The well is deemed exploratory and is located on an identified geologic structure over which the company has previously acquired 3D seismic.
Rig mobilization is expected to commence at the beginning of March 2010 with the well drilled, completed and tested prior to May 2010. The well has a proposed total depth of approximately 12,500ft and will target three different formations.
Saxon supplied the rig and other related drilling services for two other wells which the company has drilled on the contract area.
Global Energy Development holds seven contracts: five in Colombia, one in Peru and one in Panama.
