Rig Mobilization

23 Jan 2007 07:00

Global Energy Development PLC23 January 2007 For Immediate Release 23 January 2007 GLOBAL ENERGY DEVELOPMENT PLC RIG MOBILIZATION 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 commenced mobilization of a drilling rig to thePrimavera - Luna Llena field located within its Colombian Luna Llena Explorationand Production Concession contract (the "Contract") with mobilization expectedto take three weeks. The Company intends to perform drilling and completion operations in three wellsback-to-back on the Contract area. The wells will be drilled to an approximatedepth of 2,550 feet with drilling and completion estimated to take 10 days perwell and each to be followed by a 10 day production test. These three wells areintended to evaluate the hydrocarbon potential of the 'El Miedo' sandstone inthe upper Carbonera formation and will form the basis to assess a fulldevelopment drilling programme for the Primavera - Luna Llena field. ThePrimavera - Luna Llena field, formerly known as the El Miedo field, was subjectto activity by two international oil companies in the 1980s that tested oil frommore than one well at that time. For further information: Global Energy Development PLCCatherine Miles, Company Secretary +44 (0) 20 7763 7177www.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