NAUT.L Regulatory News (NAUT)

14 Mar 2005 07:00

Global Energy Development PLC14 March 2005 Immediate Release 14 March 2005 GLOBAL ENERGY DEVELOPMENT PLC SUCCESSFUL WORKOVER AND RE-COMMENCEMENT OF PRODUCTION FROM THE ANTEOJOS FIELD Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce the successful workover and re-commencement of productionfrom the Canacabare 1 well located in the Anteojos field within its' AlcaravanAssociation Contract ("Contract") in Colombia. Canacabare 1 is the first well to be brought on to production in the Anteojosfield, which is adjacent to the established Palo Blanco field also within theContract area. In anticipation of sustained future production from the Anteojosfield, Global completed in 2003 a pipeline connection from this field to theexisting Palo Blanco pipeline facility. Canacabare 1 had been off-production since April last year, at which time theproduction rate was averaging 100 bopd, owing to an extensive rainy seasonmaking repairs and maintenance difficult. During the workover Global has successfully added the Middle Carbonera C-7formation and Global tested the two producing zones of Canacabare 1 at acombined maximum rate of 198 bopd of 27 degree API gravity oil. Commenting on Canacabare 1, Stephen C. Voss, Global's Managing Director, stated: "We are pleased to return our Canacabare 1 asset to production at improved ratesthan last year as a result of completing certain mechanical repairs plus theaddition of new volumes from the Middle Carbonera C-7. The Canacabare 1 not onlyadds additional production but also affords us production from another field andits' medium quality gravity will further enhance the overall sales blend qualityof Global's Central Llanos oil. The Company will also be reviewing otherdevelopment drilling opportunities offset to the Canacabare 1 during the comingyear." For further information: Global Energy Development PLC Catherine Miles, director of Investor Relations +44 (0) 20 7808 5550 www.globalenergyplc.com +44 (0) 7909918034 Notes to Editors: Global holds exclusive contracts and rights to explore for and / or produce oiland gas from a geographically diversified portfolio of prospective acreage inColombia, Panama and Peru. This information is provided by RNS The company news service from the London Stock Exchange