NAUT.L Regulatory News (NAUT)

14 Apr 2008 07:01

Global Energy Development PLC14 April 2008 For Immediate Release 14 April 2008 GLOBAL ENERGY DEVELOPMENT PLC BORAL 1 WELL SPUDDED Global Energy Development PLC (the "Company"), the Latin America focusedpetroleum exploration and production company (LSE-AIM: "GED"), is pleased toannounce that the Boral 1 exploratory well within the Colombian Rio Verdecontract was spud on 11 April 2008 and drilling has commenced. The Boral 1 well is being drilled vertically to an anticipated total depth ofapproximately 12,400 feet to test the Gacheta and Ubaque formations, with boththese formations present in the nearby Tilodiran field. The Company retains a100% working interest in the Boral 1 well and is the operator. Once drilling operations are complete at the Boral 1 well, the rig will bemobilised directly to the Tilodiran 3 development well. The Company recentlyreported an increase of 30% in Tilodiran field proved reserves based upon thecontinued favourable production performance of the Tilodiran 2 well. For further information: Global Energy Development PLCCatherine Miles, Company Secretary +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 Landsbanki Securities (UK) Limited +44 (0) 20 7426 9000Fred Walsh / Sebastian Jones The information contained within this announcement has been reviewed by Mr.Stephen Newton, Managing Director of the Company. Mr. Newton holds a Mining /Petroleum Engineering degree from the University of Queensland, Brisbane and aMaster of Science Petroleum Engineering degree from Imperial College London. Heis a Member of The Society of Petroleum Engineers ("SPE"). This information is provided by RNS The company news service from the London Stock Exchange