Been looking at this one ever since results were published back on the 7th april. Its both an Oil Explorer and Developer and just throws off cash and makes a profit. I wouldnt initialy go into it because the shares were very tightly held especially by the US Oil Company Harken Energy I think they had around 85% of the share equity and the stock was not very liquid, but thats changing as Harken sells off shares into the market especially to the Large Institutions. In fact its just sold another tranch off today.

It really as a lot going for it and since the results as been tipped by two Brokers Teather and Greenwood and Equity Development) as strong Buys but the good thing is that the price as not yet really moved, the city have not caught onto this one yet and this is an ideal opportunity to get on board. Its also won new contracts and its NAV estimated short term to be 367p, long term 729p is up against a share price of only 161p. The P/E for the company for 2005 is only 6 and for 2006 a mere P/E of 4, compare that to some of the Blue Skers around and it is amazingly cheap. The institution Fidelity have also taken a big stake in the last couple of days and those boys know what they are doing.

Last Results to 31st December 2004.


Financial Highlights



Revenues up 28% to $10,974,000 (2003: $8,556,000)



Gross Profit up 65% to $5,349,000 (2003: $3,239,000)



Profit before tax up 292% to $3,127,000 (2003: $797,000)



No debt as at 31 December 2004



Finding cost of approximately $5 per barrel in the three years ending 31
December 2004



107% increase in Capital Expenditure budget for 2005 (2004: $8,700,000)

- fully funded from cash available and cashflow from production


Operational Highlights



2 exclusive contracts signed in Colombia in 2004 and another exclusive
contract in Peru added post the year end



Portfolio now much enlarged and prospect rich - trend towards exploration
against backdrop of established production

- 6 contracts and 1 pending contract covering approximately 3 million
acres in Colombia, Peru and Panama

- 100% ownership of all contracts



Production widened to 10 wells from 4 contracts as at 31 December 2004

- Record daily production of 2230 bopd from 11 wells as at 3 April 2005



Multiple exploration prospects within enlarged portfolio in all 3
countries already independently reported on

- First exploration expenditure since flotation on properties held under
contract to occur in 2005



Anticipate signing at least 2 additional exclusive contracts or Technical
Evaluation Agreements during the remainder of 2005

Director Speak.

Commenting of the results for 2004 and progress post the year end, Stephen Voss,
Managing Director, said:



'We are very optimistic about Global's position within the oil industry. We
identified many years ago three pre-eminent countries in which to operate -
Colombia, Peru and Panama - that have continually offered improved industry
terms and economic and political stability. All three continue to have few
independents operating in them and as a consequence Global continues to maintain
its first mover advantage and the opportunity to acquire additional attractive
acreage.



We have significantly enlarged our portfolio since our flotation three years ago
and now have a much diversified portfolio offering multiple prospect
opportunities in addition to established production. This production throughout
2004 against historically high oil prices resulted in record financial results
for the year.



Our production and strong-pipeline of near-term production allows the Company to
continue to build on a solid financial base whilst beginning to pursue the
considerable exploration prospects under contract and pending contract which the
management believe are capable of significantly enlarging and transforming the
Company going forward.'


Forward Outlook

We are very optimistic about Global's position within the oil industry. We
identified many years ago three pre-eminent countries in which to operate -
Colombia, Peru and Panama - that have continually offered improved industry
terms and economic and political stability. All three continue to have few
independents operating in them and as a consequence Global continues to maintain
its first mover advantage and the opportunity to acquire additional attractive
acreage.



We have significantly enlarged our portfolio since our flotation three years ago
and now have a much diversified portfolio offering multiple prospect
opportunities in addition to established production. This production throughout
2004 against historically high oil prices resulted in record financial results
for the year.



Our production and strong-pipeline of near-term production allows the Company to
continue to build on a solid financial base whilst beginning to pursue the
considerable exploration prospects under contract and pending contract which the
management believe are capable of significantly enlarging and transforming the
Company going forward.ENDS.

Conclusion.

