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.
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