In February 2008, Global Energy Development announced that it had signed a contract to use the Saxon de Panama Rig 132 for drilling in the company's two-well program in its Colombian Rio Verde contract.
Following this announcement, Global Energy said in its March 2008 operations update that the rig mobilization has been delayed. The company said the reason for this delay is because the previous operator has been performing "additional activities," but that mobilization should occur "very shortly."
With mobilization expected to commence in approximately four weeks, the two-well program will account for more than half of Global Energy's predicted 2008 capital expenditure program.
Global Energy also plans to further invest in its other contracts in Colombia and Panama.
The company also reported that its gross production for 2007 was up to 478,030 barrels of oil from 466,099 barrels in 2006. Net 2007 production was 413,775 barrels, up from 401,298 barrels in 2006. Final results for the fiscal year 2007 will be released May 8, 2008.
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