17 Feb 2009 07:00
| For immediate release | 17 February 2009 |
GLOBAL ENERGY DEVELOPMENT PLC
OPERATIONS UPDATE
Global Energy Development PLC (the ‘Company’), the Latin America focused petroleum exploration and production company (LSE-AIM: ‘GED’), is pleased to provide an update ahead of announcing final results for the year ended 31 December 2008 on 20 April 2009. The annual independent reserve report, dated 31 December 2008, is also currently being finalised by Ralph E. Davis Associates, Inc. and details of the report will be announced prior to the final results.
Total production during 2008, net to the Company, was 438,007 barrels of oil (‘bbls’) (unaudited), an increase on the prior year due to new production through drilling successes being added in the second half (2007: 413,775 bbls). Average operating cash netback per barrel was $35.74 (unaudited) against an average price for West Texas Intermediate (‘WTI’) of $99.55 (2007: average operating cash netback per barrel $30.44; average price WTI $72.48).
For further information:
Global Energy Development PLC
Catherine Miles, Company Secretary +44 (0)20 7228 4266
www.globalenergyplc.com +44 (0)7909918034
| Teathers | +44 (0)20 7426 9000 |
| Tom Hulme | |
| 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, 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 mineral projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 25 years.