12th Dec 2006 07:01
Global Energy Development PLC12 December 2006 This announcement is not for release, publication, or distribution in or into the United States For Immediate Release 12 December 2006 GLOBAL ENERGY DEVELOPMENT PLC ISSUE OF US$11.9 MILLION OF CONVERTIBLE NOTES 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 issued US$11,903,000 of unsecured variablecoupon convertible notes due 8 December 2012 (the "Notes"). Funds raised throughthe issue of the Notes will be used to provide additional working capital and toretire US$6,702,000 of previously issued unsecured variable coupon convertiblenotes due 30 October 2012 ("Old Notes"). The annual coupon on the Notes will be 5% for the first three years, 6% from 8December 2009 to 7 December 2011 and 7% thereafter. Interest is payablequarterly in arrears and the Notes are convertible into ordinary shares of 1peach in the Company at 179p per ordinary share using a fixed exchange rate ofUS$1.90. If not converted or previously redeemed, the Notes will be redeemed attheir principal amount on 8 December 2012. Following the retirement of$6,702,000 in principal amount of the Old Notes, Old Notes to the value ofUS$5,798,000 remain outstanding. Commenting, Stephen Voss, Global's Managing Director, said: "The cash proceeds from the issue will provide the Company with increasedworking capital, which will be directed primarily towards the Primavera drillingproject, where rig mobilization is expected to commence shortly." 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. Based upon an approximate Brent Price of $58 perbarrel, this being the closing price as at 31 December 2005, Future Net Revenues("FNR") for the 2P reserves net to Global totalled $621 million and FNR for the3P reserves net to Global totalled approximately $2.8 billion. Ryder Scott reported that as at 1 July 2006 the total risked, mostly likely caserecoverable barrels of gross resources for the Company's exploration propertieswas 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. The information contained in this announcement is not an offer of securities forsale or a solicitation of an offer to purchase securities in the United States.The securities have not been, nor will they be, registered under the UnitedStates Securities Act of 1933, as amended (the "Securities Act"), or with anysecurities regulatory authority of any state or other jurisdiction of the UnitedStates and may not be offered, sold or delivered within the United States or toUS persons (as defined in Regulation S) except pursuant to an exemption from, orin a transaction not subject to, the registration requirements of the SecuritiesAct and applicable state securities laws. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NAUT.L