TIDMGED

RNS Number : 1182H

Global Energy Development PLC

24 May 2011

 
 For Immediate Release   24 May 2011

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

ACQUISITION OF NEW 3D SEISMIC - BOCACHICO

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, in addition to the previously announced seismic plan for its Bolivar Association Contract area ("Bolivar Contract area"), it is now also planning the acquisition of 200 square kilometers of new 3D seismic over the Company's Bocachico Association Contract area ("Bocachico Contract area").

As with the seismic plan for its Bolivar Contract area, the Company has engaged Third Coast Enterprises, Inc. to aid in the design of an approximately 200 square kilometer 3D survey. The reservoirs of the Torcaz field in this block are in a stratigraphically complex group of formations. A high resolution 3D survey is key to delineating the extent of individual reservoirs, thus ensuring proper well placement. The current model for the field indicates that higher gravity crude exists on the flanks of the field, and the 3D survey will ensure proper mapping of these reservoirs where the Company has little data currently. The 3D survey will also delineate areas of improved reservoir continuity which will aid in the design and implementation of the overall field development plan including future secondary recovery projects.

The Company is still in the design phase of its 3D seismic survey for its Bolivar Contract area and, with the addition of the 3D seismic plans for its Bocachico Contract area, expects to complete the design phase during the second quarter 2011.

Steve Voss, the Company's Managing Director, indicates "By moving forward with these new 3D programmes in both Bolivar's and Bocachio's reserve rich contract areas, we can gain much higher resolution data to identify fracture intersections in the various productive reservoirs of Bolivar and characterize areas of improved sand quality in the main Mugrossa-Bocachico reservoir. Achieving these objectives will ensure proper placement of lateral wellbores in the Bolivar fractured reservoirs and high grade the early development drilling locations in the Torcaz/Bocachico field."

For further information:

Global Energy Development PLC

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

Buchanan Communications

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQEASSDAELFEFF

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.