Final Results

GLOBAL ENERGY DEVELOPMENT PLC

("Global", the "Company" or the "Group")

AUDITED FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009

Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), is pleased to announce its audited final results for the year ended 31 December 2009.

2009 Highlights:

§ Revenue down at $22.2 million primarily as a result of lower oil prices as production relatively unchanged (year ended 31 December 2008: $32.8 million);

§ Successful efforts to control and lower costs during the year: total cost of sales reduced to $13.8 million (2008: $15.5 million) and general and administrative costs reduced by 30% to $4.4 million (2008: $6.3 million);

·; Remained profitable despite depressed oil prices with gross profit and operating profit of $8.3 million and $4.1 million respectively (2008: gross profit $17.3 million; operating profit $11.2 million) and a profit before tax of $2.7 million (2008: $9.9 million);

§ Average operating cash netback per barrel of $17.75 during 2009 against an average price for West Texas Intermediate ("WTI") crude oil invoiced by the Company of $61.08 (2008: average operating cash netback per barrel $35.31; average price for WTI invoiced $88.55);

§ Proved plus probable ("2P") reserves increased against 2008, totalling 147.1 million barrels of oil equivalent ("BOE") as at 31 December 2009 per an independently prepared report, giving a net present value at a 10% discount ("NPV10") of $5.0 billion (2008: 2P reserves 131.0 million; NPV10 $1.5 billion);

2010 Activity:

§ Capital expenditure during 2010 to be focused on Colombian Rio Verde contract where two wells are scheduled to be drilled before year end; and

§ Rig mobilisation underway to the first well, with this well representing the commencement of the Three Year Plan ("Plan") prepared by the Company in conjunction with independent consultants to develop reserves and increase production.

For further information:

Global Energy Development PLC

Matrix Corporate Capital LLP

Notes to Editors:

The Company's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (LSE-AIM: "GED"). The Company's balanced portfolio covers the countries of Colombia, Peru and Panama and comprises a base of production, developmental drilling and workover opportunities and several high-potential exploration projects. The Company currently holds seven contracts: five in Colombia; one in Peru; and one in Panama.

Proven and probable oil and gas reserves are estimated quantities of commercially producible hydrocarbons which the existing geological, geophysical and engineering data show to be recoverable in future years from known reservoirs. The proved reserves reported by Ralph E. Davis Associates, Inc. ("RED"), independent petroleum engineers, conform to the definition approved by the Society of Petroleum Engineers ("SPE") and the World Petroleum Council ("WPC"). The probable and possible reserves reported by RED conform to definitions of probable and possible reserves approved by the SPE/WPC using the deterministic methodology.

The information contained within this announcement has been reviewed by RED. In addition, the information contained within this announcement has been reviewed by Mr. Stephen Voss, a Director of the Company, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies which outlines standards of disclosure for natural resource projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 26 years.

Forward-looking statements

This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forwardlooking statements include all matters that are not historical facts. They appear in a number of places throughout this release and include, but are not limited to, statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the development of the markets and the industry in which the Group operates may differ materially from those described in, or suggested by, any forward-looking statements contained in this release. In addition, even if the development of the markets and the industry in which the Group operates are consistent with the forward-looking statements contained in this release, those developments may not be indicative of developments in subsequent periods. A number of factors could cause developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in law or regulation, currency fluctuations (including the US dollar), the Group's ability to recover its reserves or develop new reserves, changes in its business strategy, political and economic uncertainty. Save as required by law, the Company is under no obligation to update the information contained in this release.

Past performance cannot be relied on as a guide to future performance.

EXECUTIVE CHAIRMAN'S STATEMENT

2009 was a challenging year for the oil industry. In the face of volatile and generally low oil prices, especially in the first half, the Company was forced to shelve scheduled activity and significantly reduce costs. However, I would consider Global among the top of its peer group since it remained profitable, required no external funds in order to survive, streamlined its organisation and fulfilled all of its contractually required work obligations thereby retaining all its reserve rich contracts. In fact, Global managed to increase its reserve position against 2008, and the improved closing oil price in 2009 has afforded the Company a net present value at a 10% discount of $2.0 billion for its proved reserves alone.

Reflecting the Company's desire to now actively develop its reserve base and increase production levels, the Company has prepared a Three Year Plan ("Plan") commencing this year (details of which are given below and were announced separately today) and strengthened its organisation through personnel additions and upgraded systems in order to support this Plan. The Plan details activity levels much increased against any point in the Company's history and the drilling campaign outlined within the Plan is already underway. Through execution of this Plan, Global expects to exit 2010 with increased production, cash flow and proved reserves.

Mikel Faulkner

Executive Chairman

11 March 2010

VICE CHAIRMAN'S REVIEW OF OPERATIONS

Revenue for the year ended 31 December 2009 was down at $22.2 million (2008: $32.8 million), primarily as a result of lower oil prices as production was relatively unchanged despite four wells being shut-in for several months due to them being uneconomical at the lower oil prices. The average WTI price utilised in sales invoices by the Company during 2009 was $61.08 per barrel, $27.47 lower than 2008 (2008: $88.55), and production was 401,700 barrels of oil ("bbls") net to the Company (2008: 438,007 bbls).

