It said the aim of the plan is to increase production while developing the company's reserve base.

The plan includes the drilling of 13 strategically located wells, plus one well re-entry, two accompanying seismic acquisition programmes and the construction of facilities.

The company owns a 100% interest in all the wells to be drilled.

The wells to be drilled were selected from more than 1,000 potential drill sites by independent petroleum engineer Ralph E. Davis Associates after re-evaluating all technical data.

RED selected the wells with the purpose of trying to move the majority of the Global Energy's current probable and possible reserves into the proved reserve category whilst significantly increasing daily production volumes.

Story provided by Business Financial Newswire