13th Feb 2006 07:00
Global Energy Development PLC13 February 2006 Immediate Release 13 February 2006 GLOBAL ENERGY DEVELOPMENT PLC DRILLING UPDATE TILODIRAN 2 EXPLORATORY WELL IN COLOMBIA Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce a drilling update on the Tilodiran 2 exploratory well withinits exclusive Rio Verde Exploration and Production Concession contract (the"Contract") in the central Llanos region of Colombia. Since rig mobilization in December 2005, the Tilodiran 2 well has beensuccessfully drilled to a final depth of 13,350 feet, with this representing thedeepest well Global has drilled in its operating history. Initial petrophysical analysis of the available data obtained from the open holeis considered by the Company to be encouraging and Global is now proceeding tocomplete and test more than one potentially oil productive zone. The Tilodiran 2 well is located approximately 2,200 feet northeast from and in ageologically favourable position updip to the Tilodiran 1 well, a producing wellon the Contract first drilled by another company in 1986 and then re-completedand placed onto production by Global in December 2004. The Rio Verde Contract, subject only to an initial 10.5% royalty, is one ofseven contracts Global now holds in Colombia all of which are 100% owned by theCompany. Commenting on the Tilodiran 2 exploratory well, Stephen Voss, Managing Directorof Global Energy Development PLC, said: "The Tilodiran 2 well has been directionally drilled successfully to interceptfive potentially oil productive formations, namely the Mirador, Barco,Guadalupe, Gacheta and Ubaque. Gas chromatograph data acquired during drilling measured proportions of methane,ethane, propane, butane and pentane, with these being indicative of movablehydrocarbons from each of the five target formations. Electrical and nuclearpetrophysical characteristics of these zones acquired subsequent to drillinghave provided further encouragement for the Company to proceed with theinstallation of casing and commence testing operations. Given the number of zones that Global is proceeding with testing, completionoperations may require several weeks before final results are known but theCompany will look to accelerate its operations on the Tilodiran 2 well as muchas possible." For further information: Global Energy Development PLCCatherine Miles, director of Investor Relations +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. The Company currently holds approximately 5.16 million acres througheight contracts in Colombia and Peru, an exclusive Technical EvaluationAgreement ("TEA") in Colombia and a concluded exclusive TEA in Panama which isin the process of being converted into an exclusive contract. Global's portfoliocomprises production from five contracts, developmental drilling and workoveropportunities and several high-potential exploration projects. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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