23rd May 2005 07:00
Global Energy Development PLC23 May 2005 Immediate Release 23 May 2005 GLOBAL ENERGY DEVELOPMENT PLC ACQUISITION OF NEW SEISMIC Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce that it has entered into a contract and work has commencedto acquire approximately 56 kilometres of new 2D seismic within its Rio VerdeExploration and Production Contract (the "Contract"). The seismic is being acquired around the two existing, producing wells locatedon the Rio Verde acreage, Tilodiran 1 and Macarenas 1, in order to evaluate andproceed with the drilling of an additional well within the Contract area in theshort-term and further wells in the longer-term. In addition, a proportion ofthe seismic is also being acquired elsewhere in the Contract area to considerfuture exploratory wells. The new seismic will be processed alongside the reprocessing of 300 kilometresof existing seismic as required under the terms of the Contract. Commenting on the acquisition of new seismic within the Rio Verde Contract area,Stephen Voss, Managing Director of Global, said: "The Company is pleased with the progress made already in the Rio VerdeContract. Tilodiran 1 and Macarenas 1 were rapidly brought on to productionfollowing the Contract signing in September last year and have had good ongoingperformance. Cumulative production to date from Tilodiran 1 and Macarenas 1,which commenced production in December 2004 and January 2005 respectively, isapproximately 48,000 barrels. The new seismic data will enable Global toselect optimum locations for further drilling in Rio Verde and the Company hopesto be able to commence the drilling of a new well, Tilodiran 2, before the endof 2005. With the addition of future new wells, Rio Verde is expected tocontribute strongly to Global's established production and provide furthercashflow to fund ongoing work within several of the Company's contract areas." For further information: Global Energy Development PLC +44 (0) 20 7808 5550Catherine Miles, director of investor relations +44 (0)7909918034www.globalenergyplc.com Notes to Editors: Global holds exclusive contracts and rights to explore for and / or produce oiland gas from a geographically diversified portfolio of prospective acreage inColombia, Panama and Peru. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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