Leed Resources Regulatory News (LDP)

8 Nov 2007 07:03

Leed Petroleum PLC08 November 2007 LEED PETROLEUM PLC ("Leed" or the "Company") Completion of Management Incentive Arrangements and Update to Total Voting Rights London, 8 November 2007 - Leed Petroleum PLC, the oil and gas exploration andproduction company focused on the Gulf of Mexico, today published notice of itsannual general meeting ("AGM"), to take place on 4 December 2007. A copy of thenotice can be found on the Company's website at www.leedpetroleum.com The letter from the Chairman, attached to the notice of AGM, providesinformation on matters to be considered at the AGM. As explained under thesection headed "Resolution 7 (Completion of Management Incentive Arrangements)",the process by which the 17 employees (including two directors, Howard Wilsonand James Slatten) ("Employees") were to have been granted Ordinary Shares underthe Management Incentive Arrangements entered into prior to the admission of theCompany's shares to trading on AIM, was ineffective. In order for thissituation to be rectified, shareholders are being asked to consider and, ifthought fit, pass Resolution 7 at the AGM, which is being proposed as anordinary resolution (requiring approval by 50 per cent. of those shareholdersvoting). The Company has received irrevocable undertakings to vote in favour ofall resolutions to be proposed at the AGM from shareholders holding 124,463,131Ordinary Shares, representing, in aggregate, approximately 51.8 per cent. of thecurrently issued ordinary share capital. Until such time as the requisite resolution is approved by shareholders at theAGM and the relevant shares issued immediately thereafter, the Company will have240,210,405 Ordinary Shares in issue (rather than 251,020,767) and until thenHoward Wilson and James Slatten will each hold 53,491 Ordinary Shares. Following approval of Resolution 7 to be proposed at the AGM and the immediateissue of the relevant shares, the Company will have 251,020,767 Ordinary Sharesin issue and Howard Wilson and James Slatten will each hold 3,296,600 OrdinaryShares, as set out in the Company's AIM admission document. Enquiries:Leed Petroleum PLCHoward Wilson, Chief Executive Officer +1 337 278 9120 James Slatten, Chief Operating Officer +1 337 257 5796 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'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