12 Feb 2010 07:00
| For Immediate Release | 12 February 2010 |
GLOBAL ENERGY DEVELOPMENT PLC
("Global" or the "Company")
RIG CONTRACT
Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), is pleased to announce that it has signed a rig contract with Saxon Energy Services de Panama S.A. ("Saxon") for the drilling of the Rio Verde 2 exploratory well within the Colombian Rio Verde contract. While the well is deemed exploratory it is located on an identified geologic structure over which the Company has previously acquired 3D seismic.
Rig mobilization is expected to commence at the beginning of March 2010 with the well drilled, completed and tested prior to May 2010. The well has a proposed total depth of approximately 12,500 feet and will target three different formations.
Saxon supplied the rig and other related drilling services for two other wells which the Company has successfully drilled on the contract area.
For further information:
Global Energy Development PLC
| Catherine Miles, Company Secretary | +44 (0)20 7228 4266 |
| www.globalenergyplc.com | +44 (0)7909918034 |
Matrix Corporate Capital LLP
| Alastair Stratton | +44 (0)20 3206 7204 |
| Tim Graham | +44 (0)20 3206 7206 |
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 Company currently holds seven contracts: five in Colombia; one in Peru; and one in Panama.
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 26 years.