This commencement of production following the signing of the Rio Verde Contract in September represents the shortest interval in Global's history between contract signing and first production. Global now holds four contracts in Colombia from which production is being achieved.
Global tested Tilodiran # 1 at a rate of 800 (gross) barrels of oil per day of 20 degree API gravity oil. Global owns a 100% working interest in the Tilodiran # 1 well.
Commenting on Tilodiran # 1 and the Rio Verde Contract, Stephen C. Voss, Global's Managing Director said, "The Rio Verde Contract is proving to be a significant addition to the company's portfolio. Tilodiran # 1 has quickly supplemented our existing production and we are now turning our attention to another existing well on the contract acreage, the Macarenas # 1. In addition to having an immediate positive effect on cash flow, the contract offers additional development opportunities around the Tilodiran # 1 and Macarenas # 1 wells along with significant upside exploration potential on the rest of the acreage."
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