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10 Jun 2008 08:00
|
For Immediate Release |
10 June 2008 |
GLOBAL ENERGY DEVELOPMENT PLC
TILODIRAN 3 WELL SPUDDED
Global Energy Development PLC (the "Company"), the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), which operates in Colombia through its wholly-owned subsidiary Harken de Colombia Limited, is pleased to announce that the Tilodiran 3 development well within the Colombian Rio Verde contract was spud on 9 June 2008 and drilling has commenced.
The Tilodiran 3 well is being drilled directionally to an anticipated total depth of approximately 13,100 feet to target the Gacheta and Ubaque formations. Both these formations are present in the Tilodiran 2 well which is currently producing a gross of 542 barrels of oil per day ("bopd") and seismic indicates the Tilodiran 3 well location is slightly up-dip of the Tilodiran 2 well. The Company retains a 100% working interest in the Tilodiran 3 well and is the operator.
Ryder Scott Company, LP, the petroleum consultants, recently reported an increase of 30% in Tilodiran field proved reserves based upon the continued favourable production performance of the Tilodiran 2 well. In addition, the recent successful test result of the Boral 1 exploratory well in the Boral field also within the Rio Verde contract has led to several other drilling locations being assigned within the contract area.
For further information:
Global Energy Development PLC
Catherine Miles, Company Secretary +44 (0) 20 7763 7177
www.globalenergyplc.com +44 (0) 7909918034
Landsbanki Securities (UK) Limited +44 (0) 20 7426 9000
Fred Walsh / Sebastian Jones
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.
Proven and probable oil and gas reserves are estimated quantities of commercially producible hydrocarbons which the existing geological, geophysical and engineering data show to be recoverable in future years from known reservoirs. The proved reserves reported by Ryder Scott, independent petroleum consultants, conform to the definition approved by the Society of Petroleum Engineers ("SPE") and the World Petroleum Congress ("WPC"). The probable and possible reserves reported by Ryder Scott conform to definitions of probable and possible reserves approved by the SPE/WPC using the deterministic methodology.
The information contained within this announcement has been reviewed by Ryder Scott.
In addition, the information contained within this announcement has been reviewed by Mr. Stephen Voss and Mr. Stephen Newton, both Directors of the Company. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 25 years. Mr. Newton holds a Mining/Petroleum Engineering degree from the University of Queensland, Brisbane and a Master of Science Petroleum Engineering degree from Imperial College London. He has been a Member of SPE for 35 years.
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