Global Energy Development PLC Bolivar Update (9034E)

TIDMGED

RNS Number : 9034E

Global Energy Development PLC

15 April 2014

Immediate Release 15 April 2014

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company" or "Global")

CATALINA 1 RE-ENTRY - SIMITI SHALE TEST UPDATE

Global Energy Development PLC, the Latin America focused petroleum exploration, development and production company (AIM: GED) with operations in Colombia, announces its update on the upcoming re-entry of the Catalina #1 well to test the Simiti formation in the Bolivar Association Contract ("Bolivar Contract") located in the northern section of the Magdalena Valley in Colombia, South America.

The design stage of the project has been completed in conjunction with Ely and Associates, a US-based engineering firm specialising in hydraulic fracturing technology, together with a major oilfield service provider which will perform the upcoming fracture stimulation of the Simiti formation in the existing Catalina #1 well. Rig mobilisation is expected to commence in late second quarter 2014 once all necessary service equipment has been delivered to the well site. The Company has acquired high pressure wellhead and downhole equipment and has ordered and obtained the necessary sand to be used in the fracture stimulation. All of the stimulation water handling equipment is complete, in place and has been tested.

The Company has also completed significant preparation of the physical facilities at the Catalina well site, including the installation of pump station facilities and water transport lines to treat and transport produced water to four 10,000 barrel storage tanks onsite. The Company will be installing oil and water connection lines from the well testing equipment to the existing oil, gas and water handling, separation and disposition facilities on site.

The Company previously completed the analysis of open hole well logs, including formation imaging measurements and whole core data taken from the Simiti oil located within the existing Catalina #1 well, originally drilled in 1998. This data is discussed in the Bolivar Development Plan posted on the Company website at www.globalenergyplc.com. The data indicates the Simiti formation contains suitable natural fracture frequency and oil content. The Simiti formation is located between the Salada and Rose Blanca formation and the Company can test this formation behind the existing casing in its Catalina #1 well.

Steve Voss, Global's Managing Director, commented, "We look forward to updating on further progress on the well re-entry that is being fully funded by our farm-out partner. We believe that the testing for light oil in the Simiti formation in the Catalina #1 well will enhance future strategic alternatives and provide greater value for the Company and its shareholders. With a project of this kind in Colombia, there is a significant lead time in obtaining equipment and vendor services before well operations can commence. We have completed a substantial amount of this work to date. The recent Bolivar partnering agreement now allows the Company to focus its technical and financial resources on developing its largest reserve-based asset, the Bolivar Contract."

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

This information is provided by RNS

The company news service from the London Stock Exchange

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