30th Jan 2014 11:13
LONDON (Alliance News) - Global Energy Development PLC Thursday said it has increased its overall proved, probable and possible reserves.
The petroleum exploration, development and production company with operations in Colombia said the UK report showed that its proved net reserves increased 14% to 46.7 million barrels of oil and condensate at December 31 2013 from 40.2 million barrels at the same point the previous year.
The report said the company's probable net reserves increased 12% to 54.4 million barrels from 48.0 million barrels and its possible net reserves increased 17% to 132.2 million barrels from 109.6 million barrels.
The company said the overall increase in reserve volumes is due primarily to the inclusion of two previously unevaluated productive horizons within the Bolivar Association Contract area, namely the Simiti and Tablazo formations.
GED noted that the increase in reserve volumes was slightly mitigated due to end of contract life effects, primarily within its Bocachico Contract area.
The company also said that it looks forward to restarting its Catalina #1 well to fracture stimulate a key formation once contracts with service providers have been finalised.
GED shares were up 5.1% to 83.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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