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3 Jul 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
As announcedΒ by the CompanyΒ onΒ 20 June 2008,Β after drilling of the original wellbore was completed,Β electric line logs confirmedΒ the existence ofΒ sixΒ sands containing a total ofΒ 125Β feet ofΒ true vertical thickness pay.Β The wellΒ has now beenΒ sidetrackedΒ through four of the six sands encountered in the original wellboreΒ toΒ aΒ measuredΒ depth of 15,396Β feet.Β Logging operationsΒ in the sidetracked portion of the wellboreΒ haveΒ been performed andΒ confirmΒ 124Β feet of true vertical thickness ofΒ pay inΒ theΒ fourΒ sands,Β which isΒ 56Β feetΒ more thanΒ that encountered inΒ the original wellbore.Β Accordingly, in total, the Eugene Island A-7 well hasΒ 181Β feet of true vertical thickness of pay inΒ all sixΒ pay sands.
With drilling now concluded, theΒ Company is working onΒ casing andΒ completing theΒ Eugene Island A-7Β well for production fromΒ one of the primaryΒ targets,Β which hasΒ 41Β feet of true vertical thickness pay. The first sale of production from this zone is expected to occurΒ during thisΒ quarterΒ ofΒ 2008.
Upon establishment of production from the A-7 well, Leed intends to use the Ensco 98 drilling rig atΒ EugeneΒ IslandΒ to drill the A-8 well.Β
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 sidetrack of the A-7 well has beenΒ a greatΒ commercial successΒ and should addΒ substantial reservesΒ andΒ materially increase Leed's daily production rate once brought on streamΒ during this quater. Not only did theΒ A-7 wellΒ exceed our expectations in each of the two primary objectives, it found commercial reserves in four additional zones. With these results, our technical team isΒ now working diligently to incorporate furtherΒ low riskΒ development projectsΒ from this fieldΒ into ourΒ near-termΒ drilling programme".Β
3Β JulyΒ 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 reviewed and approved 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 productionΒ 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 inΒ 17Β 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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