Global Energy Development, the Latin America focused petroleum exploration and production company, has signed a contract with Saxon de Panama S.A. for the use of Rig 132 for a two-well drilling programme within the company's Colombian Rio Verde contract.
Rig mobilisation to the Boral 1 exploratory well is expected to commence before the end of this month with the rig then mobilised directly to the Tilodiran 3 development well once drilling operations are complete at Boral 1.
The Rio Verde contract, 100% owned by Global Energy, contains the Tilodiran 2 well which the company successfully drilled and placed on production in July 2006. The Tilodiran 2 well is currently producing at approximately 574 barrels of oil per day (BOPD) against the company's total gross production of approximately 1,250 BOPD which had a decline rate of 6.4% in 2007.