NAUT.L Regulatory News (NAUT)

29 Aug 2006 07:01

Global Energy Development PLC29 August 2006 Immediate Release 29 August 2006 GLOBAL ENERGY DEVELOPMENT PLC SENIOR MANAGEMENT APPOINTMENT - DIRECTOR OF EXPLOITATION Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce the appointment of Francisco Suarez to the Company's seniormanagement as director of Exploitation with effect from 1 September 2006. Francisco, aged 46, received a Petroleum Engineering degree from UniversidadIndustrial de Santander in Colombia and also holds a MBA in Global Managementfrom University of Phoenix, USA. He has 22 years of oilfield experience, predominately in Latin America, startinghis career with Elf Aquitaine in Colombia as a reservoir engineer, working forHalliburton for 19 years until March 2004, founding a consultancy firm inHouston, Texas, to commercialize farm-in opportunities and key technologieswithin Latin America and most recently serving as General Manager of Fenix Oil &Gas, a Bogota-based petroleum company focused in Colombia. During his 19 years with Halliburton, Francisco initially worked in Colombiabefore being transferred to international assignments in Latin America, the USAand the Far East. Francisco served Halliburton in several operational, marketingand managerial positions including Area Manager for Halliburton ReservoirServices in Northern South America, Regional Manager for Tools, Testing & TCP inLatin America, Country Manager in Argentina, Business Development Manager forLatin America, Global Development Manager for Underbalance Drilling, VicePresident for the Andean Countries and Vice President for Indonesia. Francisco will be based in the Company's Houston office, responsible formanaging drilling and production operations, overseeing engineering studies andinterfacing with service companies to ensure utilization of latest applicabletechnologies. Francisco is a member of The Society of Petroleum Engineers ("SPE") and TheColombia Association of Petroleum Engineers ("ACIPET"). He is fluent in Spanish,English and Portuguese, a Colombian national and a permanent resident of theUSA. Commenting on the appointment, Stephen Voss, Managing Director of Global, said: "We are very excited about the skills that Francisco brings to the Company. Ourlarge portfolio of exploitation properties represent outstanding opportunitiesfor the Company to build reserves, production and cash flow in the near andmedium term. "Francisco's technical expertise is directly and immediately applicable to ourexploitation properties and he will have an immediate, positive impact onGlobal's operations." Commenting on his appointment, Francisco Suarez, said: "I am joining Global at exciting times as the development of the portfoliocontinues to progress and quicken in pace. I will be focused on identifyingproduction enhancement opportunities, where the application of fit-to-purposetechnologies can make a substantial difference." Francisco Suarez will not be a member of the Board of Directors of the Company. For further information: Global Energy Development PLCCatherine Miles, director of Investor Relations +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. This information is provided by RNS The company news service from the London Stock Exchange