Tarzanhey HEC+GED7 Apr 2006 05:58
Harken Energy Subsidiary, Global Energy Development PLC, Signs Exclusive Contract Located within Llanos Basin in Colombia
Dallas, Texas – April 6, 2006 – Harken Energy Corporation (AMEX: HEC) announced today that Global Energy Development PLC (“Global”), in which Harken holds 11,893,462 ordinary shares, representing approximately 34% of Global’s issued share capital, has signed a new exclusive Exploration and Production Concession contract for the Los Sauces area ("Los Sauces Contract") with the National Hydrocarbons Agency of the Republic of Colombia.
The Los Sauces Contract covers approximately 61,600 acres in the Central Llanos region of Colombia where Global already has three contracts, namely the Alcaravan Association contract and the Rio Verde and Los Hatos Exploration and Production Concession contracts. The Los Sauces Contract is contiguous with the northern boundary of the Rio Verde contract where Global is currently testing the Tilodiran #2 exploratory well, with one zone having produced at a natural flow rate of 1,125 bopd plus gas, and is also located nearby and adjacent to the established, producing Morichal and Tocaria fields operated by an international oil company.
Global will own 100% of the Los Sauces Contract subject only to an initial 10.5% royalty, with the size of the royalty to be determined by future production levels. The Contract, effective from March 31, 2006, has a principal term of 30 years div