27 Jul 2009 07:00
| For Immediate Release | 27 July 2009 |
GLOBAL ENERGY DEVELOPMENT PLC
("Global" or the "Company")
ACQUISITION OF SEISMIC
Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), is pleased to announce that it has signed a contract to acquire seismic over the Colombian Rio Verde contract.
The contract with Compania Geofisica Latinoamericana S.A. ("CGL") covers the acquisition of 18 kms of 2D seismic and 109 kms of 3D seismic, with acquisition and processing expected to be complete during September 2009.
The seismic is being acquired to more fully image the Boral and Tilodiran geologic structures, structures already proven as productive through the Company's successful drilling on the contract area last year. The seismic will enable the Company to better define a development drilling programme for both of these structures with the next well anticipated to be drilled within the Boral structure in the first quarter of 2010.
The acquired seismic will also help the Company assess the other potentially prospective geologic structures located on the contract area and plan for future exploratory drilling on these areas.
For further information:
Global Energy Development PLC
| Catherine Miles, Company Secretary | +44 (0)20 7228 4266 |
| www.globalenergyplc.com | +44 (0)7909918034 |
Matrix Corporate Capital LLP
| Alastair Stratton | +44 (0)20 3206 7204 |
| Tim Graham | +44 (0)20 3206 7206 |
Notes to Editors:
CGL is an established, qualified geophysical contractor which has completed approximately 48 seismic acquisition programs in Colombia for various companies including Global. CGL has previously worked with Global on the Rio Verde contract area.
Global's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (LSE-AIM: "GED"). The Company's balanced portfolio covers the countries of Colombia, Peru and Panama and comprises a base of production, developmental drilling and workover opportunities and several high-potential exploration projects. The Company currently holds seven contracts: five in Colombia; one in Peru; and one in Panama. As at 31 December 2008, Ralph E. Davis Associates, Inc. ("Ralph E. Davis"), independent petroleum engineers, reported that proved plus probable ("2P") reserves net to the Company totalled 131.0 million barrels of oil equivalent ('BOE").
The information contained within this announcement has been reviewed by Mr. Stephen Voss, a Director of the Company, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies which outlines standards of disclosure for natural resource projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 26 years.