Global Inks Deal for Rig in Colombia

Global Energy Development PLC signed a contract with Saxon de Panama S.A. for the use of Rig 132 for a two-well drilling program within the Company's Colombian Rio Verde contract.

Rig mobilization to the Boral 1 exploratory well is expected to commence prior to the end of the month with the rig then mobilized directly to the Tilodiran 3 development well once drilling operations are complete at Boral 1. The Company retains a 100% working interest in both wells and is the operator.

The Rio Verde contract, 100% owned by the Company, contains the Tilodiran 2 well which the Company successfully drilled and placed on production in July 2006. The Tilodiran 2 well is currently producing at approximately 574 barrels of oil per day (bo/d) against the Company's total gross production of approximately 1,250 bo/d which had a decline rate of 6.4% in 2007.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Field Service Rep. III - Drilling Fluids
Expertise: Driller
Location: Zanesville, OH
 
Senior Field Engineer - Cased Hole
Expertise: Casing
Location: New Iberia, LA
 
CDL Truck Drivers Needed! Interview Opportunity!
Expertise: Motorman
Location: Oklahoma City, OK
 
search for more jobs

Brent Crude Oil : $53.61/BBL 2.09%
Light Crude Oil : $50.33/BBL 1.98%
Natural Gas : $3.26/MMBtu 2.51%
Updated in last 24 hours