GED Global Energy

 

TIDMGED 
 
RNS Number : 1906Q 
Global Energy Development PLC 
30 July 2010 
 

+-------------------------------+-------------------------------+ 
| Immediate Release             |                  30 July 2010 | 
+-------------------------------+-------------------------------+ 
 
                          GLOBAL ENERGY DEVELOPMENT PLC 
                                (the 'Company') 
 
                       PANAMANIAN CONTRACT RELINQUISHMENT 
 
Global Energy Development PLC, the Latin America focused petroleum exploration 
and production company (LSE-AIM: "GED"), announces that it has relinquished its 
Panamanian Garachine contract (the "Contract") by mutual consent with the 
Panamanian government with immediate effect. 
 
The relinquishment is in line with the terms of the Contract, which allowed for 
relinquishment of the Contract by the Company after successful completion of the 
work commitments of each phase.  The Panamanian government has duly given its 
consent to allow the Contract to be formally relinquished following the 
completion of the Phase 1 work commitments. 
 
The Contract was purely exploratory in nature, accounting for none of the 
Company's independently audited reserves, and did not feature within the 
Company's recently announced Three Year Plan (the "Plan") which consists 
predominately of developmental drilling.  As such it was deemed non-core and a 
decision was taken by the Company to relinquish the Contract and focus 
expenditures elsewhere within the Company's portfolio that form part of the 
Plan. 
 
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                            |                    | 
+---------------------------------------+--------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 CNTUKVSRRSABUAR 
 

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