4th Sep 2006 07:00
Global Energy Development PLC04 September 2006 Immediate Release 4 September 2006 GLOBAL ENERGY DEVELOPMENT PLC INDEPENDENTLY AUDITED EXPLORATION POTENTIAL RESOURCES STUDY Global Energy Development PLC ("Global" or the "Company"), the Latin Americafocused petroleum exploration and production company (LSE-AIM: "GED"), ispleased to announce that the independent petroleum consultants Ryder ScottCompany, LP ("Ryder Scott") have completed an evaluation of the Company'sexploration properties through an Exploration Potential Resources study (" P4study") as at 1 July 2006. The P4 study represents properties in Global's portfolio deemed to haveexploration potential resources but which do not yet qualify as proved, probableor possible reserves ("P3 reserves") as defined by the Society of PetroleumEngineers ("SPE") and the World Petroleum Congress ("WPC"). A previous P4 study was conducted as at 31 December 2004 which evaluated theproperties of the Peruvian Block 95 contract, the Panamanian Garachine agreementarea and the Colombian Bolivar contract. The new P4 study as at 1 July 2006includes these properties plus new properties signed during 2005 and the firsthalf of 2006, namely the Colombian Caracoli, Los Sauces and Luna Llena -Primavera contracts. Given the exploration status of the properties included within the P4 studiesthere is substantial risk associated with these projects. As such the totalrisked, most likely case recoverable barrels of gross resources for the new P4study was 218.6 million barrels of oil equivalent ("BOE"), an increase of 17%over the previous P4 study. Ryder Scott also prepares a P3 reserve report for the Company annually and as at31 December 2005 these reserves net to Global totalled 67.5 million barrels ofoil (unrisked). Commenting on the new P4 study, Stephen Voss, Managing Director, said: "It has been Global's practice to ask Ryder Scott to complete a P4 study everymid-year to supplement the year-end reserve report. We are excited about theresults of the new 2006 P4 study as it clearly defines Global as asset-rich withvery significant growth potential. The Company is confident that the expectedcontinuation of the current favourable commodity price and the application of anincreasing number of effective exploitation / extraction technologies will allowGlobal to convert a portion of these resources into future reserves andproduction." This announcement has been reviewed by Ryder Scott. For further information: Global Energy Development PLCCatherine Miles, director of Investor Relations +44 (0) 20 7763 7177www.globalenergyplc.com +44 (0) 7909918034 Summary of P4 study as at 1 July 2006: Summary of Original Oil in Place (Oil-MMBO) Unrisked Risked Low Most Likely High Low Most High LikelyNewProspects 2005 & 2006 79.38 398.66 929.00 8.14 49.85 145.33 ExistingProspectsDecember 2004 1,921.62 6,284.46 19,309.12 270.21 693.48 1,804.63 Total AllProspects 2,001.00 6,683.12 20,238.12 278.35 743.33 1,949.96 Summary of Potential Gross Resources (Oil-MMBO) Unrisked Risked Low Most Likely High Low Most High LikelyNew Prospects2005 & 2006 17.09 103.27 277.32 2.59 11.96 38.24 ExistingProspects December 2004 400.93 1,478.80 5,408.83 63.50 187.18 562.78 Total All Prospects 418.02 1,582.07 5,686.15 66.09 199.14 601.02 Summary of Original Gas in Place (Gas-BCF) Unrisked Risked Low Most High Low Most High Likely LikelyNew Prospects 2005 &2006 9,034 43,399 154,260 244 1,172 4,165 Existing ProspectsDecember 2004 Total All Prospects 9,034 43.399 154,260 244 1,172 4,165 Summary of Potential Gross Resources (Gas-BCF) Unrisked Risked Low Most High Low Most High Likely LikelyNew Prospects 2005 &2006 452 4,340 30,852 12 117 833 Existing Prospects December2004 Total All Prospects 452 4,340 30,852 12 117 833 Source: Ryder ScottMMBO - Million Barrels of OilBCF - Billion Cubic Feet Notes to Editors: Global has been listed on the AIM Market of the London Stock Exchange sinceMarch 2002 (LSE-AIM: "GED"). The Company currently holds in excess of 5.2million acres through nine contracts in Colombia and Peru, an exclusiveTechnical Evaluation Agreement ("TEA") in Colombia and a concluded exclusive TEAin Panama. Global's portfolio comprises production, developmental drilling andworkover opportunities and several high-potential exploration projects. Proven and probable oil and gas reserves are estimated quantities ofcommercially producible hydrocarbons which the existing geological, geophysicaland engineering data show to be recoverable in future years from knownreservoirs. The proved reserves reported by Ryder Scott conform to thedefinition approved by the Society of Petroleum Engineers ("SPE") and the WorldPetroleum Congress ("WPC"). The probable and possible reserves reported by RyderScott conform to definitions of probable and possible reserves approved by theSPE/WPC using the deterministic methodology. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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