Announcement of Acceptance Levels&Closing of Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO

OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

For immediate release 3 October 2011

MANDATORY CASH OFFER

FOR

GLOBAL ENERGY DEVELOPMENT PLC ("GLOBAL")

BY

HKN, INC. ("HKN")

Announcement of Acceptance Levels and Closing of Offer

As at 1:00 p.m. (London time) on 30 September 2011, the closing date of the Offer, HKN had received valid acceptances from Global Shareholders in respect of 234,306 Global Shares representing approximately 0.66 per cent. of the issued share capital of Global.

Taking into account the Concert Party's existing holding (assuming completion of the Conditional Acquisition), as at the date of the Offer Document, of 21,480,960 Global Shares (representing approximately 60.06 per cent. of the issued share capital of Global), as at 1:00 p.m. (London time) on 30 September 2011, HKN and parties acting in concert with it are interested in 21,715,266 Global Shares, representing approximately 60.71 per cent. of the issued share capital of Global.

As HKN and parties acting in concert with it, were interested in Global Shares representing more than 50 per cent. of Global's issued share capital and carrying more than 50 per cent. of the voting rights of Global's issued share capital at the time of the Offer, there is no acceptance condition to the Offer.

The Offer is now closed and no further acceptances will be accepted.

Settlement

Settlement for Global Shareholders who have accepted the Offer will be effected by 14 October 2011, in respect of valid acceptances received by 30 September 2011 complete in all respects (or, as the case may be, within 14 days of the date of receipt of necessary documents of title supporting incomplete acceptances received by 30 September 2011).

Interests in Global Shares

Save as disclosed in this announcement or in the Offer Document, as at close of business on 30 September 2011, neither HKN nor any person acting in concert with HKN, is interested in or has any rights to subscribe for any Global Shares, nor does any such person have any short position under a derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take delivery of Global Shares, nor does any such person have any borrowing or lending of Global Shares, except for any borrowed shares which have been either on-lent or sold.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Offer Document.

Enquiries

Merchant Securities Limited

Simon Clements

David Worlidge 020 7628 2200

Matrix Corporate Capital LLP

Nick Stone 020 3206 7000

This announcement does not constitute or form part of any offer or invitation to sell or purchase any securities or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, pursuant to the Offer or otherwise, nor shall there be any sale, issue or transfer of the securities referred to in this announcement in or into any jurisdiction in contravention of any applicable law.

Merchant Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for HKN and no-one else in relation to the Offer and will not be responsible to anyone other than HKN for providing the protections afforded to the customers of Merchant Securities Limited or for providing advice in relation to the Offer or in relation to the contents of this announcement or any transaction or arrangement referred to herein.

Matrix Corporate Capital LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Global and no-one else in relation to the Offer and will not be responsible to anyone other than Global for providing the protections afforded to the customers of Matrix Corporate Capital LLP or for providing advice in relation to the Offer or in relation to the contents of this announcement or any transaction or arrangement referred to herein.

The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by the laws of those jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction.