12 Oct 2010 07:00
| Immediate Release | 12 October 2010 |
GLOBAL ENERGY DEVELOPMENT PLC
("Global" or the "Company")
OPERATING UPDATE
Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"),has been granted an extension by the Colombian National Hydrocarbons Agency ("ANH") for the drilling of the Tilodiran 4 development well located within the Rio Verde contract.
Under the terms of the previously agreed Development Plan, the Tilodiran 4 well was required to be drilled with total depth being reached by mid December 2010. The Company now has a six month extension to this deadline which will allow additional planning time. As previously advised, it was not anticipated that the Tilodiran 4 well would contribute to production in 2010.
The additional time will allow the Company to seek the most efficient and cost effective way to drill the Tilodiran 4 well, and also potentially allow the drilling of the Tilodiran 5 development well immediately after with the same rig, with this well being the next well in the Company's previously announced Three Year Plan.
The Tilodiran 4 development well is classified as a proved undeveloped location and is currently intended to be drilled directionally from an existing Tilodiran well platform which will reduce civil works costs and simplify property right issues.
For further information:
Global Energy Development PLC
| Patrick Garo, Chief Financial Officer Catherine Miles, Company Secretary | +44 (0)20 3178 5156 |
| www.globalenergyplc.com | +44 (0)7909918034 |
Matrix Corporate Capital LLP
| Louis Castro | +44 (0)20 3206 7000 |
| Tim Graham |
|
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 and Peru, and comprises a base of production, workover opportunities and high potential developmental drilling. The Company currently holds six contracts: five in Colombia and one in Peru.
The information contained within this announcement has been reviewed by Mr. Stephen Voss, a Director of the Company, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies which outlines standards of disclosure for natural resource projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 27 years.