Global Energy Development PLC Updated Bolivar Development Plan (2538O)
September 18 2013 - 2:01AM
UK Regulatory
TIDMGED
RNS Number : 2538O
Global Energy Development PLC
18 September 2013
Immediate Release 18 September 2013
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company" or "Global")
UPDATED BOLIVAR DEVELOPMENT PLAN
Global Energy Development PLC, the Latin America focused
petroleum exploration, development and production company (AIM:
GED) with operations in Colombia, is pleased to announce its
updated development plan for its Bolivar Contract. The Company's
Bolivar Contract area is located in the northern section of the
Magdalena Valley in Colombia, South America.
During the past months, the Company has gained additional
technical insight and feedback from discussions with several large
international petroleum exploration and production companies in
regards to its development plan of the Bolivar Contract Area. These
insights, along with June 2013 report from the US Energy
Information Agency which described the Magdalena Valley of Colombia
as a "world class stacked (vertical) shale oil play", led the
Company to make a substantial revision in its development plans.
This revised plan (the "Bolivar Development Plan") is based upon
the high natural fracture permeability of the Bolivar area within
its five formation zones (La Luna, Simiti, Salada, Rose Blanca and
Tablazo). Given the thickness of the vertically stacked oil zones
and the high fracture permeability, the Company's Bolivar
Development Plan has been revised to drill single vertical wells
through the five zones instead of a separate horizontal well in
each of the five formations. The single vertical wells would then
be completed, hydraulically fractured and simultaneously produced
from all five formations.
The Company's independent reserve engineers estimate the updated
Bolivar Development Plan, which develops Bolivar's reserves through
vertical wells in lieu of horizontal wells, should increase the
Company's recoverable 3P reserves during the remaining contract
term. The Bolivar Development Plan has been posted to the Company's
website at www.globalenergyplc.com.
Stephen C. Voss, Global's Managing Director, indicated
"Following the completion of our updated Bolivar Development Plan,
we have resumed the partnering process focusing on independent and
mid-size companies with higher flexibility for deal terms. The
timeframe of these efforts has been lengthened from original
expectations, but we remain optimistic of the successful conclusion
of our strategic partnering efforts in the near-term future."
For further information please contact
Global Energy Development PLC
+001 817 310
Anna Williams, Finance Director 0240
awilliams@globalenergyplc.com
www.globalenergyplc.com
Northland Capital Partners Limited
+44 (0)20
Louis Castro 7796 8800
Lauren Kettle
This information is provided by RNS
The company news service from the London Stock Exchange
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