18 Sep 2013 07:00
Immediate Release 18 September 2013
GLOBAL ENERGY DEVELOPMENT PLC
(the "Company" or "Global")
UPDATED BOLIVAR DEVELOPMENT PLAN
Global Energy Development PLC, the Latin America focused petroleum exploration, development and production company (AIM: GED) with operations in Colombia, is pleased to announce its updated development plan for its Bolivar Contract. The Company's Bolivar Contract area is located in the northern section of the Magdalena Valley in Colombia, South America.
During the past months, the Company has gained additional technical insight and feedback from discussions with several large international petroleum exploration and production companies in regards to its development plan of the Bolivar Contract Area. These insights, along with June 2013 report from the US Energy Information Agency which described the Magdalena Valley of Colombia as a "world class stacked (vertical) shale oil play", led the Company to make a substantial revision in its development plans. This revised plan (the "Bolivar Development Plan") is based upon the high natural fracture permeability of the Bolivar area within its five formation zones (La Luna, Simiti, Salada, Rose Blanca and Tablazo). Given the thickness of the vertically stacked oil zones and the high fracture permeability, the Company's Bolivar Development Plan has been revised to drill single vertical wells through the five zones instead of a separate horizontal well in each of the five formations. The single vertical wells would then be completed, hydraulically fractured and simultaneously produced from all five formations.
The Company's independent reserve engineers estimate the updated Bolivar Development Plan, which develops Bolivar's reserves through vertical wells in lieu of horizontal wells, should increase the Company's recoverable 3P reserves during the remaining contract term. The Bolivar Development Plan has been posted to the Company's website at www.globalenergyplc.com.
Stephen C. Voss, Global's Managing Director, indicated "Following the completion of our updated Bolivar Development Plan, we have resumed the partnering process focusing on independent and mid-size companies with higher flexibility for deal terms. The timeframe of these efforts has been lengthened from original expectations, but we remain optimistic of the successful conclusion of our strategic partnering efforts in the near-term future."
For further information please contact
Global Energy Development PLC
|
Northland Capital Partners Limited | |
Louis Castro | +44 (0)20 7796 8800 |
Lauren Kettle