 
11 January 2010 
 

+-------------------------------------+-------------------------------------+ 
| For Immediate Release               |                     11 January 2010 | 
+-------------------------------------+-------------------------------------+ 
 
 
 
 
GLOBAL ENERGY DEVELOPMENT PLC 
("Global" or the "Company") 
 
 
OPERATIONS UPDATE 
 
 
Global Energy Development PLC, the Latin America focused petroleum exploration 
and production company (LSE-AIM: "GED"), intends to announce Final Results for 
the year ended 31 December 2009 on 11 March 2010. Prior to this in February 2010 
the Company plans to release details of its new reserve report dated 31 December 
2009 which has been produced by independent petroleum engineers.  This reserve 
report will use a West Texas Intermediate ("WTI") price of $79.36, this being 
the closing price at year-end (2008: $44.60). 
 
 
Production during 2009 was 398,082 barrels of oil ('bbls') net to the Company 
(unaudited) (2008: 438,007) as the depressed oil price curtailed most proposed 
activity. The Company acquired very good quality 2D and 3D seismic over its 
producing Colombian Rio Verde contract towards the end of 2009. This has now 
been interpreted and the location of the Rio Verde 2 exploratory well, to be 
drilled before May 2010, is being finalized this week. The rig contractor 
negotiations for this well are also expected to be finalized shortly. In 
addition, the Company is strengthening personnel in order to support the 
increased operational activity anticipated with near-term drilling focused on 
the Rio Verde contract. 
 
 
 
 
For further information: 
 
 
Global Energy Development PLC 
 
 
+--------------------------------------------+----------------------+ 
| Catherine Miles, Company Secretary         |  +44 (0)20 7228 4266 | 
+--------------------------------------------+----------------------+ 
| www.globalenergyplc.com                    | +44 (0)7909918034    | 
+--------------------------------------------+----------------------+ 
 
 
Matrix Corporate Capital LLP 
+--------------------------------------------+----------------------+ 
| Alastair Stratton                          | +44 (0)20 3206 7204  | 
+--------------------------------------------+----------------------+ 
| Tim Graham                                 | +44 (0)20 3206 7206  | 
+--------------------------------------------+----------------------+ 
 
 
Notes to Editors: 
 
 
Global'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 Company currently holds seven 
contracts: five in Colombia; one in Peru; and one in Panama.As at 31 December 
2008, Ralph E. Davis Associates, Inc. ("Ralph E. Davis"), independent petroleum 
engineers, reported that proved plus probable ("2P") reserves net to the Company 
totalled 131.0 million barrels of oil equivalent ('BOE"). 
 
 
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 natural resource 
projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a 
Member of SPE for 26 years. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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