Drilling Update

19 Feb 2007 07:01

Global Energy Development PLC19 February 2007 For immediate release 19 February 2007 GLOBAL ENERGY DEVELOPMENT PLC FIRST WELL SPUDDED ON LUNA LLENA CONTRACT Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce that it has spudded the first well within its Colombian LunaLlena Exploration and Production Concession contract. The Luna Llena 1 well is located on the Luna Llena field, formerly known asPrimavera and El Miedo, and drilling and completion operations for theconsecutive three well programme within this field remain on schedule after athree week rig mobilization. The Luna Llena 1 well is being drilled to anapproximate depth of 2,550 feet to penetrate the upper Carbonera formation andis expected to be completed during the last week of February 2007 at which pointproduction testing will begin, lasting between 10 and 15 days, and the drillingrig will move to the next well. Elsewhere the Company is continuing to seek partners for some of its 100% ownedexploration projects in order to expedite progress on these areas andearly-stage discussions have already been held with a number of suitablepartners. The Company is also in detailed negotiations to secure a heavydrilling rig for a multi-well drilling programme on its Colombian Los Sauces andRio Verde contract areas where recently acquired seismic is currently beingprocessed. The Company intends announcing financial results for the year ended 31 December2006 on Thursday, 19 April 2007. Total production for 2006 was 405,442 barrelsof oil net to the Company and in line with previous expectations given. For further information: Global Energy Development PLCCatherine Miles, Company Secretary +44 (0) 20 7763 7177 www.globalenergyplc.com +44 (0) 7909918034 Notes to Editors: Global has been listed on the AIM Market of the London Stock Exchange sinceMarch 2002 (LSE-AIM: "GED"). The Company currently holds in excess of 5.2million acres through nine contracts in Colombia and Peru, an exclusiveTechnical Evaluation Agreement ("TEA") in Colombia and a concluded exclusive TEAin Panama. Global's portfolio comprises production, developmental drilling andworkover opportunities and several high-potential exploration projects. Ryder Scott Company, LP ("Ryder Scott"), the Company's independent engineers,reported that as at 31 December 2005, proved plus probable reserves ("2Preserves") net to Global totalled 17.5 million barrels of oil and proved plusprobable plus possible reserves ("3P reserves") net to Global totalled 67.5million barrels of oil. Ryder Scott also reported that as at 1 July 2006 the total risked, mostly likelycase recoverable barrels of gross resources for the Company's explorationproperties was 218.6 million barrels of oil equivalent. Proven and probable oil and gas reserves are estimated quantities ofcommercially producible hydrocarbons which the existing geological, geophysicaland engineering data show to be recoverable in future years from knownreservoirs. The proved reserves reported by Ryder Scott conform to thedefinition approved by the Society of Petroleum Engineers ("SPE") and the WorldPetroleum Congress ("WPC"). The probable and possible reserves reported byRyder Scott conform to definitions of probable and possible reserves approved bythe SPE/WPC using the deterministic methodology. This information has been reviewed by Ryder Scott. This information is provided by RNS The company news service from the London Stock Exchange