Global currently produces from two wells on the Rio Verde Contract with the Company intending to explore opportunities for additional development around these two wells in the medium-term.
Commenting on the Macarenas # 1 and the Rio Verde Contract, Stephen C. Voss, Managing Director of Global Energy Development PLC said, "Progress made on the Rio Verde Contract continues to run ahead of our initial expectations with two wells having been brought on production in just over a month. Within Global's portfolio are four contracts in Colombia from which production is currently being achieved and the resulting cash flow allows us to consider potentially significant opportunities including additional development and exploration opportunities throughout the remaining Rio Verde acreage."
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