1 Jul 2013 07:00
For Immediate Release 1 July 2013
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company")
OPERATIONS UPDATE
Global Energy Development PLC ("Global"), the Latin America focused petroleum exploitation, development and production company (AIM: GED) with operations in Colombia is providing an update on its ongoing operations in Colombia, South America.
LLANOS BASIN OIL PRODUCTION
The Company's gross oil production during the first half of 2013 has outperformed production from the prior year period. The worldwide drop in benchmark crude oil pricing during the period is expected to offset a large portion of the Company's production increase for the first half of 2013. As previously announced, the Company's operating expenses during the first half of 2013 (both on a cumulative and per unit basis) have decreased as compared to the prior year period due to lower water disposal costs and the elimination of rental generators and other rental equipment.
MIDDLE MAGDALENA VALLEY
BOLIVAR Contract Area
Global, together with its financial advisor, Jefferies International Limited ("Jefferies") are continuing with partnering efforts and discussions.
TORCAZ Contract Area
The Company performed a successful intervention of its existing well, Torcaz #2, during the first half of 2013 by making surface improvements to the pumping unit and changing the down-hole pump. Gross oil production from this well has been sustained at approximately 75 bopd.
For further information please contact
Global Energy Development PLC
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Buchanan (Financial PR)
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Northland Capital Partners Limited
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