New Colombian Tax Law

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

New Colombian Tax Law

Global Energy Development PLC, the Latin America focused petroleum exploitation, development and production company (LSE-AIM: "GED") announces that in late December 2012, Colombia's Congress approved a new tax reform bill which was then enacted by the Colombian president, completing the legislative process. The Law is divided into 198 articles in total. For income tax purposes, the new Law is effective 1 January 2013 but will affect the Company's deferred tax estimates.

The Law introduces new taxes in the form of an additional corporate income tax and a consumption tax. The corporate income tax rate is reduced from 33% to 25%, but the Law introduces a new income tax (CREE tax) of 9%, while it eliminates certain contributions. The rate for the CREE tax is reduced to 8% as of 2016.

The Company is currently assessing the effect of the new Law upon its financial information.

For further information:

Global Energy Development PLC

Buchanan

Lauren Kettle

Westhouse Securities Limited +44 (0)20 7601 6100

Petre Norton

Antonio Bossi