NAUT.L Regulatory News (NAUT)

26 Jan 2005 07:01

Global Energy Development PLC26 January 2005 26 January 2005 GLOBAL ENERGY DEVELOPMENT PLC SUCCESSFUL RE-COMPLETION AND COMMENCEMENT OF PRODUCTION FROM ANOTHER WELL ON RIO VERDE CONTRACT Global Energy Development PLC ("Global" or the "Company"), the petroleumexploration and production company (LSE-AIM: "GED"), is pleased to announce thesuccessful re-completion and commencement of production from the Macarenas 1well within its' 75,000 acre Rio Verde Exploration and Production Contract inColombia. The conclusion of the re-completion operations and subsequent commencement ofproduction from Macarenas 1 is ahead of the Company's original expectations withrig mobilization having only commenced towards the end of December 2004. Global tested Macarenas 1 at a maximum potential rate of 605 bopd of 36 degreeAPI gravity oil. Global owns a 100% working interest in the Macarenas 1 well. Global currently produces from two wells on the Rio Verde Contract with theCompany intending to explore opportunities for additional development aroundthese two wells in the medium-term. Commenting on Macarenas 1 and the Rio Verde Contract, Stephen C. Voss, Global'sManaging Director, stated: "Progress made on the Rio Verde Contract continues to run ahead of our initialexpectations with two wells having been brought on production in just over amonth. Within the Company's portfolio are four contracts in Colombia from whichproduction is currently being achieved and the resulting cashflow allows us toconsider potentially significant opportunities for the Group which includeadditional development and exploration opportunities throughout the remainingRio Verde acreage. " For further information: Global Energy Development PLCCatherine Miles, director of Investor Relations +44 (0) 20 7808 5550www.globalenergyplc.com +44 (0) 7909918034 Notes to Editors: Global holds exclusive contracts and rights to explore for and / or produce oiland gas from a geographically diversified portfolio of prospective acreage inColombia, Panama and Peru. This information is provided by RNS The company news service from the London Stock Exchange