28th Feb 2008 07:01
Leed Petroleum PLC28 February 2008 Leed Petroleum PLC ("Leed" or the "Company") Drilling Update Leed Petroleum PLC, the oil and gas exploration and production company focusedon the Gulf of Mexico, announces the successful drilling of the secondary targetzone on the Eugene Island A-6 development well, which was spudded on 16September 2007. Analysis of the well logs acquired over the secondary target zone indicate aproductive gas reservoir has been encountered with approximately 51 ft of truevertical thickness pay. The encouraging results for the secondary objective are in addition to thesuccessful drilling of the primary target, which was announced on 7 February2008. The secondary objective is a new discovery and until further analysis hasbeen carried out, the Company is not in a position to estimate any reservesattributable to this zone. The well has reached a measured depth of 15,876 feet and drilling continuesahead to the third and final target zone. On completion of the drilling, Leedwill case the remaining section of the A-6 development well and carry outproduction tests to determine flow rates. The refurbishment of existingfacilities to accommodate production from the well is in the final stages andthe Company expects to begin producing hydrocarbons shortly after wellcompletion. 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 Petroleum PLC, commented: "We are very pleased with the discovery at our secondary target and continue todrill ahead to test our final exploratory zone. Re-commissioning of theexisting production facilities is nearly finished and production from this wellis expected to occur shortly after well completion." The information contained in this announcement has been reviewed and approved byChris Thompson, Manager of Business Development at the Company who is areservoir engineer (SPE) with over 15 years experience within the sector. 28 February 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 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 16 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 ExchangeRelated Shares:
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