NAUT.L Regulatory News (NAUT)

21 Dec 2006 07:01

Global Energy Development PLC21 December 2006 For Immediate Release 21 December 2006 GLOBAL ENERGY DEVELOPMENT PLC ACQUISITION OF NEW SEISMIC Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce that it has entered into a contract and work has nowcommenced to acquire a total of approximately 90 kilometres of new 2D seismicover two of the Company's contract areas, namely the Los Sauces and Rio VerdeExploration and Production contracts. The Company has previously reprocessed existing seismic over both contract areasand made a preliminary interpretation. The acquisition and interpretation of thenew seismic data will enable the Company to validate the previous interpretationand establish the optimum position of the next wells scheduled to be drilled onthe contract areas, these being the Los Sauces 1 well within the Los Saucescontract and the Tilodiran 3 well within the Rio Verde contract. The acquisitionof the new 2D seismic is expected to take 40 days, with processing andinterpretation taking an additional 50 days. The Los Sauces and Rio Verde contracts are contiguous with one another with theRio Verde contract containing the Tilodiran 2 well which was successfully placedon continuous production at the end of July 2006 and is currently producingapproximately 700 barrels of oil per day ("bopd").For further information: Global Energy Development PLCCatherine Miles, Company Secretary +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 Notes to Editors: Global has been listed on the AIM Market of the London Stock Exchange sinceMarch 2002 (LSE-AIM: "GED"). The Company currently holds in excess of 5.2million acres through nine contracts in Colombia and Peru, an exclusiveTechnical Evaluation Agreement ("TEA") in Colombia and a concluded exclusive TEAin Panama. Global's portfolio comprises production, developmental drilling andworkover opportunities and several high-potential exploration projects. Ryder Scott Company, LP ("Ryder Scott"), the Company's independent engineers,reported that as at 31 December 2005, proved plus probable reserves ("2Preserves") net to Global totalled 17.5 million barrels of oil and proved plusprobable plus possible reserves ("3P reserves") net to Global totalled 67.5million barrels of oil. Based upon an approximate Brent Price of $58 per barrel,this being the closing price as at 31 December 2005, Future Net Revenues ("FNR")for the 2P reserves net to Global totalled $621 million and FNR for the 3Preserves net to Global totalled approximately $2.8 billion. Ryder Scott reported that as at 1 July 2006 the total risked, mostly likely caserecoverable barrels of gross resources for the Company's exploration propertieswas 218.6 million barrels of oil equivalent. Proven and probable oil and gas reserves are estimated quantities ofcommercially producible hydrocarbons which the existing geological, geophysicaland engineering data show to be recoverable in future years from knownreservoirs. The proved reserves reported by Ryder Scott conform to thedefinition approved by the Society of Petroleum Engineers ("SPE") and the WorldPetroleum Congress ("WPC"). The probable and possible reserves reported by RyderScott conform to definitions of probable and possible reserves approved by theSPE/WPC using the deterministic methodology. This information has been reviewed by Ryder Scott. This information is provided by RNS The company news service from the London Stock Exchange