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Global Energy sheds Llanos Basin assets onshore Colombia in USD 50m Platino deal

14th October 2014

Global Energy Development has entered into a conditional share purchase agreement with Platino Energy Holdings, which is a subsidiary of Platino Energy Corporation, for the disposal of the rights and obligations of the company's contract areas within the Llanos Basin for a gross consideration of USD 50m in cash

Global Energy sheds Llanos Basin assets onshore Colombia in USD 50m Platino deal
The transaction is subject to approval by Empresa Colombiana de Petroleos S.A. (Ecopetrol), and various other conditions precedent

The disposal will be 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. Following a process of corporate restructuring completed earlier in the year, CEDCO holds only the assets and liabilities relating to the Llanos assets.

The transaction is subject to approval by Empresa Colombiana de Petroleos S.A. (Ecopetrol), and various other conditions precedent.

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