Bridge Financing Extended to Major Shareholder

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company" or "Global")

BRIDGE FINANCING AGREEMENT EXTENDED TO MAJOR SHAREHOLDER

Highlights

- Global and HKN, Inc. ("HKN") (collectively as "Co-Lenders") have entered into a secured, short-term financing note agreement ("Bridge Financing") with Everest Hill Energy Group Ltd. ("Everest") for the principal amount of $10 million

- Under the Bridge Financing, Global participates as a Co-Lender by loaning $8 million and HKN participates by loaning $2 million of the principal amount to Everest

- The Bridge Financing is for a term of six months with the outstanding principal repayable in cash at the maturity date of 15 March 2016

- Interest rate of 12 per cent per annum, payable in cash, monthly in arrears commencing on 15 October 2015 provides a favourable return on Global's cash

Global Energy Development PLC (AIM: GED), the Latin America focused petroleum exploration, development and production company with operations in Colombia, is pleased to announce that it has entered into a short-term Bridge Financing as a Co-Lender with HKN, Global's principal shareholder, with Everest for a total of $10 million.

The Bridge Financing is secured by all of Everest's and its subsidiaries' holdings of Global and HKN securities ("Collateral"). As at 15 September 2015, being the closing date, the market value of the Collateral was approximately $15 million. Global is serving as the collateral agent for the Co-Lenders.

Under the terms of the Bridge Financing, Everest shall pay the Co-Lenders an origination fee of 2 per cent ($200,000) of the principal amount, of which $160,000 shall be paid to Global and $40,000 shall be paid to HKN. Everest shall also reimburse the Co-Lenders for all closing costs incurred by the Co-Lenders. Everest shall have the right to prepay the principal amount of the Bridge Financing at any time prior to maturity with a prepayment premium equal to 2.0 percent of the principal amount to be prepaid.

Everest is an affiliated company of the Quasha family trusts which also have an interest in Lyford Investments, Inc., ("Lyford") an existing shareholder in Global. HKN, Lyford and parties acting in concert with them are interested in 22,553,406 Global shares, representing approximately 62.45 per cent of the issued share capital of the Company. By virtue of these holdings, the Bridge Financing constitutes a related party transaction under the AIM Rules. With the exception of Mikel Faulkner, who is a director of HKN, the Company's Directors consider, having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, that the terms of the Bridge Financing are fair and reasonable insofar as the Company's shareholders are concerned.

Stephen C. Voss, Managing Director of Global, commented, "While low bank treasury rates persist, we continue to earn low interest income on our significant cash balance. With the goal of maximising earning potential while still allowing for adequate capital liquidity, we believe participating in this bridge financing provides the Company with additional returns on this short-term investment."

For further information please contact

Global Energy Development PLC

David Hignell