11th Nov 2005 07:29
Global Energy Development PLC11 November 2005 Immediate Release 11 November 2005 GLOBAL ENERGY DEVELOPMENT PLC OPERATIONS UPDATE Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), announcesthat Harken Energy Corporation ("Harken"), a Delaware corporation and holder of33.78% of the Company's issued ordinary shares of one pence each, has filed withthe Securities and Exchange Commission of the United States its Quarterly Reporton Form 10-Q for the quarter ended 30 September 2005. Harken's Form 10-Q includes certain financial information, on an United StatesGAAP basis, with respect to the Company's operations. As at 30 June 2005 and 30September 2005, Harken held 62.36% and 34.02% respectively of the Company'sissued ordinary shares of one pence each. Under United States accounting andlegal regulations, Harken was required to consolidate Global's operations inHarken's financial statements for the period ended 30 September 2005. Globalannounces its financial results on an U.K. GAAP basis and hence the statedfinancial results contained in the Form 10-Q differ from those Global reports. Reported within Harken's Form 10-Q, Global's net production for the nine monthsended 30 September 2005, after all royalities and production attributable toEcopetrol, was approximately 367,000 barrels of oil which exceeded Global's netproduction for the whole of 2004 (year ended 31 December 2004: 365,527 barrelsof oil). Global's average oil price increased 39% to $49.33 per barrel duringthe third quarter of 2005 compared to $35.48 per barrel during the third quarterof 2004. The higher price received was due to improved terms from the PetroBrascrude oil sales contract signed in April 2005 and effective from May 2005 andthe prevailing oil price. Global has also exercised its exclusive option to commence negotiations with theNational Hydrocarbons Agency of the Republic of Colombia ("ANH") to convert aportion of its Valle Lunar Technical Evaluation Agreement ("TEA") acreage intoan exclusive Exploration and Production Concession contract. Global anticipatesexecuting this contract before the end of 2005 whilst continuing to hold theremaining TEA acreage. Global has taken the decision to convert a portion of theTEA acreage early to accelerate development related activities relating toexisting wells and acreage that featured oil tests in the 1980s. For further information: Global Energy Development PLCCatherine Miles, director of InvestorRelations +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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