Well tests at Global Energy Development’s Luna Llena-2 well in Colombia show better than expected ‘reservoir productivity’.

AIM-quoted Global, 34 per cent-owned by Harken Energy of Texas, where US President George W Bush was once a director, said data collected on the production capacity of Luna Llena indicate its El Miedo reservoir ‘has the potential to flow a high percentage of oil’.

Managing director Stephen Voss declared the well’s measured productivity ‘exceeded the company’s expectations and demonstrates the El Miedo reservoir to be... an attractive developmental opportunity’.

Last week, Global, which was floated on AIM five years ago at 50p and produced 400,000 barrels of oil in 2006, said independent consultant Ryder Scott reported a ten per cent annual increase in proved reserves to 5.5 million barrels. The consultant’s report suggested proven and possible reserves up 21 per cent to 81.8 million barrels, to yield potential future revenues of around £350 million at prices a shade below today’s $68.6 (£34.26) a barrel.

Global’s shares have been volatile performers, reaching 346.5p in 2005 but now trading at 115.5p, up 26.5p this morning, where they value the company at £40.8 million.