Global Energy Development has completed the sale of its rights and obligations of the Company's contract areas within the Llanos Basin (the "Llanos Assets").

The disposal of the Llanos Assets was effected by the sale of the entire issued share capital of the Company's wholly owned subsidiary, Colombia Energy Development Company (CEDCO) to the Purchaser (the "Transaction").

CEDCO held only the assets and liabilities relating to the Llanos Assets. The gross consideration for the sale of the Llanos Assets was US$50 million in cash, net of approximately US$1.0 million, adjusted for CEDCO operating income received and capital expenditures spent by Global during the period between the effective date, which for the purposes of the Transaction was set at 1 August 2014, and the closing date.

Tags: Global Energy Development