TIDMGED

RNS Number : 2877D

Global Energy Development PLC

26 April 2013

 
 For immediate release   26 April 2013

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

UPDATE OF BOLIVAR PARTNERING PROCESS

Global Energy Development PLC ("Global"), the Latin America focused petroleum exploitation, development and production company (AIM: GED) with operations in Colombia is providing an update on the status of the partnering process involving the Company's interest in the Bolivar Association Contract within the Middle Magdalena Valley in Colombia, South America.

Global, together with its financial advisor, Jefferies International Limited ("Jefferies"), is continuing to make progress with finding a partner for the Bolivar Association Contract. The process is ongoing although Global notes that the process is taking longer than originally anticipated.

Steve Voss, Global's Managing Director, commented, "We are very pleased with the amount of guidance and technical insights we have gained thus far in the Bolivar farm-out process from companies experienced in shale oil projects. We hope to complete this process in the second or third quarter of 2013."

For further information please contact

Global Energy Development PLC

 
 Anna Williams, Finance Director    +001 817 310 0240 
  awilliams@globalenergyplc.com 
   www.globalenergyplc.com

Buchanan (Financial PR)

 
                        +44 (0)20 7466 
  Tim Thompson            5000 
  Tom Hufton 
  www.buchanan.uk.com

Northland Capital Partners Limited

 
                 +44 (0)20 7796 
  Louis Castro     8800

This information is provided by RNS

The company news service from the London Stock Exchange

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