GED Global Energy

 

TIDMGED 
 
RNS Number : 5657G 
Global Energy Development PLC 
03 February 2010 
 

+-------------------------------+-------------------------------+ 
| For Immediate Release         |               3 February 2010 | 
+-------------------------------+-------------------------------+ 
 
                          GLOBAL ENERGY DEVELOPMENT PLC 
                                (the "Company") 
 
                                 RESERVE REPORT 
 
Global Energy Development PLC, the Latin America focused petroleum exploration 
and production company (LSE-AIM: "GED"), is pleased to announce details of its 
new reserve report dated 31 December 2009, which has been produced by the 
independent petroleum engineers Ralph E. Davis Associates, Inc ("RED"). 
 
RED reported that proved plus probable ("2P") reserves net to the Company 
totalled 147.1 million barrels of oil equivalent ("BOE"), an increase on 2008 
(as at 31 December 2008: 131.0 million BOE).  Within this, the proved reserves 
were slightly down at 60.8 million BOE and the probable reserves up at 86.3 
million BOE due predominately to revised porosity / drainage area parameters and 
delayed Ecopetrol back-in respectively.  Proved plus probable plus possible 
("3P") reserves net to the Company also increased and totalled 272.9 million BOE 
(as at 31 December 2008: 254.6 million BOE). 
 
The reserve report used a West Texas Intermediate ("WTI") price of $79.36, this 
being the closing price at 31 December 2009 (2008: $44.60).  Based upon this 
starting price, the Net Present Value at a 10% discount ("NPV10") of the proved 
reserves was $2.0 billion (2008: $1.0 billion). The NPV10 of the 2P reserves 
totalled $5.0 billion (2008: $1.5 billion) and the NPV10 of the 3P reserves 
totalled $8.9 billion (2008: $2.3 billion). 
 
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: 
 
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 Company currently holds seven 
contracts: five in Colombia; one in Peru; and one in Panama. 
 
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 RED conform to the definition 
approved by the Society of Petroleum Engineers ("SPE") and the World Petroleum 
Council ("WPC"). The probable and possible reserves reported by RED 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 RED. 
 
In addition, 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 
 
 MSCBLGDDIGGBGGD 
 

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