Global Energy Development has signed a rig contract with Saxon Energy Services de Panama S.A. for the drilling of the Rio Verde 2 exploratory well within the Colombian Rio Verde contract. While the well is deemed exploratory it is located on an identified geologic structure over which the Company has previously acquired 3D seismic.
Rig mobilization is expected to commence at the beginning of March 2010 with the well drilled, completed and tested prior to May 2010. The well has a proposed total depth of approximately 12,500 feet and will target three different formations.
Saxon supplied the rig and other related drilling services for two other wells which the Company has successfully drilled on the contract area.
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