20th Mar 2008 07:01
Leed Petroleum PLC20 March 2008 LEED PETROLEUM PLC "Leed" or "the Company" Successful Participation in MMS Lease Sale Leed Petroleum PLC, the oil and gas exploration and production company focusedon the Gulf of Mexico, today announces that the Company has been confirmed asthe highest bidder on two leases in the Minerals Management Service ("MMS")Central Gulf of Mexico Lease Sale 206. The MMS has confirmed that Leed was the highest bidder on South Marsh IslandBlock 8 and West Cameron Block 106. Final award of these leases is subject to ageological review by the MMS to confirm adequacy of the bid amounts. In previouslease sales, MMS reviews have been completed within approximately four months ofthe sale, and the Company expects to receive approval of its bids. A furtherannouncement will be made by Leed in due course. The Company placed bids of US$2,111,111 for South Marsh Island Block 8 andUS$1,288,888 for West Cameron Block 106. In accordance with the Company's pre-existing scouting agreement with ByronEnergy Pty. Ltd ("Byron"), Byron will have the right to acquire up to 25% of theCompany's working interest in these blocks. Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented: "We are delighted to have been confirmed as the highest bidder on the top twoleases that we ranked as the most promising of the blocks reviewed during theCompany's selection process. This is another great result for the Company inwhat continues to be a competitive bidding environment". 20 March 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 3234Tim 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 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 ExchangeRelated Shares:
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