Global Energy Development PLC OPERATIONS UPDATE (2037I)
July 01 2013 - 2:00AM
UK Regulatory
TIDMGED
RNS Number : 2037I
Global Energy Development PLC
01 July 2013
For Immediate Release 1 July 2013
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company")
OPERATIONS UPDATE
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
its ongoing operations in Colombia, South America.
LLANOS BASIN OIL PRODUCTION
The Company's gross oil production during the first half of 2013
has outperformed production from the prior year period. The
worldwide drop in benchmark crude oil pricing during the period is
expected to offset a large portion of the Company's production
increase for the first half of 2013. As previously announced, the
Company's operating expenses during the first half of 2013 (both on
a cumulative and per unit basis) have decreased as compared to the
prior year period due to lower water disposal costs and the
elimination of rental generators and other rental equipment.
MIDDLE MAGDALENA VALLEY
BOLIVAR Contract Area
Global, together with its financial advisor, Jefferies
International Limited ("Jefferies") are continuing with partnering
efforts and discussions.
TORCAZ Contract Area
The Company performed a successful intervention of its existing
well, Torcaz #2, during the first half of 2013 by making surface
improvements to the pumping unit and changing the down-hole pump.
Gross oil production from this well has been sustained at
approximately 75 bopd.
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)
Tim Thompson +44 (0)20 7466 5000
Ben Romney
Northland Capital Partners Limited
Louis Castro +44 (0)20 7796 8800
This information is provided by RNS
The company news service from the London Stock Exchange
END
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