Way undervalued in my eyes and a lot of others in the industry aswell. The future is very exciting. Remember its not a Petrel or a White Nile so dont expect fireworks. Its got an high beta and the shares are still relatively tightly held. Further news flow will move the share price this year and beyond. You will have to be patient with this one but I beleive it to be an exceptional investment.

DYOR.

cheers GF.

TA looks rather strong.....................

Only up 0.5 on the drilling update, i sold out of these monday.

aldwickk , i never expected riches overnight with these, ,but they have been a bit boring lately ..

Global Energy starts rig mobilisation to Tilodiran 2 well in Colombia
AFX


LONDON (AFX) - Global Energy Development PLC said it has started rig mobilisation to the Tilodiran 2 exploratory well in the Rio Verde Exploration and Production Concession in Colombia.

Global expects to spud Tilodiran 2 in mid to late December.

Managing director Stephen Voss said: 'The rig mobilisation to Tilodiran 2 at this time represents an acceleration of the work programme required under the terms of the Rio Verde contract which specifies that the company must drill the first exploratory well during phase two which does not commence until May 2006. We look forward to quickly progressing this well.'

newsdesk@afxnews.com

ra

Im holding on. These have the potential to suprise when you least expect it.

Am still holding SOCO at a very large gain and have a shed load of Victoria after Evil K alerted me to their potential but think they are speculative so its hit or miss with them, hit could be superb, miss could mean most money being lost. Ill take my chances with them and they are my one yearly gamble being a dour investor normally.

cheers GF.

glad to see your dour on these GF :-))

Well I'm in here for the long term.........one of my safer investments which I intend to hold for a few years yet, though I did take profits just before the recent decline (not through good judgement, purely luck!).

Not exiting at the mo but what I like most about GED is a favourable P/E,good growth to date, no debt and huge upside potential.............not easy to find such companies.

Yes the fundies are really appertising.

cheers GF.

Couple of nice size buys today,four tiny sells ,and we are down a penny ????

Looks like a lot of small caps down Jimmy.

Hoping last week in December and January we get a rally going.

cheers GF.

Yes but this share stays down when the small caps go up.

Hi all
have supported for a long time
but have to say losing confidence,
and it is not surprising the sp has dropped over 25%
from it's recent high - granted aim has dropped but
more important.
broker forcast has reduced eps from 36p at 10/10
to 22p 17/11
and ptp from 8.2m 10/10
to 5.3m 17/11.
Moved to red alert i hate to sell as we all do
but if broker forcasts do not improve imminent,
out of here sorry. I still believe it has a lot more to offer
but you have to protect your profits
some times

regards
hustler

HUSTLER ,down 6.5p today ,why ?? and it doesn't seem to bounce back, i'm also losing patience.

Thats enough for me too i'm out .down another 15p on very small sell volume..

Blimey, look at the price fall. Keeping my nerve for the moment.

cheers GF.

Good time to buy back in if you have the funds ??

Fundamentals still good

RSI on the charts looks under cooked aswell.

cheers GF.

Could do with an update here.

cheers GF.

And we got the update. Contract wins near term.........nice.

Global Energy opens Peru office, anticipates contract wins
AFX


LONDON (AFX) - Global Energy Development PLC will open a subsidiary office in the Miraflores district of Lima, Peru.

The office has been opened in anticipation of the company securing additional contracts in Peru in the near-term.

Global Energy is actively working on securing two new contracts in Peru and expects to sign one or both of these during the first half of 2006 and then look to further add to these.

newsdesk@afxnews.com

cheers GF.

Worth noting that the company trades on an historic P/E of 19 to Dec 2005 but the forward P/E is a lowly 11.6 to Dec 2006. PEG 0.1.

Far lower than most Oil producing small caps.

cheers GF.

Hi Goldginger
I am trying to understand better your calcs. If the current price is say 270 and the forward P/E is 11.6 ( and how do you arrive at that?), then the price, to continue on P/E of 19 would need to be adjusted to 442. Is this the correct way to work it out using relational cross multiplication?