13th Jan 2006 07:01
Global Energy Development PLC13 January 2006 Immediate Release 13 January 2006 GLOBAL ENERGY DEVELOPMENT PLC ESTABLISHMENT OF SUBSIDIARY OFFICE IN PERU ANTICIPATED EXPANSION OF PERUVIAN OPERATIONS Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce the establishment of a subsidiary office in the Mirafloresdistrict of Lima, Peru. The establishment of an office in Lima in addition to the existing subsidiaryoffice in Bogota, Colombia will enable the Company to more effectively overseeand escalate activities relating to its existing Block 95 License Contract heldwith Perupetro S. A., Peru's state oil company. In addition, it has been opened in anticipation of Global securing additionalcontracts in Peru in the near-term. Global is actively working on securing twonew contracts in Peru and expects to sign one or both of these during the firsthalf of 2006 and then look to further add to these. The office is being headed by Medardo Paz, a Peruvian citizen, who graduated asa Geological Engineer from Universidad San Agustin in Peru, completed postgraduate education in Petroleum Geology at the University of London in Englandand received an Administration and Marketing degree from the University of SanMarcos in Lima. He has previously worked for Perupetro S.A., Perez Compac S.A.and Pluspetrol. Commenting on the establishment of the subsidiary office in Lima, Stephen Voss,Global's Managing Director, said: "The addition of the subsidiary office in Lima reflects not only our currentpresence in Peru but also our strong confidence that we will significantly buildon our operations in this country in the near-term. Peru is one of our three current countries of focus due to the extremelyfavourable industry terms that it offers and the outstanding geologicalopportunities for the discovery of hydrocarbons. Our existing contract there issubject only to an initial 5% royalty, with the size of the royalty to bedetermined by future production levels, and we expect to replicate this level ofroyalty on new contracts." 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 owns 100%of all its contracts, with five of these contracts currently producing. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
NAUT.L