Global Energy Development provides the results of its UK reserve report at 31 December 2014, which has been produced by the independent petroleum engineering firm of Ralph E. Davis Associates, Inc (RED).
A summary of the results of the 2014 reserve report are as follows:
•Lower oil benchmark price at 31 December 2014 of $57.33 per barrel, with an escalation of 3% each following year, was used to price oil reserves (2013: $109.95 per bbl);
•Lower oil prices resulted in reductions in the estimated quantity of proved and probable reserves and in the estimated future net cash flows expected to be generated from the Company's Colombian contract areas;
•The elimination of anticipated improved recoveries through fracture stimulation (based upon the results of the Catalina #1 well) within the Simiti Formation in the Bolivar Contract area reduced estimated quantities and future net cash flows of proved and probable reserves;