Leed Resources Regulatory News (LDP)

28 Aug 2007 07:02

Leed Petroleum PLC28 August 2007 LEED PETROLEUM PLC ("Leed" or the "Company") RIG CONTRACT London, 28 August 2007 - Leed Petroleum PLC, an oil and gas exploration andproduction company focused on the Gulf of Mexico, today announces that theCompany has signed a contract with Ensco Offshore Company for the use of Rig 98for a multiple well drilling programme, first commencing at Eugene Island Blocks183 and 184. Leed is operator of Block 183 and the South Half of Block 184.. Itis anticipated that this drilling programme will commence by the end ofSeptember 2007. Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented: "At the time of the Company's listing on the AIM market of the London StockExchange, Leed stated its intention to focus on the development and exploitationof its Gulf of Mexico portfolio, commencing with the opportunities the Companyhas at Eugene Island Blocks 183 and 184. I am pleased that we have taken thefirst steps to develop our non-producing reserves at Eugene Island by securingthe rig contract. We plan to commence drilling operations in September" Enquiries:Leed Petroleum PLC +1 337 314 0700Howard Wilson, Chief Executive Matrix Corporate Capital LLP +44 20 7925 3300Alastair StrattonTim Graham Pelham Public RelationsAlisdair Haythornthwaite +44 20 7743 6676Evgeniy Chuikov +44 20 3008 5506 NOTES TO EDITORS Operations Leed operations are predominantly concentrated in the Gulf of Mexico. TheCompany operates through three subsidiaries3/4LPUS Inc., LPH LLC and LP LLC.Through LP LLC, the Group holds operating interests in Eugene Island Block 183and the southern half of Eugene Island Block 184, the Grand Isle Assets, theSouth Marsh Island Assets, the Sorrento Field Asset and the Ship Shoal Asset aswell as non-operating interests in the East Cameron Assets, the Main Pass Assetsand Eugene Island Block 172 and the northern half of Eugene Island Block 184. The Eugene 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. Reserves Base Leed has built a portfolio of producing and prospective assets primarily locatedin the Gulf of Mexico which are estimated by Collarini Associates to have, netto Leed, 4,011mbbls of proven and probable reserves of oil and liquids and70,671mmcf of proven and probable reserves of gas. The Company's stated reserves for the Assets, prepared in accordance withSociety of Petroleum Engineers guidelines, as at 1 June 2007 are set out below: Gross Net Attributable(all figures in Mbls or Proved Proved & Proved, Proved Proved & Proved,MMCF) Probable Probable & Probable Probable & Possible PossibleTotal for Oil & Liquids 3,680 11,166 25,823 1,133 4,011 10,493Total for Gas 87,502 178,477 615,203 29,882 70,671 257,184 Source: Collarini Associates, Competent Persons Report The information contained in this announcement has been reviewed by MitchellReece, Vice President, Collarini Associates. Mr. Reece has a B.S. in PetroleumEngineering, is a registered professional engineer in the state of Texas and amember of the Society of Petroleum Evaluation Engineers, Society of PetroleumEngineers and the American Petroleum Institute. Information contained in this announcement may include "forward-lookingstatements" which are based on current expectations and assumptions and involveknown and unknown risks and uncertainties that could cause actual results,performance or events to differ materially from those expressed or implied insuch statements. It is believed that the expectations reflected in thesestatements are reasonable, but they may be affected by a number of variableswhich could cause actual results or trends to differ materially. Eachforward-looking statement speaks only as of the date of this announcement.Except as required by the AIM Rules, the London Stock Exchange or by law, theCompany disclaims any obligation or undertaking to release publicly any updatesor revisions to any forward-looking statements contained herein to reflect anychange in the Company's expectations with regard thereto or any change inevents, conditions or circumstances on which any such statement is based. Information contained in this announcement cannot be relied upon as a guide tofuture performance. This information is provided by RNS The company news service from the London Stock Exchange