6 Apr 2010 07:00
For Immediate Release 6 April 2010
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company")
APPOINTMENT OF CHIEF FINANCIAL OFFICER
Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), is pleased to announce the appointment of Mr. Patrick Garo as Chief Financial Officer ("CFO"). He will join the Company's senior management team, just below Board level, with effect from 26 April 2010.
Mr. Garo, aged 45, has direct Latin America oil and gas experience having worked for 10 years with Perenco, a large independent oil and gas company with operations in Latin America among other areas, and total production of approximately 250,000 barrels of oil equivalent per day ("boepd").
Mr. Garo, a French citizen, is fluent in English and Spanish having lived in Latin America for eight years while with Perenco. Between 1998 and 2004 he managed Perenco's finance function across Colombia, Venezuela and Ecuador and was subsequently appointed General Manager of Perenco Colombia Limited in 2004, becoming responsible for the entire Colombian operations. During this time he not only oversaw the finance function but also led all the dealings with the appropriate government agencies. From 2006 to 2008, he was Chief Financial Officer for the whole Perenco Group, being based out of London and focusing on financing projects in addition to other finance duties.
Most recently, Mr. Garo was Group Financial Controller of Sodexo, an international food and facilities management services company operating in 80 countries with turnover of EUR€14.7 billion for the fiscal year 2009.
Mr. Garo holds a diploma from IEP Paris and a Master of International Relations from Université Libre de Bruxelles.
Commenting on Mr. Garo's appointment, Mikel Faulkner, Chairman, said:
"Patrick is an invaluable addition to the Company, especially as Global has now commenced executing its Three Year Plan and his extensive expertise will help support these significant growth plans.
"Patrick's direct previous experience in running finance functions in Latin America and his strong links to the Colombian oil industry will greatly benefit the Company. Through being based in the London office he will also be charged with helping to develop the Company's corporate strategy and assisting in any corporate activity."
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:
The Company'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.