TIDMGED

RNS Number : 3112L

Global Energy Development PLC

29 July 2011

Immediate Release 29 July 2011

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

PERU BLOCK 95 UPDATE

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 Development Company, is pleased to announce that its partner in the Peru Block 95 Area License Contract ("Block 95"), Gran Tierra Energy, Inc. ("Gran Tierra Energy") (NYSE Amex: GTE) (TSX: GTE), a company focused on oil and gas exploration and production in South America, previously announced its financial operating results which included the following update regarding its activities and outlook for Block 95:

"Block 95, Maranon Basin, Peru

A drilling site location has been identified for the first exploration well on Block 95, with civil construction expected to begin in the third quarter of 2011. Drilling is expected to begin in second quarter of 2012. An oil field has already been discovered on Block 95, with the discovery well drilled in 1974 flowing 807 BOPD naturally without pumps. The new exploration well will further delineate this field and will explore deeper reservoir horizons not penetrated by the discovery well."

In late 2010, Global entered into a farm-out agreement with Gran Tierra Energy with Global retaining a 40% interest in the Block 95 Contract. Under the terms of the agreement, Gran Tierra Energy will become the operator of the Block 95 Contract, subject to and following approval from the Peruvian authorities, and will assume 100% of the gross costs of an exploration well up to a maximum of $15 million. Approval from the Peruvian authorities of the change in operatorship is still pending but is expected to be finalised in the third quarter of 2011.

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

Matrix Corporate Capital LLP

 
 Stephen Mischler    +44 (0)20 3206 7203 
 Nick Stone

This information is provided by RNS

The company news service from the London Stock Exchange

END

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