Early Redemption Of Debt Obligation (4265Q)

TIDMGED

RNS Number : 4265Q

Global Energy Development PLC

19 October 2011

 
 For Immediate Release   19 October 2011

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

EARLY REDEMPTION OF DEBT OBLIGATION

Global Energy Development PLC, the Latin America focused petroleum exploitation, development and production company (LSE-AIM: "GED") is pleased to announce it is irrevocably exercising the option to redeem all of the outstanding (U.S.$5,798,000) principal amount of its Variable Coupon Convertible Notes Due 2012 (the "Notes") of the Company on 15 November 2011 (the "Redemption Date"). The Notes will be redeemed for cash at the principal amount of the Notes together with interest accrued up to (but excluding" the Redemption Date.

Steve Voss, Managing Director, commented, "We are pleased to be able to reduce our outstanding debt obligations from our increased cash balance and to still pursue our near-term development plans out of remaining cash on hand and increased cash flow from operations."

For further information:

Global Energy Development PLC

 
 Anna Williams, Director of 
   Business Development         +001 817 310 0240 
  awilliams@globalenergyplc. 
   com 
   www.globalenergyplc.com

Buchanan Communications

 
 Tim Thompson    +44 (0)20 7466 5126 
 Ben Romney      +44 (0)20 7466 5132 
 
 
 Northland Capital Partners Limited 
 Louis Castro                         +44 (0)20 7796 
                                       8800

Lauren Kettle +44 (0)20 7796 8830

This information is provided by RNS

The company news service from the London Stock Exchange

END

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