NAUT.L Regulatory News (NAUT)

7 Dec 2005 07:01

Global Energy Development PLC07 December 2005 Immediate Release 7 December 2005 GLOBAL ENERGY DEVELOPMENT PLC RIG MOBILIZATION TO EXPLORATORY WELL ON RIO VERDE CONTRACT Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), announcesthat it has commenced rig mobilization to the Tilodiran 2 exploratory wellwithin its exclusive Rio Verde Exploration and Production Concession contract(the "Contract") in Colombia. The Contract, which Global owns 100% of and is subject only to an initial 10.5%royalty, covers approximately 75,000 acres in the central Llanos region andcurrently contains two producing wells, Tilodiran 1 and Macarenas 1, which weresuccessfully recompleted and brought onto production by Global in late 2004 andearly 2005 respectively. Cumulative gross production from these two wells hassince been over 87,000 barrels of oil. Global has acquired and processed 56 kilometres of new 2D seismic within theContract area during 2005 and reprocessed 300 kilometres of existing seismic inorder to select optimum drilling locations. Tilodiran 2 is located approximately 2,200 feet northeast from and in ageologically favourable position updip to Tilodiran 1. Global expects to spudTilodiran 2 in mid to late December 2005. Commenting on the Tilodiran 2 exploratory well, Stephen Voss, Global's ManagingDirector, said: "The rig mobilisation to Tilodiran 2 at this time represents an acceleration ofthe work programme required under the terms of the Rio Verde contract whichspecifies that the Company must drill the first exploratory well during phasetwo which does not commence until May 2006. We look forward to quicklyprogressing this well." 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 currently holds 5.1 million acres through seven contracts in Colombia andPeru, an exclusive Technical Evaluation Agreement ("TEA") in Colombia andconcluded exclusive TEA in Panama in the process of being converted into anexclusive contract. As at 31 December 2004, independent engineers, Ryder Scott,reported that Global had proved and probable reserves totalling 16.5 millionBOE. This information is provided by RNS The company news service from the London Stock Exchange