GED Global Energy

 

TIDMGED 
 
RNS Number : 3692P 
Global Energy Development PLC 
15 July 2010 
 

+-------------------------------+-------------------------------+ 
| Immediate Release             |                  15 July 2010 | 
+-------------------------------+-------------------------------+ 
 
                          GLOBAL ENERGY DEVELOPMENT PLC 
                                (the 'Company') 
 
                                OPERATIONS UPDATE 
 
Global Energy Development PLC, the Latin America focused petroleum exploration 
and production company (LSE-AIM: "GED"), intends announcing interim results for 
the six months ended 30 June 2010 on 16 September 2010 and ahead of these 
results is pleased to provide an update. 
 
In line with expectations, the Company's base of production continues to show 
moderate decline rates with production for the period of 183,660 barrels of oil 
(net to the Company) against 199,403 barrels for the same period in the prior 
year. 
 
The Tilodiran field within the Colombian Rio Verde contract accounted for over 
half of the Company's production during the period and it is now the focus of 
the Company's drilling activity for the next three wells.  This represents a 
modest change to the previously announced Three Year Plan (the "Plan"), whereby 
one Tilodiran well will be substituted for the Rio Verde 3 well in light of the 
recent Rio Verde 2 well result.  All other activities detailed in the Plan 
remain unchanged from those previously announced. 
The impact of the Rio Verde 2 well result on the Company's reserves is estimated 
at a loss of 0.9 million BOE probable reserves (from the Company's total proved 
plus probable ("2P") reserves of 147.1 million BOE) and 3.1 million BOE probable 
plus possible reserves (from the Company's total proved plus probable plus 
possible ("3P") reserves of 272.9 million BOE). 
 
The next well to be drilled in the Plan, the Tilodiran 4 well, is contractually 
required and classified as a proved undeveloped well.  It will be located within 
the Tilodiran field near to the producing Tilodiran 2 and 3 wells, with the 
exact location yet to be determined. 
 
The Company is currently negotiating the terms of the rig contract for the 
Tilodiran 4 well, which it expects to sign shortly, with rig mobilisation 
expected to commence in Autumn 2010, with the well drilled, completed and tested 
prior to 31 December 2010.  The well has a proposed total depth of approximately 
12,500 feet and will target the Gacheta formation (producing in the Tilodiran 2 
and 3 wells) and the Ubaque formation (producing in the Tilodiran 3 well). 
 
The Company also announces that it has recently agreed a line of credit for 
US$3.3 million with the Colombian arm of an international bank and is able to 
use this facility at its discretion. 
 
Commenting, Stephen Voss, Vice Chairman, said: 
 
"Whilst the Company had a disappointing start to its Three Year Plan, the 
Company is now focused on the next well within the Plan.  The Company expects to 
sign a rig contract for this well shortly and commence drilling related 
activities." 
 
For further information: 
 
Global Energy Development PLC 
 
+---------------------------------------+--------------------+ 
| Catherine Miles, Company Secretary    | +44 (0)20 3178     | 
|                                       | 5156               | 
+---------------------------------------+--------------------+ 
| www.globalenergyplc.com               | +44 (0)7909918034  | 
+---------------------------------------+--------------------+ 
 
Matrix Corporate Capital LLP 
+---------------------------------------+--------------------+ 
| Louis Castro                          | +44 (0)20 3206     | 
|                                       | 7000               | 
+---------------------------------------+--------------------+ 
| Tim Graham                            |                    | 
+---------------------------------------+--------------------+ 
 
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 
 
 MSCQZLFFBDFBBBE 
 

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