GED Global Energy

 

TIDMGED 
 
RNS Number : 2103U 
Global Energy Development PLC 
12 October 2010 
 

+-------------------------------+-------------------------------+ 
| Immediate Release             |               12 October 2010 | 
+-------------------------------+-------------------------------+ 
 
                          GLOBAL ENERGY DEVELOPMENT PLC 
                          ("Global" or the "Company") 
 
                                OPERATING UPDATE 
 
 
Global Energy Development PLC, the Latin America focused petroleum exploration 
and production company (LSE-AIM: "GED"),has been granted an extension by the 
Colombian National Hydrocarbons Agency ("ANH") for the drilling of the Tilodiran 
4 development well located within the Rio Verde contract. 
 
Under the terms of the previously agreed Development Plan, the Tilodiran 4 well 
was required to be drilled with total depth being reached by mid December 2010. 
The Company now has a six month extension to this deadline which will allow 
additional planning time.  As previously advised, it was not anticipated that 
the Tilodiran 4 well would contribute to production in 2010. 
The additional time will allow the Company to seek the most efficient and cost 
effective way to drill the Tilodiran 4 well, and also potentially allow the 
drilling of the Tilodiran 5 development well immediately after with the same 
rig, with this well being the next well in the Company's previously announced 
Three Year Plan. 
 
The Tilodiran 4 development well is classified as a proved undeveloped location 
and is currently intended to be drilled directionally from an existing Tilodiran 
well platform which will reduce civil works costs and simplify property right 
issues. 
 
 
For further information: 
 
Global Energy Development PLC 
 
+---------------------------------------+--------------------+ 
| Patrick Garo, Chief Financial Officer | +44 (0)20 3178     | 
| Catherine Miles, Company Secretary    | 5156               | 
+---------------------------------------+--------------------+ 
| www.globalenergyplc.com               | +44 (0)7909918034  | 
+---------------------------------------+--------------------+ 
 
Matrix Corporate Capital LLP 
 
+---------------------------------------+--------------------+ 
| Louis Castro                          | +44 (0)20 3206     | 
|                                       | 7000               | 
+---------------------------------------+--------------------+ 
| Tim Graham                            |                    | 
+---------------------------------------+--------------------+ 
 
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 and Peru, and comprises a base of 
production, workover opportunities and high potential developmental drilling. 
The Company currently holds six contracts: five in Colombia and one in Peru. 
 
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 27 years. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 DRLLLFSEIVLLLII 
 

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