20 Jan 2011 07:00
For Immediate Release | 20 January 2011 |
GLOBAL ENERGY DEVELOPMENT PLC
("Global" or the "Company")
STRATEGY UPDATE AND NOMINATION
Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), announced today that following the successful partnering of its Block 95 project in eastern Peru, where planning has commenced to begin drilling operations later this year, the Company will now focus on identifying other qualified companies suitable for partnering in the development of Global's Colombian reserves. To accompany this change of strategy the Company is pleased to announce today that Stephen C. Voss has been reassigned from Vice Chairman to Managing Director.
Regarding the Managing Director appointment and focus, Mr Voss commented, "The large reserve position of Global represents a significant opportunity to grow Company production. This growth can be accelerated through joint venturing with other qualified operators which have appropriate capital and technical expertise".
For further information:
Global Energy Development PLC
Patrick Garo, Chief Financial Officer and Company Secretary | +44 (0)20 3178 5156 |
www.globalenergyplc.com |
Matrix Corporate Capital LLP
Louis Castro | +44 (0)20 3206 7000 |
Tim Graham | +44 (0)20 3206 7000 |