Reserve Report

12 Apr 2007 07:00

Global Energy Development PLC12 April 2007 For Immediate Release 12 April 2007 GLOBAL ENERGY DEVELOPMENT PLC NEW INDEPENDENTLY AUDITED RESERVE REPORT Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce details from the recently completed Reserve Report preparedon the Company by the independent petroleum consultants Ryder Scott Company, LP("Ryder Scott") as at 31 December 2006. Ryder Scott have prepared a ReserveReport for the Company annually since the Company's listing on AIM in 2002. All three categories of the 2006 Reserve Report, namely the proved, probable andpossible reserves, show an improvement over the prior year. This growth inreserves is in addition to production in 2006 totalling approximately 400,000barrels of oil. For 2006 the Company achieved a 227% proved reserve replacementrate and a 582% proved plus probable reserve replacement rate. Ryder Scott reported that as at 31 December 2006, proved reserves net to theCompany totalled 5.5 million barrels of oil, an uplift of 10.1% against theprior year (as at 31 December 2005: 5.0 million barrels of oil). Proved plusprobable ("2P") reserves net to the Company totalled 19.4 million barrels ofoil, an uplift of 11.1% against the prior year (as at 31 December 2005: 17.5million barrels of oil). Proved plus probable plus possible ("3P") reserves netto the Company totalled 81.8 million barrels of oil, an uplift of 21.1% againstthe prior year (as at 31 December 2005: 67.5 million barrels of oil). Based upon a Brent Price of $60.14 per barrel, this being the closing price asat 29 December 2006 and the closest to the date of the Reserve Report, FutureNet Revenues ("FNR") for the proved plus probable reserves net to the Companytotalled $697.6 million. Commenting on the new Reserve Report, Stephen Voss, Managing Director, said: "The Company is very excited about not only the results of this reserve reportbut the future growth opportunities it defines. The reserve uplift reflects thesuccess of the 2006 drilling program within the Rio Verde contract area and thedevelopmental scope of the Bolivar contract area where improvements in theColombian gas market have led to increased value and reserves. Global willcontinue to undertake a range of investments while seeking partners toaccelerate the development of the large reserve and resource base." This announcement has been reviewed by Ryder Scott. For further information: Global Energy Development PLCCatherine Miles, director of Investor Relations +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 Notes to Editors: 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 is provided by RNS The company news service from the London Stock Exchange