NAUT.L Regulatory News (NAUT)

6 Feb 2008 07:01

Global Energy Development PLC06 February 2008 For Immediate Release 6 February 2008 GLOBAL ENERGY DEVELOPMENT PLC RIG CONTRACT SIGNED Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce the signing of a contract with Saxon de Panama S.A. for theuse of Rig 132 for a two-well drilling programme within the Company's ColombianRio Verde contract. Rig mobilisation to the Boral 1 exploratory well is expected to commence priorto the end of the month with the rig then mobilised directly to the Tilodiran 3development well once drilling operations are complete at Boral 1. The Companyretains a 100% working interest in both wells and is the operator. The Rio Verde contract, 100% owned by the Company, contains the Tilodiran 2 wellwhich the Company successfully drilled and placed on production in July 2006.The Tilodiran 2 well is currently producing at approximately 574 barrels of oilper day ("BOPD") against the Company's total gross production of approximately1,250 BOPD which had a decline rate of 6.4% in 2007. For further information: Global Energy Development PLCCatherine Miles, Company Secretary +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 Landsbanki Securities (UK) Limited +44 (0) 20 7426 9000Jeff Keating / Fred Walsh The information contained within this announcement has been reviewed by Mr.Stephen Voss, a Director of the Company. Mr. Voss has been a Member of SPE-AIME(Society of Petroleum Engineers-American Institute of Mine Engineers) for 36years and is a Registered Petroleum Engineer in Texas. This information is provided by RNS The company news service from the London Stock Exchange