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23 Apr 2010 07:00
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For immediate release |
23 April 2010 |
Leed Petroleum PLC
("Leed" or the "Company")
Leasehold Update
Successful Participation in MMS Lease Sale 213 - Leed awarded new lease
Further to its announcement on 18 March 2010, Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focussed on the Gulf of Mexico, today announces that the Company has been awarded the Grand Isle block 96 lease in the Central Gulf of Mexico Minerals Management Services ("MMS") Lease Sale 213, having received all necessary MMS approvals.
The Company bid US$427,699 for the block which is adjacent to the Company's Grand Isle 95 and 100 blocks. On 13 April 2010, the MMS confirmed acceptance of Leed's bid.
Leed will own a 100% working interest and a 79.75 % net revenue interest in the block. The lease will be held for an initial five year "primary" term during which the Company has the right to explore and produce hydrocarbons and for as long thereafter as production in commercial quantities is extracted from the lease. The Grand Isle field is located approximately 100 miles south of New Orleans, Louisiana in 200 feet of water.
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ASSET (All are U.S.) |
OPERATOR |
INTEREST WI / NRI (%) |
STATUS |
LEASE EXPIRY DATE |
LEASE AREA (km2) |
COMMENTS |
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Grand Isle Block 96 |
Leed Petroleum LLC |
100/79.75 |
Exploration |
To be determined |
20.23 |
New lease acquired in MMS Central Gulf Lease Sale # 213 |
Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented:
"The award of Grand Isle 96 Block increases Leed's inventory to 17 blocks in the Gulf of Mexico. The addition of this block, which is adjacent to Grand Isle blocks 95 and 100, will compliment the Company's development plans for the Grand Isle area and add substantial upside potential."
For further information please contact:
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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 (Nominated Adviser & Joint Broker) |
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Alastair Stratton |
+44 20 3206 7204 |
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Tim Graham |
+44 20 3206 7206 |
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Brewin Dolphin (Joint Broker) |
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Alexander Dewar |
+44 131 529 0276 |
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Buchanan Communications Ltd |
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Tim Thompson |
+44 20 7466 5126 |
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Chris McMahon |
+44 20 7466 5156 |
Note to Editors
Leed Petroleum PLC is an AIM quoted independent oil and gas exploration and production company. The Company's operations are concentrated in the Gulf of Mexico region where Leed has established a significant portfolio of producing and development assets. The Company has interests in 17 offshore blocks and 1 onshore field in the region.
Leed's strategy is to grow the Company's portfolio through organic development of its existing assets and to utilize its regional expertise to identify and purchase value adding assets.
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