Tuesday, May 24, 2011
Global Energy Development plc
Global Energy Development announced that, in addition to the previously announced seismic plan for its Bolivar Association Contract area, it is now also planning the acquisition of 200 square kilometers of new 3D seismic over the Company's Bocachico Association Contract area.
As with the seismic plan for its Bolivar Contract area, the Company has engaged Third Coast Enterprises, Inc. to aid in the design of an approximately 200 square kilometer 3D survey. The reservoirs of the Torcaz field in this block are in a stratigraphically complex group of formations. A high resolution 3D survey is key to delineating the extent of individual reservoirs, thus ensuring proper well placement. The current model for the field indicates that higher gravity crude exists on the flanks of the field, and the 3D survey will ensure proper mapping of these reservoirs where the Company has little data currently. The 3D survey will also delineate areas of improved reservoir continuity which will aid in the design and implementation of the overall field development plan including future secondary recovery projects.
The Company is still in the design phase of its 3D seismic survey for its Bolivar Contract area and, with the addition of the 3D seismic plans for its Bocachico Contract area, expects to complete the design phase during the second quarter 2011.
Steve Voss, the Company's Managing Director, indicated "By moving forward with these new 3D programs in both Bolivar's and Bocachio's reserve rich contract areas, we can gain much higher resolution data to identify fracture intersections in the various productive reservoirs of Bolivar and characterize areas of improved sand quality in the main Mugrossa-Bocachico reservoir. Achieving these objectives will ensure proper placement of lateral wellbores in the Bolivar fractured reservoirs and high grade the early development drilling locations in the Torcaz/Bocachico field."
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