re: GED.L - Global Energy Development 250p (UK/AIM)
uk-wire.com
Global Energy Development PLC
13 February 2006
Immediate Release 13 February 2006
GLOBAL ENERGY DEVELOPMENT PLC
DRILLING UPDATE
TILODIRAN 2 EXPLORATORY WELL IN COLOMBIA
Global Energy Development PLC ('Global' or the 'Company'), the Latin America focused petroleum exploration and production company (LSE-AIM: 'GED'), is pleased to announce a drilling update on the Tilodiran 2 exploratory well within its exclusive Rio Verde Exploration and Production Concession contract (the 'Contract') in the central Llanos region of Colombia.
Since rig mobilization in December 2005, the Tilodiran 2 well has been successfully drilled to a final depth of 13,350 feet, with this representing the deepest well Global has drilled in its operating history.
Initial petrophysical analysis of the available data obtained from the open hole is considered by the Company to be encouraging and Global is now proceeding to complete and test more than one potentially oil productive zone.
The Tilodiran 2 well is located approximately 2,200 feet northeast from and in a geologically favourable position updip to the Tilodiran 1 well, a producing well on the Contract first drilled by another company in 1986 and then re-completed
and placed onto production by Global in December 2004.
The Rio Verde Contract, subject only to an initial 10.5% royalty, is one of seven contracts Global now holds in Colombia all of which are 100% owned by the Company.
Commenting on the Tilodiran 2 exploratory well, Stephen Voss, Managing Director of Global Energy Development PLC, said:
'The Tilodiran 2 well has been directionally drilled successfully to intercept five potentially oil productive formations, namely the Mirador, Barco, Guadalupe, Gacheta and Ubaque.
Gas chromatograph data acquired during drilling measured proportions of methane, ethane, propane, butane and pentane, with these being indicative of movable hydrocarbons from each of the five target formations. Electrical and nuclear petrophysical characteristics of these zones acquired subsequent to drilling have provided further encouragement for the Company to proceed with the installation of casing and commence testing operations.
Given the number of zones that Global is proceeding with testing, completion operations may require several weeks before final results are known but the Company will look to accelerate its operations on the Tilodiran 2 well as much
as possible.'
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 has been listed on the AIM Market of the London Stock Exchange since March 2002. The Company currently holds approximately 5.16 million acres through eight 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. Global's portfolio comprises production from five contracts, developmental drilling and workover
opportunities and several high-potential exploration projects. |
