re: Global Energy Development (GED.L) - 289p News
Looks like this company is firmly on track to the 10.000boepd magic number down the road. Productive capacity right now around 2700boepd (2300bopd + 450boepd from recenty drillin success and flow test).
Harken Energy's (former parent) interest in GED.L is now down to 34% of common stock capital and the company succeeded in placing a convertible note of $12.5m until 2012 (converting at a premium - 304p) with very sweet terms (Interest 5-8%) to step up development.
uk-wire.com
Global Energy Development PLC
27 October 2005
Immediate Release 27 October 2005
GLOBAL ENERGY DEVELOPMENT PLC
HOLDING IN COMPANY
Global Energy Development PLC (the 'Company') was today notified that Harken Energy Corporation, a Delaware corporation, holds 11,892,922 ordinary shares of 1 pence each in the Company, representing 33.78% of the Company's issued share capital.
For further information:
Global Energy Development PLC
Catherine Miles, director of Investor Relations +44 (0) 20 7763 7177
uk-wire.com
Global Energy Development PLC
01 November 2005
Immediate Release 1 November 2005
GLOBAL ENERGY DEVELOPMENT PLC
ISSUE OF US$12.5 MILLION OF CONVERTIBLE NOTES
Global Energy Development PLC ('Global' or the 'Company'), the Latin America focused petroleum exploration and production company (LSE-AIM: 'GED'), is pleased to announce it has raised US$12,500,000 through the issue of unsecured variable coupon convertible notes due 30 October 2012 ('Notes') to a Swiss based fund manager.
The Notes, with an annual coupon of 5% for the first three years, 6% from October 2008 to October 2010 and 7% thereafter payable quarterly in arrear, are convertible into ordinary shares of 1p each in the Company at 305.8p per ordinary share, representing a premium of 10% to the closing mid-market price on 28 October 2005, this being the last trading day prior to the delivery of the Notes. If not converted or previously redeemed the Notes will be redeemed at their principal amount on 30 October 2012.
Commenting, Stephen Voss, Global's Managing Director, said:
'The Company has significantly enlarged its acreage position and prospects over the past year and expects to supplement the current 5.1 million acres even further over the coming months. The Company even now holds a number of exploratory projects that the management consider to have high potential and as such are accelerating the drilling programmes associated with them. The purpose of issuing the Notes is to provide the Company with additional immediate funds that can supplement the current cashflow from production and be specifically dedicated towards rig contracting and building up inventory, as well as general corporate use, thereby allowing greater visibility over drilling schedules.'
For further information:
Global Energy Development PLC
Catherine Miles, director of Investor Relations +44 (0) 20 7763 7177
www.globalenergyplc.com
+44 (0) 7909918034
Notes to Editors:
Global currently holds approximately 5.1 million acres through six contracts in Colombia and Peru, an exclusive Technical Evaluation Agreement ('TEA') in Colombia and a concluded exclusive TEA in Panama which is in the process of being converted into an exclusive contract. As at 31 December 2004, Global had independently reported proved and probable reserves totalling 16.5 million BOE.
This announcement does not constitute, or form part of, an offer or solicitation of an offer, to purchase or subscribe for, underwrite or otherwise acquire, any rights, shares or other securities. Members of the general public are not eligible to take part in the securities offering. The securities are not and will not be offered other than to persons who trade or invest in securities in the conduct of their profession or trade (which includes banks, securities intermediaries (including dealers and brokers), insurance companies, pension funds, other institutional investors and commercial enterprises which as an ancillary activity regularly invest in securities). In the United Kingdom this announcement is directed exclusively at (a) persons who have professional experience in matters relating to investments who fall within article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ) ('the Order') or (b) are persons falling within article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Order or (c) other persons to whom it may be lawfully directed (all such persons together being referred to as 'Relevant Persons'). This announcement must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
This information is provided by RNS
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