Global Energy Dev Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9671174 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9671174&action=detail Tue, 22 May 2012 22:52:00 GMT ZZ enit tag:iii.co.uk,2003:tst.9671170
By ZZ enit ]]> http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9671170&action=detail Tue, 22 May 2012 22:50:00 GMT ZZ enit tag:iii.co.uk,2003:tst.9624018 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9624018&action=detail Wed, 09 May 2012 17:29:00 GMT Cashola tag:iii.co.uk,2003:tst.9624010 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9624010&action=detail Wed, 09 May 2012 17:26:00 GMT Cashola tag:iii.co.uk,2003:tst.9623554 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9623554&action=detail Wed, 09 May 2012 15:40:00 GMT ZZ enit tag:iii.co.uk,2003:tst.9621880 Goldman Sachs Global Investment Research 30
Global Energy Development (GBLE.L): Upgrade to Buy following weak performance
Source of opportunity
We upgrade Global Energy Development from Neutral to Buy with a 12-month target price of 240p (from 221p)
implying 133% potential upside. We believe the recent share price weakness (down 16.3% vs. the E&Ps up 14.9%
since our last sector update on December 6, 2011) is unjustified and we now view the risk/reward profile of the
stock positively. GED’s activities are now focused on the Middle Magdalena region of Colombia, which contains
the potentially significant Bocachico and Bolivar fields, which together account for 88% of the company’s
audited 2P reserves of c.120mnboe (net of royalties). In the event of successfully proving up the commerciality at
these fields, we would see a c.35% increase to our valuation in the event of a complete derisking. We also expect
exploration drilling in Peru in 2012 which, if successful, could add an additional c.10% to our valuation.
Compared to operations at Rio Verde in the Llanos operating region, we view the upcoming operations on
Bocachico and Bolivar as relatively higher risk given the unconventional nature of the assets, oil shale at Bolivar
and a CHOPS style development at Bocachico. However, we believe that these offer significant rerating potential
and with operations expected to commence on these assets in 2Q/3Q2012 we view this activity as attractive. We
believe the market is applying a discount to the stock owing to its limited capital strength and low liquidity;
combined with the perceived risk associated with the Bolivar and Bocachico operations. However, on our
estimates the valuation of GED is too low given the level of reserves the company owns (c.120 mnboe of audited
2P reserves at the end of 2010) and we believe that the size, quality and concentration of the resources is
attractive to potential partners. On our estimates the stock offers an attractive risk/reward profile and upgrade
the stock ahead of these catalysts to the Buy List with a 12-month price target of 240p.
Catalyst
In the short term, further updates on the progression of the development of the Bocachico and Bolivar licenses.
We also believe a farm-in of a larger better funded partner would be a positive.
Valuation
Our 12-month SOTP-based price target of 240p is calculated using a US$100/bl oil price deck. Some 30% of our
valuation of the Bocachico and Bolivar fields is based on an assumption that GED is able to farm-out these
assets, bringing in a partner with a strong balance sheet versus our base case of self-funding development.
Key risks
The key downside risks to our view and price target are difficulties in proving commercial flow rates from the
Bolivar and Bocachico fields. By bren4 ]]> http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9621880&action=detail Wed, 09 May 2012 11:23:00 GMT bren4 tag:iii.co.uk,2003:tst.9616194
GLA... should have some news shortly to say the company still exists. By NerveWreck ]]> http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9616194&action=detail Tue, 08 May 2012 09:36:00 GMT NerveWreck tag:iii.co.uk,2003:tst.9499998
GLA, NW By NerveWreck ]]> http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9499998&action=detail Mon, 02 Apr 2012 16:11:00 GMT NerveWreck tag:iii.co.uk,2003:tst.9464465
http://www.westhousesecuritiesresearch.com/Research/id/6446

*Westhouse Securities acts as broker and/or advisor to this company
By bren4 ]]> http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9464465&action=detail Thu, 22 Mar 2012 11:38:00 GMT bren4 tag:iii.co.uk,2003:tst.9460737 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9460737&action=detail Wed, 21 Mar 2012 15:45:00 GMT happypills tag:iii.co.uk,2003:tst.9459120 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9459120&action=detail Wed, 21 Mar 2012 10:24:00 GMT bioking tag:iii.co.uk,2003:tst.9366070 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9366070&action=detail Wed, 29 Feb 2012 10:03:00 GMT bren4 tag:iii.co.uk,2003:tst.9366048 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9366048&action=detail Wed, 29 Feb 2012 09:59:00 GMT bren4 tag:iii.co.uk,2003:tst.9362244
2) A group of speculators have done a concerted buy to give the impression of 1 above and are hoping to cash in on others joining the stampede.

PD By paso doble ]]> http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9362244&action=detail Tue, 28 Feb 2012 15:14:00 GMT paso doble tag:iii.co.uk,2003:tst.9361341 http://www.iii.co.uk/investment/detail?code=cotn:GED.L&display=discussion&id=9361341&action=detail Tue, 28 Feb 2012 12:53:00 GMT tommy talent