25th Feb 2009 07:00
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For immediate release |
25 February 2009 |
Leed Petroleum PLC
("Leed" or the "Company")
Eugene Island A-6 Well Recompletion
Total field production increased 20% to approximately 6,000 boepd (gross)
Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, today announces the results of the A-6 well recompletion for the Eugene Island field.
The Eugene Island A-6 well has been successfully recompleted as a long term producer from the well's primary zone. This zone commenced testing on 16 February 2009 and, following a clean-up period, has consistently flowed to sales at a stable restricted rate of 1,750 boepd. Immediately, prior to recompletion, the A-6 well was flowing at approximately 500 boepd. The Company has also now completed the upgrade of platform water handling facilities.
Field production is currently stable at 6,000 boepd gross (4,500 boepd on a working interest basis) with all three recently drilled wells contributing significantly.
Howard Wilson, President and Chief Executive of Leed, commented:
"Production from the newly recompleted Eugene Island A-6 well concludes the Company's near term work programme for the Eugene Island field. The three successful wells have had a major impact on the Company's reserves and should make substantial contributions to the Company's revenue stream for years to come. When compared to the field's production rate at the time of admission to AIM of 360 boepd, the current rate demonstrates the tremendous success the Company has achieved thus far."
For further information:
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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 |
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Alastair Stratton |
+44 20 3206 7204 |
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Tim Graham |
+44 20 3206 7206 |
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Buchanan Communications Ltd |
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Ben Willey |
+44 20 7466 5118 |
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Bobby Morse |
+44 20 7466 5151 |
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Chris McMahon |
+44 20 7466 5156 |
Notes to Editors:
Review by a qualified person
The information contained in this announcement has been reviewed and approved by Chris Thompson, Manager of Business Development at the Company, BSC GradDip, who is a reservoir engineer (SPE) with over 16 years experience within the sector.
Operations
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 fields and one onshore field in the region.
Leed's strategy is to grow the Company's portfolio through organic development of its existing assets and to utilise its regional expertise to identify and purchase value adding assets.
Glossary
boepd - barrels of oil equivalent per day, calculated on the basis of one thousand cubic feet of gas equals one barrel of oil
Related Shares:
Leed Resources