Leed Resources Regulatory News (LDP)

10 Apr 2008 09:49

Leed Petroleum PLC10 April 2008 Leed Petroleum PLC ("Leed" or the "Company") Eugene Island Well Completion and Flow Test Leed Petroleum PLC, the oil and gas exploration and production company focusedon the Gulf of Mexico, today announces the successful well completion and flowtesting of the Eugene Island A-6 well. The Company has successfully perforated and commenced production from the deeperof the two commercial zones intersected by the well. Following an initial 21hour clean-up flow period, this deeper zone, which had 51 feet of true verticalthickness net pay, was tested to sales over a 4.5 hour period through a 12/64"choke at a stable restricted rate of 6.168 MMCFD and 1,146 BOPD with 0 BWPD witha flowing tubing pressure of 8,513 psia. After the drilling rig is repositioned in preparation to drill the Eugene IslandA-7 well, the Company plans to return the A-6 well to production and conductongoing well testing to determine the optimum long-term production flow rate forthe well. Howard Wilson, President and Chief Executive of Leed, commented: "Commencement of production from the Eugene Island A-6 well is a verysignificant milestone for the Company. Results of the well have proven that ourexploration concepts for the property are valid and have lowered the riskprofile of additional prospects in the field, which we intend to pursue.Production from the well is significant and will greatly increase Companyrevenues, particularly in light of the continued high price environment. We aremoving to spud the very promising Eugene Island A-7 well in the coming days. " 10 April 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 3300 Pelham Public RelationsAlisdair Haythornthwaite +44 20 7743 6676Evgeniy Chuikov +44 20 3008 5506 NOTES TO EDITORS Review by a qualified person 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. Glossary MMCFD - million cubic feet of gas produced per day BOPD - barrels of oil produced per day BWPD - barrels of water produced per day psia - pounds per square inch absolute Operations Leed Petroleum PLC is an AIM quoted independent oil and gas exploration andproduction company. The Company's operations are concentrated in the Gulf ofMexico region where Leed has established a significant portfolio of producingand development assets. The Company has interests in 15 offshore fields and 1onshore field in the region. Leed's strategy is to grow the Company's portfolio through organic developmentof its existing assets and to utilise its regional expertise to identify andpurchase value adding assets. This information is provided by RNS The company news service from the London Stock Exchange