Global Energy Development Share Discussion Threads

[sporazene2] 26/6/2011 06:04

has anyone seen the closing date of the offer?

[nils214] 22/6/2011 10:38

ps back to the pool to chill...nearly 40 degrees here and with my blood boiling I need to go cool off!! With this sort of production level we should be closer to 2 quid and with the proven reserves we really should be closer to 10 quid!! DO NOT SELL YOUR SHARES, IGNORE ANYBODY WHO SAYS JUST SELL AND MOVE ON, THEY ARE WORKING FOR THE OTHER SIDE!!!!! AIMHO

[nils214] 22/6/2011 10:36

on hols in tky, just popped in to lobby to check in, saw the rns, couldn't believe my fekin eyes. I saw the 'cash offer' rns and wondered why the share price wasn't at 10 quid? 72fp!! How the fek could this 'investment co.' manage to acquire their shareholding so cheaply? The GED BOD are a fekin disgrace imho. They do not respond to s/h's queries, tel calls, etc, they have put out presentations to compare how undervalued they are, but they have held back good news about increased folw rates, no news about the T2&3 w/o's so the news of increased production was out of the blue. They never reported whether the B well w/o was successful, just reported amalgamated production level with another well. This sort of bid has been possible becasue of the BOD's failure and now the independent directors recommend not to sell at 72p!! FFS really, we needed to be advised that their meagre holding wont be sold? Pathetic? Any advice from the actual co. itself?

Accordingly, the Independent Directors intend to unanimously recommend that Global Shareholders do not accept the Offer. The Independent Directors do not intend to accept the Offer in respect of their own shareholdings amounting, in aggregate, to 221,985 Global Shares (representing 0.62 per cent. of Global's issued share capital).

[wooster4] 22/6/2011 08:23

mms drop price on woeful volume...

[dugganjoe] 20/6/2011 19:03

got to go over @1 pound tomorrow imho

[doughty9] 20/6/2011 12:49

"... on its current production this would equate to a price for Global in excess of 250p a share. At 90p, the shares remain significantly undervalued"

Growthcompany story posted on iii.




Global in production boost
20/06/2011 Miles Nolan

Latin America focused oil explorer Global Energy Development (GED) has given shareholders a shot in the arm with news of another surge in production.

Earlier this month the AIM counter reported that following a successful workover programme oil production had doubled from 1,100 bopd to 2,200 bopd. However, this morning Global has confirmed that thanks to further efforts at its Tilodiran 2 and 3 wells, production is now at 2,520 bopd.

Global has improved its surface handling capabilities to meet the increased oil flow, and the current level of production is now at a sustainable level. In addition, the company plans to step up pump speeds to ascertain how much further it can boost the now much higher level of production. Due to the high quality of oil being produced it has managed to secure sale prices at higher than the current WTI oil price - further helping margins.

Last week Global confused investors with news of a cash offer at 72p a share. This was triggered after a forced seller allowed shareholder Lyford to pick up a 9.7 per cent stake at just 59.2p a share, this in turn meant (under the rules of the Takeover Code) that an offer had to be made due to the link Lyford has with Global's largest shareholder HKN - a US listed oil company.

Global directors have refused to back the offer, stating it 'materially undervalues' the company, indeed the intention is to maintain the AIM listing to deliver a more realistic market value. Recent deals in Colombia have led to deals transacted at $60,000 per bopd, on its current production this would equate to a price for Global in excess of 250p a share. At 90p, the shares remain significantly undervalued

--------------------------------------------------------------------------------

[glasswala] 20/6/2011 11:33

They have 100% so it all their's i think. Please confirm anyone in the know!!

[on target] 20/6/2011 11:17

What is GED's net interest in this production figure? It says the 2520 is gross but no net figure is given.

[jack parlabane] 20/6/2011 11:09

OK...so following previous form this share should drop off to maybe 78p over then next three days or so.

If it can hold this level till this time next week we might just be in business here.

HKN have invested in this company in a big way so obviously see a future for GED. Their 72p offer looks like a "no loose" move on thier behalf. If people accept, they get cheap shares, if people dont, no harm done....possibly even a rally in SP?

Fingers crossed

[lw425] 20/6/2011 10:58

doughty. the main problem is the small reserves in the area where they're drilling and pumping. it'll only last a few years. so they need to hurry up and drill the core area which ain't happening any time soon.

