Global Energy Development cheers rise in estimated reserves figures
03 February 2010
Latin America focused exploration and production company Global Energy Development has released details on a new reserves report, which puts its proved plus probable (2P) reserves at 147.1 million barrels of oil equivalent (boe). The figure represents a rise of 12% on the 131.0 million boe estimate published at the end of 2008.
Within the new figures, the proved reserves were down slightly at 60.8 million boe and the probable reserves up at 86.3 million boe due predominately to revised porosity / drainage area parameters and delayed Ecopetrol back-in respectively.
Proved plus probable plus possible (3P) reserves also increased and totalled 272.9 million boe, up from 254.6 million boe previously.
The reserves report was put together by petroleum engineers Ralph E. Davis Associates.
In January, Global Energy reported that production during 2009 had topped 398,082 barrels of oil net to the company, down from 438,007 barrels in 2008, as the depressed oil price curtailed most proposed activity.
Elsewhere, the company acquired very good quality 2D and 3D seismic over its producing Colombian Rio Verde contract towards the end of 2009. This has now been interpreted and the location of the Rio Verde 2 exploratory well, to be drilled before May 2010, is being finalised.
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