Global Energy Development PLC Llanos Basin Properties

TIDMGED

RNS Number : 9237Y

Global Energy Development PLC

05 December 2014

Immediate Release 5 December 2014

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company" or "Global")

LLANOS BASIN PROPERTIES - SALE COMPLETED

Global Energy Development PLC, the Latin America focused petroleum exploration, development and production company (AIM: GED) with operations in Colombia, is pleased to announce the completion of the sale of its rights and obligations of the Company's contract areas within the Llanos Basin (the "Llanos Assets").

The disposal of the Llanos Assets was effected by the sale of the entire issued share capital of the Company's wholly owned subsidiary, Colombia Energy Development Company ("CEDCO") to the Purchaser (the "Transaction"). CEDCO held only the assets and liabilities relating to the Llanos Assets. The gross consideration for the sale of the Llanos Assets was US$50 million in cash, net of approximately US$1.0 million, adjusted for CEDCO operating income received and capital expenditures spent by Global during the period between the effective date, which for the purposes of the Transaction was set at 1 August 2014, and the closing date.

For further information please contact:

 
 Global Energy Development PLC 
  Anna Williams, Finance Director 
  awilliams@globalenergyplc.com          +001 817 310 
  www.globalenergyplc.com                0240 
 Northland Capital Partners Limited 
  Matthew Johnson                      +44 (0)20 7382 
  Lauren Kettle                         1100

This information is provided by RNS

The company news service from the London Stock Exchange

END

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