Global Begins Rig Mobilization at Primavera-Luna Llena
Global Energy Development PLC, the Latin America-focused petroleum exploration and production company, said that it has commenced mobilization of a drilling rig to the Primavera – Luna Llena field located within its Colombian Luna Llena Exploration and Production Concession contract with mobilization expected to take three weeks.
The Company intends to perform drilling and completion operations in three wells back-to-back on the Contract area. The wells will be drilled to an approximate depth of 2,550 feet with drilling and completion estimated to take 10 days per well and each to be followed by a 10 day production test. These three wells are intended to evaluate the hydrocarbon potential of the 'El Miedo' sandstone in the upper Carbonera formation and will form the basis to assess a full development drilling program for the Primavera – Luna Llena field. The Primavera – Luna Llena field, formerly known as the El Miedo field, was subject to activity by two international oil companies in the 1980s that tested oil from more than one well at that time.
Global has been listed on the AIM Market of the London Stock Exchange since March 2002 (LSE-AIM: "GED"). The Company currently holds in excess of 5.2 million acres through nine contracts in Colombia and Peru, an exclusive Technical Evaluation Agreement ("TEA") in Colombia and a concluded exclusive TEA in Panama. Global's portfolio comprises production, developmental drilling and workover opportunities and several high-potential exploration projects.
Ryder Scott Company, LP, Global's independent engineers, reported that as at 31 December 2005, proved plus probable reserves ("2P reserves") net to Global totaled 17.5 million barrels of oil and proved plus probable plus possible reserves ("3P reserves") net to Global totaled 67.5 million barrels of oil.
Ryder Scott also reported that as at 1 July 2006 the total risked, mostly likely case recoverable barrels of gross resources for the Company's exploration properties was 218.6 million barrels of oil equivalent.
Proven and probable oil and gas reserves are estimated quantities of commercially producible hydrocarbons which the existing geological, geophysical and engineering data show to be recoverable in future years from known reservoirs. The proved reserves reported by Ryder Scott conform to the definition approved by the Society of Petroleum Engineers ("SPE") and the World Petroleum Congress ("WPC"). The probable and possible reserves reported by Ryder Scott conform to definitions of probable and possible reserves approved by the SPE/WPC using the deterministic methodology.
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