Global Declares Positive Test Results for Boral 1 Exploration Well

Global Energy Development PLC announced a successful test result for the Boral 1 exploratory well within the Colombian Rio Verde contract.

The Boral 1 well was drilled vertically to a total depth of 12,340 feet and completed and tested in the Ubaque formation. Initially, a conventional drill stem test (DST) was performed. The interval 12,053 feet to 12,059 feet was perforated with five shots per foot and flow stabilised at 369 bopd with a 4.3% water cut. Subsequently an electric submersible pump was installed at a depth of 9,023 feet and the well flowed for 36.8 hours to produce a total of 777 barrels of oil. The final stabilised test rate using the pump was 630 bopd with a water cut of 11.6%. Total oil recovered in the initial testing was 1,276 barrels of 15.1 degrees API gravity. The presence of oil was also indicated in the Gacheta formation. It is anticipated that both the Gacheta and the Ubaque formations will be cored to more accurately verify the lithology and the fluid contents and subsequently tested in the next well drilled in the Boral field.

The Boral 1 well has now been shut-in to permit the safe demobilization of the drilling rig to the Tilodiran 3 development well location. It is anticipated that the Boral 1 well will be placed back on production 10 June 2008. All the required documentation has been submitted to the Colombian Ministry of Mines and Energy to enable permission to be granted for a long-term test of six months duration. This will provide the additional information required to plan the development of the Boral field.

Ryder Scott Company, LP, the firm which annually audits the Company's reserves, has assigned several additional drilling locations to develop the Boral field on the back of the successful Boral 1 well. As at 31 December 2007, Ryder Scott assigned the Boral field only possible reserves totalling just over 3 million boe net to the Company but the success of the Boral 1 well should result in some of these reserves now moving to the proved and probable reserve categories.

The production from the Boral 1 well, in which the Company retains a 100% working interest and is subject only to a royalty of 10.5%, is expected to greatly supplement the Company's current production which, net of royalties and state oil company participation, has been averaging around 1,000 bopd.

The Saxon drilling rig has now been mobilized to the Tilodiran 3 development well. Seismic indicates the Tilodiran 3 well location is slightly up-dip of the Tildoran 2 well which is currently producing a gross of 570 bopd.


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