26 Apr 2013 07:00
For immediate release | 26 April 2013 |
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company")
UPDATE OF BOLIVAR PARTNERING PROCESS
Global Energy Development PLC ("Global"), the Latin America focused petroleum exploitation, development and production company (AIM: GED) with operations in Colombia is providing an update on the status of the partnering process involving the Company's interest in the Bolivar Association Contract within the Middle Magdalena Valley in Colombia, South America.
Global, together with its financial advisor, Jefferies International Limited ("Jefferies"), is continuing to make progress with finding a partner for the Bolivar Association Contract. The process is ongoing although Global notes that the process is taking longer than originally anticipated.
Steve Voss, Global's Managing Director, commented, "We are very pleased with the amount of guidance and technical insights we have gained thus far in the Bolivar farm-out process from companies experienced in shale oil projects. We hope to complete this process in the second or third quarter of 2013."
For further information please contact
Global Energy Development PLC
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Buchanan (Financial PR)
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Northland Capital Partners Limited
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