Global Energy Development has been granted an extension by the Colombian National Hydrocarbons Agency ("ANH") for the drilling of the Tilodiran 4 development well located within the Rio Verde contract.
Under the terms of the previously agreed Development Plan, the Tilodiran 4 well was required to be drilled with total depth being reached by mid December 2010. The Company now has a six month extension to this deadline which will allow additional planning time. As previously advised, it was not anticipated that the Tilodiran 4 well would contribute to production in 2010.
The additional time will allow the Company to seek the most efficient and cost effective way to drill the Tilodiran 4 well, and also potentially allow the drilling of the Tilodiran 5 development well immediately after with the same rig, with this well being the next well in the Company's previously announced Three Year Plan.
The Tilodiran 4 development well is classified as a proved undeveloped location and is currently intended to be drilled directionally from an existing Tilodiran well platform which will reduce civil works costs and simplify property right issues.
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