TIDMGED

RNS Number : 2016F

Global Energy Development PLC

20 April 2011

 
 For Immediate Release   20 April 2011

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

ACQUISITION OF NEW 3D SEISMIC - BOLIVAR

Global Energy Development PLC ('Global' or the 'Company'), the Latin America focused petroleum exploration and production company (LSE-AIM: 'GED'), is pleased to announce that it has begun planning the acquisition of 100 square kilometers of new 3D seismic over the Company's Bolivar Association Contract area.

The Company has previously reprocessed existing seismic over the contract area and made an exhaustive interpretation. The acquisition and interpretation of the new seismic data will enable the Company to validate the previous interpretation and establish the optimum position of the future wells scheduled to be drilled on the contract area.

Although the major structural elements of the block have been delineated using older vintage 2D seismic, the much higher resolution data gained from a 3D survey will identify the smaller features and ensure proper placement of lateral wellbores in the fractured reservoirs. Using the current "fairway" concept, it is necessary to locate the exact position of the various faults in order to identify areas of maximum natural fracture density. A portion of the 3D will be designed to image the Crisol gas cap, in order to determine the continuity and limits of that reservoir should the injection of associated gas become necessary in the future.

The Company has engaged Third Coast Enterpises, Inc. to aid in the design of an approximately 100 square kilometer 3D survey and is currently in the process of soliciting bids for selection of an acquisition company.

Once the design phase is finished and an acquisition company is selected, the Company plans to move to the permitting and acquisition phase of the projects which is expected to take approximately one to two months.

For further information:

Global Energy Development PLC

 
  Anna Williams, Director of 
    Corporate Communications 
    and Special Projects         +001 817 773 1502 
   www.globalenergyplc.com

Buchanan Communications

 
 Tim Thompson     +44 (0)20 7466 5126 
 Ben Romney       +44 (0)20 7466 5132 
 Chris McMahon    +44 (0)20 7466 5156

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQFMGMDDLKGMZM

Global Energy Development (LSE:GED)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Global Energy Development Charts.
Global Energy Development (LSE:GED)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Global Energy Development Charts.