Completion of Foreclosure Process

Immediate Release

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company" or "Global")

COMPLETION OF FORECLOSURE PROCESS & TRANSFER OF ASSETS

Global Energy Development PLC (AIM: GED), announces that, further to the announcement of 16 January 2017, the foreclosure process associated with the Transaction B Assets is now complete and the Transaction B Assets have been transferred to Maritime Finance LLC, a vessel-owning company to be acquired pursuant to Transaction B, free from liens and encumbrances.

As such, the remaining conditions precedent for completion of the Transactions are the passing of the Resolution at the General Meeting and Admission.

Enquiries:

Global Energy Development PLC

Capitalised terms shall have the same meaning as in the Admission Document posted to shareholders on 16 January 2017 unless the context requires otherwise.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.