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20 Jun 2008 07:00
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Leed Petroleum PLC
("Leed" or the "Company")
DrillingΒ Update
Leed Petroleum PLC, the oil and gas exploration and production company focused on theΒ Gulf of Mexico,Β announcesΒ an update onΒ theΒ drillingΒ activity at theΒ Eugene Island A-7Β well.Β
TheΒ Eugene Island A-7Β well was spudded on 17 April 2008Β andΒ hasΒ reachedΒ total measured depth of 15,447 feet.Β Electric line logs have confirmedΒ thatΒ threeΒ pay sandsΒ have been encounteredΒ in this section of the wellbore,Β in addition to those announced on 23 MayΒ 2008Β and 5 June 2008, andΒ contain a total of 45Β feet ofΒ true vertical thicknessΒ pay.Β Two ofΒ these newΒ zonesΒ wereΒ the twoΒ primary objectives of the well, being development and exploration targets. To date,Β sixΒ sands containing a total ofΒ 125Β feet of true vertical thickness pay have beenΒ encounteredΒ in the A-7 well.Β
In order to maximise flow rates andΒ theΒ recovery of reserves from these three objectives,Β the CompanyΒ has commencedΒ aΒ shortΒ sidetrackΒ of theΒ lower section of theΒ wellbore. Completion operations will begin after the well is sidetrackedΒ and a further announcement will be made in due course.Β
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The Eugene Island Blocks are located 50 miles offshore, south ofΒ Morgan City,Β LouisianaΒ in theΒ Gulf of MexicoΒ in approximately 80 feet of water. Leed's management has built an inventory of development projects and explorationΒ targets across the Eugene Island Block 183/184 Field.
Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented:Β
"The A-7 well has yielded a tremendous result for the CompanyΒ andΒ will be a commercial success. In proving up six sands weΒ have exceededΒ our initial expectations.Β Additionally,Β theΒ successΒ of the A-7Β wellΒ has opened several new avenues forΒ exploitationΒ and explorationΒ in theΒ EugeneΒ IslandΒ 183/184Β field. Beginning with theΒ planning,Β executionΒ and completionΒ of theΒ short sidetrack of the A-7 well, our technical team will continueΒ work to identifyΒ the most efficientΒ field developmentΒ programmeΒ to recoverΒ reservesΒ identified byΒ this well."Β
20 June 2008
For further information:
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Leed Petroleum PLC |
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Howard Wilson, President and Chief Executive |
+1 337 314 0700 |
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James Slatten, Chief Operating Officer |
+1 337 314 0700 |
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Matrix Corporate Capital LLP |
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Alastair Stratton |
+44 20 3206 7204Β |
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Tim Graham |
+44 20 3206 7206Β |
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Pelham Public Relations |
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Alisdair Haythornthwaite |
+44 20 7743 6676 |
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Evgeniy Chuikov |
+44 20 3008 5506 |
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NOTES TO EDITORS
Review by a qualified person
The information contained in this announcement has been reviewedΒ and approvedΒ byΒ Chris Thompson, Manager of Business Development at the Company, BSC GradDip, who is a reservoir engineer (SPE) with over 15 years experience within the sector.
Operations
Leed Petroleum PLC is an AIMΒ quotedΒ independent oil and gas exploration and production company. The Company's operations are concentrated in theΒ Gulf of MexicoΒ region where Leed has established a significant portfolio of producing and development assets. The Company has interests in 16 offshoreΒ fields andΒ oneΒ onshore field in the region.
Leed's strategy is to grow the Company's portfolio through organic development of its existing assets andΒ toΒ utilise its regional expertiseΒ toΒ identify and purchaseΒ value adding assets.
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