8 Aug 2008 07:00
| For Immediate Release | 8 August 2008 |
GLOBAL ENERGY DEVELOPMENT PLC
ANOTHER SUCCESSFUL TEST RESULT FOR TILODIRAN 3 WELL
Global Energy Development PLC (the "Company"), the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), which operates in Colombia through its wholly-owned subsidiary Harken de Colombia Limited, is pleased to announce another successful test result for the Tilodiran 3 well within the Colombian Rio Verde contract.
The Tilodiran 3 well was drilled directionally to a total depth of 13,200 feet and a conventional drill stem test ("DST") was performed in the Lower Gacheta formation. The interval was perforated from 12,806 to 12,814 feet resulting in a stabilized natural flow rate of 400 barrels of oil per day ("bopd") of 16.7 degrees API gravity with a water cut of 1.2% on a choke of 28/64" with a flowing wellhead pressure of 120 psi.
This successful test result follows the recent successful testing of the Ubaque formation within the well which tested at a stabilized natural flow rate of 322 bopd with a trace of water, reflecting the fact that the Ubaque formation was found structurally higher at this location.
The Company will now commence testing the Mirador formation where the presence of oil was also indicated during drilling. Like the Lower Gacheta, this formation is previously untested in the Tilodiran field.
Stephen Newton, Managing Director, commented on the successful well test:
"We are very pleased to report this successful Lower Gacheta oil test which is new pay production in the Tilodiran field. The test results indicate a high quality reservoir with associated gas which will enhance recovery rates from this reservoir.
Testing of the Mirador formation will begin shortly, the results of which will allow the Company to determine which formations, including the Upper/Middle Gacheta, previously fully tested in Tilodiran 2, will be completed for initial production. The Upper/Middle Gacheta formation has demonstrated a low decline rate in the Tilodiran 2 well since 2006 and is currently producing 520 bopd."
For further information:
| Global Energy Development PLC | +44 (0) 20 7763 7177 |
| Catherine Miles, Company Secretary | +44 (0) 7909918034 |
| www.globalenergyplc.com | |
| Landsbanki Securities (UK) Limited | +44 (0) 20 7426 9000 |
| Fred Walsh / Sebastian Jones |
Notes to Editors:
The Company's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (LSE-AIM: "GED"). The Company's balanced portfolio covers the countries of Colombia, Peru and Panama and comprises a base of production, developmental drilling and workover opportunities and several high-potential exploration projects.
The information contained within this announcement has been reviewed by Mr. Stephen Voss and Mr. Stephen Newton, both Directors of the Company. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 25 years. Mr. Newton holds a Mining/Petroleum Engineering degree from the University of Queensland, Brisbane and a Master of Science Petroleum Engineering degree from Imperial College London. He has been a Member of SPE for 35 years.