NAUT.L Regulatory News (NAUT)

5 Mar 2008 07:01

Global Energy Development PLC05 March 2008 For Immediate Release 5 March 2008 GLOBAL ENERGY DEVELOPMENT PLC OPERATIONS UPDATE Global Energy Development PLC (the "Company"), the Latin America focusedpetroleum exploration and production company (LSE-AIM: "GED"), intendsannouncing final results for the year ended 31 December 2007, along with theannual independent reserve report prepared by Ryder Scott Company, LP, on 8 May2008. The final results will be prepared under International Financial ReportingStandards ("IFRS"). Gross production for the year ended 31 December 2007 totalled 478,030 barrels ofoil ("bbls") (year ended 31 December 2006: 466,099 bbls) with production net tothe Company of 413,775 bbls (year ended 31 December 2006: 401,298 bbls). TheCompany's lease and operating expense ("LOE") in 2007 was marginally lower thanin 2006 due to increased operational efficiencies and despite rising industrycosts. In February 2008 the Company announced the signing of a contract with Saxon dePanama S.A. for the use of Rig 132 for a two-well, back-to-back, drillingprogramme within the Colombian Rio Verde contract. The rig was expected tocommence mobilisation in February 2008 but has been slightly delayed as a resultof the previous operator performing additional activities. Rig mobilisation isnow expected to commence very shortly, with a mobilisation time of approximatelyfour weeks. The two-well drilling programme is expected to account for just over half of theCompany's currently predicted 2008 capital expenditure programme. The Company'scashflow will also be directed at workovers, geological and geophysical studiesat the Panamanian Garachine contract and planning for fracturing tests at theColombian Bolivar contract, which may be performed towards the end of 2008. As previously announced, the Company expanded its management team in February2008 through the appointment of Mr. Stephen Newton as Managing Director. Mr.Newton has over 33 years of international petroleum experience, including over12 years of operational experience in Colombia. He is responsible for all theCompany's operations, including the current drilling programme. The Company is continuing commercial discussions with potential partners forseveral different projects. These discussions had been halted while the Companywas in an offer period which ended in December 2007 when the Board concludedthat the unsolicited approaches undervalued the Company. 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 KeatingFred WalshSebastian Jones Notes to Editors: The Company's shares have been traded on AIM, a market operated by the LondonStock Exchange, since March 2002 (LSE-AIM: 'GED'). The Company's balancedportfolio covers the countries of Colombia, Peru and Panama and comprises a baseof production, developmental drilling and workover opportunities and severalhigh-potential exploration projects. 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