Latin America–focused petroleum firm Global Energy Development has increased its reserves by 12.9million barrels of oil for 2013, compared to the previous year.
The increase from a total of 88.1million to 101million barrels of proved and probable reserves follows inclusion of two new productive horizons in the Bolivar Association Contract area – Simiti and Tablazo formations – whose probability had been tested in a nearby field.
The company has also upped the estimate of its possible reserves by 22.5million barrels.
“Based upon new data from recent production tests on contiguous acreage, we were able to incorporate and utilize this information to further define our oil reserves within the Bolivar Contract area,” said Stephen Voss, managing director at Global Energy Group.
“We look forward in 2014 to the re-entry of the Catalina 1 well to frac test the Simiti formation once the contracts with service providers have been finalized.
“Demonstrating oil production from this significant oil asset, our Bolivar Contract area, will be an important step in the path towards maximising value for shareholders and finalising strategic partnering efforts.”
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