Global Energy wraps up Panama deal
Wednesday, June 27, 2007
Global Energy Development, petroleum group working in Latin America has signed a new contract with The Ministry of Commerce and Industry for the Republic of Panama for the exploration and exploitation of hydrocarbons in the Garachine area of eastern Panama.
The Contract is the first operations contract which the Ministry has signed since 1990 and follows the Panamanian government's announcement in 2005 of its first policy on hydrocarbons and alternate energy sources and its desire to promote hydrocarbons development in the country.
Stephen Voss, the Global Energy’s managing director, said: “The company has analysed the contract area extensively over recent years and considers there to be several highly attractive geologic leads and prospects, most significantly the carbonate play. The company now looks forward to commencing the work programme and to potentially finding a partner in order to escalate activity and realise the contract's considerable potential value more quickly.”
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