Global Energy Development PLC Reserve Report (8172Y)
January 30 2014 - 2:00AM
UK Regulatory
TIDMGED
RNS Number : 8172Y
Global Energy Development PLC
30 January 2014
Immediate Release 30 January 2014
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company" or "Global")
RESERVE REPORT
Global Energy Development PLC, the Latin America focused
petroleum exploration, development and production company (AIM:
GED) with operations in Colombia, announces a summary of its new UK
reserve report dated 31 December 2013, which has been produced by
the independent petroleum engineers Ralph E. Davis Associates, Inc.
("RED").
A summary of the UK reserve report volumetric data is as
follows:
Proved Probable Possible
-------- --------- ---------
('000s) ('000s) ('000s)
Net Reserves at 31 December 2013
Oil / Condensate - Mbbls 46,652 54,412 132,171
Net Reserves at 31 December 2012
Oil / Condensate - Mbbls 40,182 47,986 109,645
The overall increase in reserve volumes is due primarily to the
inclusion of two previously unevaluated productive horizons within
the Bolivar Association Contract area, namely the Simiti and
Tablazo formations, through incorporating information from Simiti
production tests in a nearby field. This increase in reserve
volumes was slightly mitigated due to end of contract life effects,
primarily within the Bocachico Contract area. The full UK reserve
report will be posted on the Company's website at
www.globalenergyplc.com.
Regarding the current reserve report, Managing Director, Stephen
Voss commented: "Based upon new data from recent production tests
on contiguous acreage, we were able to incorporate and utilize this
information to further define our oil reserves within the Bolivar
Contract area. We look forward in 2014 to the re-entry of the
Catalina #1 well to frac test the Simiti formation once the
contracts with service providers have been finalized. Demonstrating
oil production from this significant oil asset, our Bolivar
Contract area, will be an important step in the path towards
maximising value for shareholders and finalising strategic
partnering efforts."
For further information please contact
Global Energy Development PLC
Anna Williams, Finance Director +001 817 310 0240
awilliams@globalenergyplc.com
www.globalenergyplc.com
Northland Capital Partners Limited
+44 (0)20 7796
Louis Castro 8800
Lauren Kettle
Notes to Editors:
The Company's shares have been traded on AIM, a market operated
by the London Stock Exchange, since March 2002 (AIM: GED). The
Company's balanced portfolio includes the country of Colombia and
comprises a base of production, developmental drilling and
recompletion opportunities. The Company currently holds five
operated contracts in Colombia.
Proven and probable oil and gas reserves are estimated
quantities of commercially producible hydrocarbons which the
existing geological, geophysical and engineering data show to be
recoverable in future years from known reservoirs. The proved
reserves reported by RED, an independent petroleum engineering
firm, conform to the definition approved by the Society of
Petroleum Engineers ("SPE") and the World Petroleum Council
("WPC"). The probable and possible reserves reported by RED conform
to definitions of probable and possible reserves approved by the
SPE/WPC using the deterministic methodology.
The information contained within this announcement has been
reviewed by RED. In addition, the information contained within this
announcement has been reviewed by Mr. Stephen Voss, a Director of
the Company, for the purpose of the Guidance Note for Mining, Oil
and Gas Companies issued by the London Stock Exchange in respect of
AIM companies which outlines standards of disclosure for natural
resource projects. Mr. Voss is a Registered Professional Engineer
in Texas and has been a Member of SPE for 29 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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