Global Energy Development publishes update on Bolivar partnering process

26th Apr 2013 12:08

Global Energy Development, the AIM-listed Latin America-focused petroleum exploitation, development and production company has reported that it expects to complete the farm-out of its interest in the Bolivar Association Contract in either the second or third quarter of this year.The Bolivar Association contract lies within the Middle Magdalena Valley in Colombia, South America.In an update issued on Friday, the company said that, together with its financial advisor, Jefferies International, it is "continuing to make progress" with finding a partner for the contract.It also acknowledged that the process had been "taking longer than originally anticipated". Steve Voss, Managing Director of Global Energy Development, commented: "We are very pleased with the amount of guidance and technical insights we have gained thus far in the Bolivar farm-out process from companies experienced in shale oil projects. We hope to complete this process in the second or third quarter of 2013."Global Energy Development's share price was unchanged at 76.50p at 11:17 on Friday.MF