Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: 'GED'), which operates in
Colombia through its wholly-owned subsidiary Harken de Colombia Limited, announces that the Tilodiran 3 development well within the Colombian Rio Verde contract was spud on 9 June 2008 and drilling has commenced.
The Tilodiran 3 well is being drilled directionally to an anticipated total depth of approximately 13,100 feet to target the Gacheta and Ubaque formations. Both these formations are present in the Tilodiran 2 well which is currently producing a gross of 542 barrels of oil per day ('bopd') and seismic indicates the Tilodiran 3 well location is slightly up-dip of the Tilodiran 2 well. The Company retains a 100% working interest in the Tilodiran 3 well and is the operator.
Ryder Scott Company, LP, the petroleum consultants, recently reported an increase of 30% in Tilodiran field proved reserves based upon the continued favourable production performance of the Tilodiran 2 well. In addition, the recent successful test result of the Boral 1 exploratory well in the Boral field also within the Rio Verde contract has led to several other drilling locations being assigned within the contract area.
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