100% Increase in Product Uplift (0411I)
June 08 2011 - 2:00AM
UK Regulatory
TIDMGED
RNS Number : 0411I
Global Energy Development PLC
07 June 2011
Immediate Release 8 June 2011
GLOBAL ENERGY DEVELOPMENT PLC
("Global", the "Company" or the "Group")
100% INCREASE IN PRODUCTION UPLIFT
SUCCESSFUL WORKOVER TEST RESULTS FOR TILODIRAN 2 & 3
WELLS
Global Energy Development PLC, the Latin America focused
petroleum exploration and production company (LSE-AIM: "GED"),
which operates in Colombia through its wholly-owned subsidiary
Colombia Energy and Development Company, is pleased to announce
significant uplift in its oil production as a result of a
successful workover programme of its Tilodiran 2 and 3 wells within
the Colombian Rio Verde contract. Prior to the workover programme,
during the first four months of 2011, the Company averaged total
gross oil production of approximately 1,100 barrels of oil per day
("BOPD") from all of its producing properties. Subsequent to the
workover programme, total gross oil production has reached
sustainable levels of approximately 2,200 BOPD. The Company has
installed additional temporary surface equipment and is currently
designing the expansion of permanent surface facilities in order to
handle the increased production volumes within the Rio Verde field
area. Following the workover programme, the combined production
tests of both wells stabilized at a gross lifted oil rate of
approximately 1,800 BOPD with oil gravities ranging from 15.3 to
16.2 degrees API. The workover programme targeted various
un-perforated productive intervals in the middle to lower
Cretaceous formations.
Steve Voss, Managing Director, commented: "The workover
programme completed on the Tilodiran 2 and 3 wells within the Rio
Verde contract area demonstrates the Company's continued commitment
to accelerate the development of its proved reserves. Drawdown
pressure of the Tilodiran wells is less than 10% of reservoir
pressure indicating additional fluid deliverability potential.
Given the current oil pricing environment, we believe these
workovers are instrumental in our steps to advance the realisation
of cash-flow and enhanced value for our shareholders."
Global Energy Development PLC
Anna Williams, Director of
Corporate Communications
and Special Projects +001 817 773 1502
awilliams@globalenergyplc.
com
www.globalenergyplc.com
Buchanan Communications
Tim Thompson +44 (0)20 7466 5126
Ben Romney +44 (0)20 7466 5132
Notes to Editors:
The Company's shares have been traded on AIM, a market operated
by the London Stock Exchange, since March 2002 (AIM: GED). The
Company's balanced portfolio includes the countries of Colombia and
Peru and comprises a base of production, developmental drilling and
workover opportunities and several exploration projects. 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
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