Leed Resources Regulatory News (LDP)

8 Jan 2008 07:00

Leed Petroleum PLC08 January 2008 Leed Petroleum PLC ("Leed" or the "Company") Drilling update Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and productioncompany focused on the Gulf of Mexico, announces an update on the drilling ofthe the Eugene Island A-6 development well, which was spudded on 16 September2007. The well has penetrated the sandstone of the primary target at a measured depthof 15,112 feet, continues to be drilled beyond the primary target and currentlystands at a measured depth of 15,612 feet. The Company has completed gamma ray/resistivity logs on the primary target sand which, in conjunction withhydrocarbon shows from the primary target sand, provide the Company withcompelling evidence that the primary target sand will be commercially productiveand should exceed pre-drill expectations. In order to penetrate additionalexploratory zones without risking the integrity of the primary target sand, theCompany is currently sidetracking and casing the well. It is emphasised that until full logging of the primary target sand iscompleted, no final conclusions can be drawn. Further announcements will be made at the appropriate time. The Eugene Island Blocks are located 50 miles offshore, south of Morgan City,Louisiana, in the Gulf of Mexico, in approximately 80 feet of water. Leed'smanagement team has built an inventory of development projects and explorationtargets across the Eugene Island Block 183/184 field. Howard Wilson, President and Chief Executive of Leed, commented: "The evidence of the presence of commercial hydrocarbons in the primaryobjective of our first well in the drilling programme is an excellent resulteven though the well has been challenging to drill. Whilst we remain optimisticthat we will find additional hydrocarbon deposits in the deeper sections of thewell, the presence of hydrocarbons in our primary target should make thisdrilling project a commercial success. " The information contained in this announcement has been reviewed and approved byChris Thompson, Manager of Business Development at the Company, BSC GradDip, whois a reservoir engineer (SPE) with over 15 years experience within the sector. 8 January 2008 For further information: Leed Petroleum PLCHoward Wilson, President and Chief Executive +1 337 314 0700James Slatten, Chief Operating Officer +1 337 314 0700 Matrix Corporate Capital LLPAlastair Stratton +44 20 7925 3300Tim Graham +44 20 7925 7852 Pelham Public RelationsAlisdair Haythornthwaite +44 20 7743 6676Evgeniy Chuikov +44 20 3008 5506 NOTES TO EDITORS Operations Leed's operations are predominantly concentrated in the Gulf of Mexico. TheCompany operates through two subsidiaries3/4LP Inc. and LP LLC. Through LP LLC,the Group holds operating interests in Eugene Island Block 183 and the southernhalf of Eugene Island Block 184, the Grand Isle Assets, the South Marsh IslandAssets, the Sorrento Field Asset and the Ship Shoal Asset as well asnon-operating interests in the East Cameron Assets, the Main Pass Assets andEugene Island Block 172 and the northern half of Eugene Island Block 184. TheEugene Island Assets (other than Block 172), the East Cameron Assets and theMain Pass Assets are producing fields located off the coast of the state ofLouisiana in the Gulf of Mexico. This information is provided by RNS The company news service from the London Stock Exchange