Global Energy Development has relinquished its Panamanian Garachine contract (the "Contract") by mutual consent with the Panamanian government with immediate effect.
The relinquishment is in line with the terms of the Contract, which allowed for relinquishment of the Contract by the Company after successful completion of the work commitments of each phase. The Panamanian government has duly given its consent to allow the Contract to be formally relinquished following the completion of the Phase 1 work commitments.
The Contract was purely exploratory in nature, accounting for none of the Company's independently audited reserves, and did not feature within the Company's recently announced Three Year Plan (the "Plan") which consists predominately of developmental drilling. As such it was deemed non-core and a decision was taken by the Company to relinquish the Contract and focus expenditures elsewhere within the Company's portfolio that form part of the Plan.
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