re: GED.L - Global energy Development - 262p
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RNS Number:2488V
Global Energy Development PLC
07 December 2005
Immediate Release 7 December 2005
GLOBAL ENERGY DEVELOPMENT PLC
RIG MOBILIZATION TO EXPLORATORY WELL ON RIO VERDE CONTRACT
Global Energy Development PLC ("Global" or the "Company"), the Latin America
focused petroleum exploration and production company (LSE-AIM: "GED"), announces
that it has commenced rig mobilization to the Tilodiran 2 exploratory well
within its exclusive Rio Verde Exploration and Production Concession contract
(the "Contract") in Colombia.
The Contract, which Global owns 100% of and is subject only to an initial 10.5%
royalty, covers approximately 75,000 acres in the central Llanos region and
currently contains two producing wells, Tilodiran 1 and Macarenas 1, which were
successfully recompleted and brought onto production by Global in late 2004 and
early 2005 respectively. Cumulative gross production from these two wells has
since been over 87,000 barrels of oil.
Global has acquired and processed 56 kilometres of new 2D seismic within the
Contract area during 2005 and reprocessed 300 kilometres of existing seismic in
order to select optimum drilling locations.
Tilodiran 2 is located approximately 2,200 feet northeast from and in a
geologically favourable position updip to Tilodiran 1. Global expects to spud
Tilodiran 2 in mid to late December 2005.
Commenting on the Tilodiran 2 exploratory well, Stephen Voss, Global's Managing
Director, said:
"The rig mobilisation to Tilodiran 2 at this time represents an acceleration of
the work programme required under the terms of the Rio Verde contract which
specifies that the Company must drill the first exploratory well during phase
two which does not commence until May 2006. We look forward to quickly
progressing this well."
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 5.1 million acres through seven contracts in Colombia and
Peru, an exclusive Technical Evaluation Agreement ("TEA") in Colombia and
concluded exclusive TEA in Panama in the process of being converted into an
exclusive contract. As at 31 December 2004, independent engineers, Ryder Scott,
reported that Global had proved and probable reserves totalling 16.5 million
BOE.
This information is provided by RNS
The company news service from the London Stock Exchange |
