16th Aug 2005 17:51
Global Energy Development PLC16 August 2005 Immediate Release 16 August 2005 GLOBAL ENERGY DEVELOPMENT PLC RIG MOBILIZATION TO FIRST EXPLORATORY WELL ON LOS HATOS CONTRACT Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), announcesthat it has commenced rig mobilization to the first well, Los Hatos 1, withinits exclusive 85,000 acre Los Hatos Exploration and Production Concessioncontract (the "Contract") in Colombia. The Contract, part of an approximate 5.1 million acre portfolio currently heldby Global in Colombia, Peru and Panama, is located in the central Llanos regionand is contiguous southwards to Global's Alcaravan Association contract whichcontains the established, producing Palo Blanco field. The Los Hatos 1 exploratory well is updip and approximately 300 metres from theCajaro 1 well within the Palo Blanco field, with this well having cumulativeproduction to date of approximately 328,000 gross barrels of oil since it wasplaced on to production in June 2003. Global anticipates Los Hatos 1 to have asignificantly larger oil zone thickness than Cajaro 1's 11 feet. Global expects to spud Los Hatos 1 by late August 2005 with the well equippedfor production by early October 2005. Should Los Hatos 1 be successful it will increase to five the number of Global'scontracts currently producing, with 100% ownership by Global of all contracts,and the Company would expect the Los Hatos Contract to add to the Company'sindependently reported proved and probable reserves as at 31 December 2005. Following the operations on Los Hatos 1, Global expects the rig to be mobilizedsometime during the fourth quarter to another exploratory well, Tilodiran 2,within the producing Rio Verde Exploration and Production Concession contract. 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 currently holds 5.1 million acres through six contracts in Colombia andPeru, an exclusive Technical Evaluation Agreement ("TEA") in Colombia andconcluded exclusive TEA in Panama in the process of being converted into anexclusive contract. As at 31 December 2004, independent engineers, Ryder Scott,reported that Global had proved and probable reserves totalling 16.5 millionBOE. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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