Anticipating lower oil prices, much was done to control and lower costs during the latter half of 2008 and throughout 2009. These successful efforts are evidenced through a reduction of total cost of sales to $13.8 million against the prior year (2008: $15.5 million) and general and administrative costs being reduced by 30% to $4.4 million (2008: $6.3 million). As a result, despite the oil price environment the Company was able to remain profitable and record a gross profit and operating profit of $8.3 million and $4.1 million respectively (2008: gross profit $17.3 million; operating profit $11.2 million) and a profit before tax of $2.7 million (2008: $9.9 million). During the year the Company's average operating cash netback per barrel (average sales revenues less royalties, operating and administrative costs and taxes) was $17.75 against the aforementioned average price invoiced of $61.08 (2008: cash netback $35.31; price invoiced $88.55).

The Company had no bank debt during the year and continues to have no bank debt to service. Nor did it have to secure external financing during the year, instead relying on cash flow from production to fund operations. Cash generated from operations was significantly reduced in 2009 due to the depressed oil price and as such capital expenditure was limited at $6.4 million (2008: $22.7 million). Capital expenditure was primarily directed at the acquisition and processing of 2D and 3D seismic at the Colombian Rio Verde contract area where two wells are scheduled to be drilled in 2010. In addition, in preparation for the further development of the Rio Verde contract, the Company undertook an electrification programme whereby the Company replaced diesel-engine generators with grid power. The resulting efficiencies and future cost savings are expected to increase as production is anticipated to be added in 2010 through the drilling of the Rio Verde 2 and Tilodiran 4 wells.

Rig mobilisation activities to the Rio Verde 2 well have commenced and spudding is estimated to occur late March 2010. The well has a proposed total depth of approximately 12,500 feet and will target three different formations - Mirador, Gacheta and Ubaque - all being proved formations with other wells inside the contract area. The Company has also recently completed the structural mapping of the Tilodiran field and expects to select soon the location of the Tilodiran 4 development well planned for later in 2010. This well will target the same formations as the Rio Verde 2 well.

The Company's Peruvian contract, Block 95, continues to be temporarily suspended due to delays in receiving three sub-permits requested from the government. These sub-permits are necessary for the Company to initiate its Phase III exploratory programme which includes the drilling of the Bretana 2 well. The Company expects eventual approval of the pending sub-permits and is currently in discussions with a number of contractors regarding platform design and formulation of logistical plans for producing the Bretana 2 well.

Separately today, the Company has announced details of its Three Year Plan ("Plan") prepared in conjunction with independent consultants. The primary aim of the Plan is to move the majority of the Company's current probable and possible reserves totalling 212.1 million barrels of oil equivalent ("BOE") to the proved reserve category predominately through drilling. The Plan, designed to be self-funding, is estimated to cost approximately $110 million and represents much increased activity when compared to historic levels. The Plan is already underway, commencing with the drilling of the Rio Verde 2 well described above.

In conclusion, 2010 looks to be a far more productive year than 2009 and should pave the way for accelerating growth in the following years.

Stephen Voss

Vice Chairman

11 March 2010

PRIMARY FINANCIAL STATEMENTS

ABRIDGED NOTES TO THE PRIMARY FINANCIAL STATEMENTS

For the twelve months ended 31 December 2009

1. Basis of Preparation

The financial statements of the Group for the twelve months ended 31 December 2009 have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively "IFRS") issued by the International Accounting Standards Board ("IASB") as adopted by European Union.

The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2009 or 2008 but is derived from those accounts. Statutory accounts for 2008 have been delivered to the registrar of companies, and those for 2009 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, and (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 237 (2) or (3) of the Companies Act 1985 in respect of the accounts for 2008 nor a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the accounts for 2009.

This announcement does not constitute the Group's annual report and statutory accounts.

2. Segmental analysis

In the opinion of the Directors, the operations of the Group companies comprise one single operating segment conducting exploration, development, production, and sale of hydrocarbons and related activities. The Group operates in one geographic area, Latin America. The primary financial statements presented reflect all the activities of this single operating segment.

3. Earnings per share (EPS)

Basic earnings per share amounts are calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the profit for the years attributable to ordinary equity holders of the parent by the weighted average number of Ordinary shares outstanding during the year, plus the weighted average number of shares that would be issued on the conversion of dilutive potential Ordinary shares into Ordinary shares. The calculation of the dilutive potential Ordinary shares related to employee and director share option plans includes only those options with exercise prices below the average share trading price for each period.

The calculation of the diluted EPS assumes all criteria giving rise to the dilution of the EPS are achieved and all outstanding share options are exercised.

4. Post balance sheet events

In February 2010, the Group signed a rig contract with Saxon Energy Services de Panama S.A. ("Saxon") for the drilling of the Rio Verde 2 exploratory well within the Colombian Rio Verde contract. Rig mobilization has commenced and the well is scheduled to be drilled, completed and tested prior to May 2010.

In March 2010, one of the Group's two crude oil sales contracts expired. Management are in the process of evaluating offers from potential purchasers and expect to sign a new contract in the near future. No negative impact on cash flows from revenue streams is forecasted.

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