2 Oct 2008 07:00
Immediate Release 2 October 2008
GLOBAL ENERGY DEVELOPMENT PLC
FINAL APPROVAL RECEIVED FOR ENVIRONMENTAL IMPACT STUDY AT PERUVIAN BLOCK 95 CONTRACT
Global Energy Development PLC (the "Company"), the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), which operates in Peru through its wholly-owned subsidiary Harken del Peru Limitada, is pleased to announce that final approval has now been received in relation to the Environmental Impact Study ("EIS") at the Peruvian Block 95 contract.
The Ministry of Energy and Mines formally approved the Company's EIS on 24 September 2008 and the Company can now proceed with planning its first well in the contract area. The Company is currently finalising the timetable for drilling which is somewhat dependent on the time-extension awarded to the current phase of the contract by Perupetro S.A., the state oil company. As a result of the time taken to obtain formal EIS approval, and in line with legislation that recognises this time as additional to the normal duration of the drilling phase, an extension of at least 210 days is being sought by the Company to extend the phase to the end of 2009 at the minimum. The Company has already held several meetings with Perupetro S.A. and management are confident of, at the very least, receiving a 210 day extension.
The Block 95 contract located in the Maranon Basin of Northeastern Peru contains the Bretana field which was identified in the early 1970s, and in 1974 the Bretana 1 well tested 18 degrees API gravity oil at natural flow rates of approximately 800 barrels of oil per day.
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.
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.