REDUCTION IN CONVERTIBLE DEBT OBLIGATIONS (0175U)

TIDMGED

RNS Number : 0175U

Global Energy Development PLC

15 December 2011

 
 For Immediate Release   15 December 2011

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

GLOBAL CONTINUES TO REDUCE CONVERTIBLE DEBT OBLIGATIONS

Global Energy Development PLC, the Latin America focused petroleum exploitation, development and production company (LSE-AIM: "GED") is pleased to announce it has purchased and cancelled an aggregate principal amount of U.S.$1,742,000 of its 2006 Variable Coupon Convertible Notes Due 2012 (the "Notes"). The Notes were redeemed for cash, paid from the Company's existing cash resources, at the principal amount of the Notes together with accrued and unpaid interest.

Following the purchase and cancellation of this portion of the Notes, the remaining outstanding principal balance of the Notes is US$9,561,600, which is due and payable on 8 December 2012.

Steve Voss, Managing Director, commented, "As we close out 2011, we are pleased with our progress of shifting focus from our current production in the Llanos Basin of Colombia to the development of our assets in the Bocachico and Bolivar Contract Areas as we continue to take steps to strengthen our balance sheet by reducing our remaining convertible note obligations due in December 2012. This early repurchase of a portion of those Notes is another step in the right direction."

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 
                                       +44 (0)20 7796 
 Louis Castro                           8800 
 Lauren Kettle

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEADALFFEFFAF

Global Energy Development (LSE:GED)
Historical Stock Chart
From May 2024 to Jun 2024