[doughty9] 20/6/2011 10:43

GED now have sustainable levels of 2,520BOPD. Comparing 2010 Highlights:

-- Revenue increased by 8% to US$23.8m (2009: US$22.1m), mainly as a result of the oil price recovery

-- Gross cumulative annual production in 2010 of 401,379 bbls (460,144 bbls in 2009)

IE. average 2010 production 1,100 BOPD.

Simply scaling up 2010 revenues by (2520/1100) x $23.8mn = $54.5mn. Even this does not fully allow for recent oil price hikes.

With prospective revenues ~ $60mn, GED must surely be in a position to turn in a substantial profit now. share price must be worth way, way above 72p offer.

[varies] 20/6/2011 10:20

Could someone please cast a little light on the history of the US Marshall's interest (now sold)?
I have a copy of the Annual Report 2010 and am surprised to find that there is no list of shareholders owning 3% or more of the capital. I thought there was an obligation to provide this but perhaps this does not apply on AIM.

[ivanburgess] 20/6/2011 09:45

No, I don't think so. I believe it was planned this way. It seems to have played out just the way they want, .... that no-one will sell, for they don't want to buy 100% and hence take it private. There is a huge benefit in remaining in AIM.

[glasswala] 20/6/2011 08:50

where does this leave the offer of 72 pence by HKN and its party?? There is no way anyone will part for 72p or will they!! The market is offering substantially more so i would hope no one leaves here soon, Or will they manage to pry someone else like the US Marshall(Looks like some one there made a big mistake!!That person will probably be kicking themselves at the moment!!)

[don carter] 20/6/2011 08:16

It's like waiting for a bus: you wait 3 years, grow old, then 3 or 4 come together....and you wonder whether it's a mischievous plan...or whether GED is finally going to come to fruition. It seems so undervalued now, after these updates.

[5dally] 20/6/2011 08:06

Quiet here this morning !

[dugganjoe] 20/6/2011 08:06

Worth 17 pounds at lease lol

[5dally] 20/6/2011 08:04

Nice mark up :-)

[doughboy66] 20/6/2011 08:03

Thats more like it !
Now lets put this bid nonsense to bed!!

[doughboy66] 20/6/2011 07:37

Wakey
Wakey
2520 BOPD

[doughboy66] 20/6/2011 07:26

A bit of gamesmanship going on here ?

[doughboy66] 20/6/2011 07:10

This RNS alert is brought to you by Digital Look.
RNS Number : 6914I
Global Energy Development PLC
20 June 2011



Immediate Release 20 June 2011


GLOBAL ENERGY DEVELOPMENT PLC
("Global", the "Company" or the "Group")


SURFACE EQUIPMENT IMPROVES AND

PRODUCTION RATES INCREASE

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 Colombia Energy and Development Company, is pleased to announce continued enhancement in its daily production uplift as a result of the successful workover programme of its Tilodiran 2 and 3 wells within the Colombian Rio Verde contract. Subsequent to the workover programme results and the increase in gross daily production from 1,100 BOPD to 2,200 BOPD announced on 8 June 2011, and following continued extended testing of these wells and improved surface facilities and capabilities, the Company's total gross oil production has now reached sustainable levels of approximately 2,520 BOPD.

The Company was able to begin increasing production at Tilodiran 2 and Tilodiran 3 following an improvement in surface handling facilities and increased oil transport capacity. The Tilodiran 3 continues to demonstrate high levels of fluid deliverability at very low reservoir drawdown pressures. Average oil gravities are approximately 15 degrees API with produced gas-oil ratios of 400 to 500 cubic feet per barrel. Such gas-oil ratios are unusual for the lower Cretaceous reservoirs in the Colombian Llanos basin and appear to be adding significant reservoir drive energy to the more typical water drive also present in both wells. Accordingly, the Company plans to continue to slowly increase pump speeds in order to determine the upper limits of maximum sustainable production rates.

Steve Voss, Managing Director, commented: "Global continues to be optimistic regarding the performance of both the Tilodiran 2 and Tilodiran 3. Produced gas and oil characteristics are encouraging. The Company has also arranged for the sale of these increased oil volumes at commodity prices that are at a premium to West Texas Intermediate due to market conditions favoring sales of Vasconia blend heavy crude oil."


Global Energy Development PLC

[ivanburgess] 17/6/2011 11:09

squinty ... although we must note the RNSs yesterday and today, where Mikel Faulkner and Steven Voss reccommend shareholders NOT to accept, and irrevocable promises not to accept in respect of their options too. So it still says to me that they don't want to buy the whole company.

Of course, anything and everything is possible, even if it appears improbable.

[hashertu] 17/6/2011 10:46

bwanad. Thanks