Production rates increase (6914I)
June 20 2011 - 2:00AM
UK Regulatory
TIDMGED
RNS Number : 6914I
Global Energy Development PLC
20 June 2011
Immediate Release 20 June 2011
GLOBAL ENERGY DEVELOPMENT PLC
("Global", the "Company" or the "Group")
SURFACE EQUIPMENT IMPROVES AND
PRODUCTION RATES INCREASE
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
continued enhancement in its daily production uplift as a result of
the successful workover programme of its Tilodiran 2 and 3 wells
within the Colombian Rio Verde contract. Subsequent to the workover
programme results and the increase in gross daily production from
1,100 BOPD to 2,200 BOPD announced on 8 June 2011, and following
continued extended testing of these wells and improved surface
facilities and capabilities, the Company's total gross oil
production has now reached sustainable levels of approximately
2,520 BOPD.
The Company was able to begin increasing production at Tilodiran
2 and Tilodiran 3 following an improvement in surface handling
facilities and increased oil transport capacity. The Tilodiran 3
continues to demonstrate high levels of fluid deliverability at
very low reservoir drawdown pressures. Average oil gravities are
approximately 15 degrees API with produced gas-oil ratios of 400 to
500 cubic feet per barrel. Such gas-oil ratios are unusual for the
lower Cretaceous reservoirs in the Colombian Llanos basin and
appear to be adding significant reservoir drive energy to the more
typical water drive also present in both wells. Accordingly, the
Company plans to continue to slowly increase pump speeds in order
to determine the upper limits of maximum sustainable production
rates.
Steve Voss, Managing Director, commented: "Global continues to
be optimistic regarding the performance of both the Tilodiran 2 and
Tilodiran 3. Produced gas and oil characteristics are encouraging.
The Company has also arranged for the sale of these increased oil
volumes at commodity prices that are at a premium to West Texas
Intermediate due to market conditions favoring sales of Vasconia
blend heavy crude oil."
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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