Originally published December 14 2005
Colombia being explored for potential oil reserves
by Mike Adams, the Health Ranger, NaturalNews Editor
A new contract will allow Global Energy Development Plc to search for oil in the Luna Llena area of Colombia.
Global Energy Development Plc, an oil and gas company active in Panama and Peru, received approval to explore for oil in the Luna Llena area of Colombia.
The Luna Llena contract, one of six that Global holds in Colombia, covers 369,000 acres in the 2.1 million-acre Valle Lunar region in the Llanos Basin of eastern Colombia, the company said in a Regulatory News Service statement today.
Global Energy will own 100 percent of the Luna Llena contract subject to an initial 8 percent royalty based on future production levels, the statement said.
Shares of the Cirencester, England-based company have risen 76 percent this year, according to Bloomberg data.
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