28 May 2010 07:00
| Immediate Release | 28 May 2010 |
GLOBAL ENERGY DEVELOPMENT PLC
(the 'Company')
Well Testing Update
Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), announces an update on the drilling and testing of the Rio Verde 2 exploratory well within the Colombian Rio Verde contract.
The well was successfully drilled to a final depth of 12,340 feet and log evaluation indicated commercial hydrocarbons present and total net productive pay of 23 feet in the Middle Gacheta formation and 10 feet in the Lower Gacheta formation.
Shortly after beginning to test the Middle Gacheta formation the Company experienced some mechanical problems which have caused delays and the Company now expects full testing to occur in June.
For further information:
Global Energy Development PLC
| Catherine Miles, Company Secretary | +44 (0)20 3178 5156 |
| www.globalenergyplc.com | +44 (0)7909918034 |
Matrix Corporate Capital LLP
| Tim Graham | +44 (0)20 3206 7206 |
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 Company currently holds seven contracts: five in Colombia; one in Peru; and one in Panama.
The information contained within this announcement has been reviewed by Mr. Stephen Voss, a Director of the Company, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies which outlines standards of disclosure for natural resource projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 25 years.