30 Jan 2014 07:00
Immediate Release 30 January 2014
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company" or "Global")
RESERVE REPORT
Global Energy Development PLC, the Latin America focused petroleum exploration, development and production company (AIM: GED) with operations in Colombia, announces a summary of its new UK reserve report dated 31 December 2013, which has been produced by the independent petroleum engineers Ralph E. Davis Associates, Inc. ("RED").
A summary of the UK reserve report volumetric data is as follows:
Proved | Probable | Possible | |
('000s) | ('000s) | ('000s) | |
Net Reserves at 31 December 2013 Oil / Condensate - Mbbls | 46,652 | 54,412 | 132,171 |
Net Reserves at 31 December 2012 Oil / Condensate - Mbbls | 40,182 | 47,986 | 109,645 |
The overall increase in reserve volumes is due primarily to the inclusion of two previously unevaluated productive horizons within the Bolivar Association Contract area, namely the Simiti and Tablazo formations, through incorporating information from Simiti production tests in a nearby field. This increase in reserve volumes was slightly mitigated due to end of contract life effects, primarily within the Bocachico Contract area. The full UK reserve report will be posted on the Company's website at www.globalenergyplc.com.
Regarding the current reserve report, Managing Director, Stephen Voss commented: "Based upon new data from recent production tests on contiguous acreage, we were able to incorporate and utilize this information to further define our oil reserves within the Bolivar Contract area. We look forward in 2014 to the re-entry of the Catalina #1 well to frac test the Simiti formation once the contracts with service providers have been finalized. Demonstrating oil production from this significant oil asset, our Bolivar Contract area, will be an important step in the path towards maximising value for shareholders and finalising strategic partnering efforts."
For further information please contact
Global Energy Development PLC
|
Northland Capital Partners Limited | |
Louis Castro | +44 (0)20 7796 8800 |
Lauren Kettle
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 country of Colombia and comprises a base of production, developmental drilling and recompletion opportunities. The Company currently holds five operated contracts in Colombia.
Proven and probable oil and gas reserves are estimated quantities of commercially producible hydrocarbons which the existing geological, geophysical and engineering data show to be recoverable in future years from known reservoirs. The proved reserves reported by RED, an independent petroleum engineering firm, conform to the definition approved by the Society of Petroleum Engineers ("SPE") and the World Petroleum Council ("WPC"). The probable and possible reserves reported by RED conform to definitions of probable and possible reserves approved by the SPE/WPC using the deterministic methodology.
The information contained within this announcement has been reviewed by RED. In addition, 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 29 years.