The Luna Llena 1 well is located on the Luna Llena field, formerly known as Primavera and El Miedo, and drilling and completion operations for the consecutive three well program within this field remain on schedule after a three week rig mobilization. The Luna Llena 1 well is being drilled to an approximate depth of 2,550 feet to penetrate the upper Carbonera formation and is expected to be completed during the last week of February 2007 at which point production testing will begin, lasting between 10 and 15 days, and the drilling rig will move to the next well.
Elsewhere the Company is continuing to seek partners for some of its 100% owned exploration projects in order to expedite progress on these areas and early-stage discussions have already been held with a number of suitable partners. The Company is also in detailed negotiations to secure a heavy drilling rig for a multi-well drilling program on its Colombian Los Sauces and Rio Verde contract areas where recently acquired seismic is currently being processed.
The Company intends announcing financial results for the year ended 31 December 2006 on Thursday, 19 April 2007. Total production for 2006 was 405,442 barrels of oil net to the Company and in line with previous expectations given.
London-based Global Energy PLC currently holds in excess of 5.2 million acres through nine contracts in Colombia and Peru, an exclusive Technical Evaluation Agreement ("TEA") in Colombia and a concluded exclusive TEA in Panama. Global's portfolio comprises production, developmental drilling and workover opportunities and several high-potential exploration projects.
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