GED Global Energy

 

TIDMGED 
 
RNS Number : 0499H 
Global Energy Development PLC 
12 February 2010 
 

+-------------------------------+-------------------------------+ 
| For Immediate Release         |              12 February 2010 | 
+-------------------------------+-------------------------------+ 
 
 
                          GLOBAL ENERGY DEVELOPMENT PLC 
                          ("Global" or the "Company") 
 
                                  RIG CONTRACT 
 
Global Energy Development PLC, the Latin America focused petroleum exploration 
and production company (LSE-AIM: "GED"), is pleased to announce that it has 
signed a rig contract with Saxon Energy Services de Panama S.A. ("Saxon") for 
the drilling of the Rio Verde 2 exploratory well within the Colombian Rio Verde 
contract.  While the well is deemed exploratory it is located on an identified 
geologic structure over which the Company has previously acquired 3D seismic. 
 
Rig mobilization is expected to commence at the beginning of March 2010 with the 
well drilled, completed and tested prior to May 2010.  The well has a proposed 
total depth of approximately 12,500 feet and will target three different 
formations. 
 
Saxon supplied the rig and other related drilling services for two other wells 
which the Company has successfully drilled on the contract area. 
 
 
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. 
 
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 
 
 CNTTBMRTMBJBBRM 
 

Global Energy Development (LSE:GED)
Historical Stock Chart
From May 2024 to Jun 2024

Global Energy Development (LSE:GED)
Historical Stock Chart
From Jun 2023 to Jun 2024