17 Jun 2011 16:15
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Immediate Release 17 June 2011
GLOBAL ENERGY DEVELOPMENT PLC
("Global", the "Company" or the "Group")
POSTING OF OFFER ANNOUNCEMENT
Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), which operates in Colombia through its wholly-owned subsidiary Colombia Energy and Development Company, announces the Company is today posting a letter to shareholders containing the text of the announcement made on 16 June 2011 of the mandatory cash offer for the issued ordinary share capital of the Company by HKN Inc. (the "Offer"). The letter contains a recommendation from the independent directors of Global that shareholders do not accept the Offer.
A copy of the announcement is available on the Company's website www.globalenergyplc.com.
Global Energy Development PLC
|
Buchanan Communications
Tim Thompson | +44 (0)20 7466 5126 |
Ben Romney | +44 (0)20 7466 5132 |
Notes to Editors:
The Company's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (AIM: GED). The Company's balanced portfolio includes the countries of Colombia and Peru and comprises a base of production, developmental drilling and workover opportunities and several exploration projects. 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.