Assignment Of Peru Block 95 Completed (2326V)

TIDMGED

RNS Number : 2326V

Global Energy Development PLC

10 January 2012

 
 For Immediate Release    10 January 2012

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

PERU BLOCK 95 - ASSIGNMENT PROCESS SUCCESSFULLY COMPLETED

Global Energy Development PLC, the Latin America focused petroleum exploitation and production company (LSE-AIM: "GED") is pleased to announce that the Peruvian government has officially approved and authorised the assignment of 60% of the Peruvian Block 95 License Contract ("Block 95 Contract") to Gran Tierra Energy, Inc. (NYSE Amex: "GTE", TSX: "GTE") through Supreme Decree No. 050-2011-EM published on 29 December 2011.

In late 2010, the Company entered into an agreement to farm-out 60% of its interest in the Contract to GTE. Under the terms of the farmout agreement, GTE was to become the Operator of the Contract, subject to and following approval from the Peruvian authorities, and would assume 100% of the costs of an exploration well up to a maximum of US$ 15 million. Global retains a 40% interest in the Contract through its wholly-owned subsidiary. The Contract area is located in the Maranon Basin of north-eastern Peru.

In December 2011, GTE announced its near-term intentions for the Block 95 Contract in its 2012 Capital Program release, "Upon PeruPetro approval of assignment of interests to Gran Tierra Energy, the company plans to drill one exploration well in Block 95 in the second half of 2012. The contract area contains the Bretana-1 well, which was drilled in 1974 and tested 18[deg] API gravity oil on natural flow rates of approximately 800 barrels of oil per day."

For further information:

Global Energy Development PLC

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

Buchanan

 
 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

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