TIDMGED

RNS Number : 7789Z

Global Energy Development PLC

20 January 2011

 
 For Immediate Release   20 January 2011

GLOBAL ENERGY DEVELOPMENT PLC

("Global" or the "Company")

STRATEGY UPDATE AND NOMINATION

Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), announced today that following the successful partnering of its Block 95 project in eastern Peru, where planning has commenced to begin drilling operations later this year, the Company will now focus on identifying other qualified companies suitable for partnering in the development of Global's Colombian reserves. To accompany this change of strategy the Company is pleased to announce today that Stephen C. Voss has been reassigned from Vice Chairman to Managing Director.

Regarding the Managing Director appointment and focus, Mr Voss commented "The large reserve position of Global represents a significant opportunity to grow Company production. This growth can be accelerated through joint venturing with other qualified operators which have appropriate capital and technical expertise". For further information:

Global Energy Development PLC

 
 Patrick Garo, Chief Financial Officer 
  and Company Secretary                  +44 (0)20 3178 5156 
 www.globalenergyplc.com

Matrix Corporate Capital LLP

 
 Louis Castro    +44 (0)20 3206 7000 
 Tim Graham      +44 (0)20 3206 7000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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