9th Oct 2008 12:32
LENI GAS & OIL Plc
("LGO" or "The Company")
9 October, 2008
Operations Update - Gulf of Mexico
Leni Gas & Oil Plc, the oil & gas exploration, development and production company, notes today's Operational Update by Leed Petroleum ("LDP") stating that the Eugene Island A-8 well was spudded on 6 October 2008. It has also today been announced that, further to the announcement
made on 6 October 2008, the Eugene Island A-7 well has commenced commercial production.
The Eugene Island acreage is operated by Leed Petroleum, in which LGO has an indirect interest through its 28.94% holding in Byron Energy Pty Ltd ("Byron"). Byron has a 25% Working Interest in both Eugene Island Blocks 183 and the southern half of Block 184 (Net Revenue Interest up to 20.83% in Block 183 and 19.17% in the southern half of Block 184), including the Eugene Island 184A platform and production facilities. Byron has also a 12.5% Working Interest (Net Revenue Interest 9.58%) in the northern half Eugene Island Block 184 and 10.37% Working Interest (Net Revenue Interest 8.64%) in Eugene Island Block 172, excluding the Eugene Island 172 producing reserves and platform.
Commenting on the news, David Lenigas, Executive Chairman of Leni Gas & Oil, said;
"Today's news from both the A-7 and A-8 wells marks further extremely positive developments on the Eugene Island acreage."
Enquiries:
Leni Gas & Oil PLC
David Lenigas, Executive Chairman
Tel +44 (0) 20 7016 5100
Beaumont Cornish Limited
Roland Cornish
Rosalind Hill Abrahams
Tel +44 (0) 20 7628 3396
Pelham PR
Mark Antelme
Tel + 44 (0)20 3178 6242
Henry Lerwill
Tel +44 (0)20 3178 6240
Leed Petroleum PLC today announced the following:
Leed Petroleum PLC
("Leed" or the "Company")
Operational Update
Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, is pleased to announce the Eugene Island A-8 well was spudded on 6 October 2008.
The A8 well will target a superior "take-point" from the exploration target discovered by, and currently producing through, the A-6 well and will also test one exploratory zone. The A-8 well is expected to reach total depth in the first quarter of 2009 and results will be announced in due course.
The Company is also pleased to confirm that further to the announcement made on 6 October 2008, the Eugene Island A-7 well has commenced commercial production.
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's management has built an inventory of development projects and exploration targets across the Eugene Island Block 183/184 Field.
Howard Wilson, President and Chief Executive of Leed, commented:
"Spudding of the A-8 well reflects the success to date of the Eugene Island drilling programme. This well will develop and expand on reserves encountered in the A-6 well and will also test one exploratory objective. Production rates from the A-7 well are substantial and we expect this to make a significant contribution to Leed's future financial performance".
Notes to editors
Leni Gas & Oil Plc is an international oil and gas exploration, development and production company headquartered in London, trading on the London Stock Exchange's AIM index. The Company has assets in the US Gulf of Mexico, Spain, Trinidad, Hungary and Malta. LGO's strategy is delivering growth through the acquisition of proven reserves and the enhancement of producing assets in low risk countries.
Leed Petroleum PLC is an AIM quoted independent oil and gas exploration and production company. The Company's operations are concentrated in the US Gulf of Mexico and Onshore where Leed has established a significant portfolio of producing and development assets. The Company has interests in 17 offshore fields and one onshore field. Leed's strategy is to grow the Company's portfolio through organic development of its existing assets and to utilise its regional experience to identify and purchase value adding assets.
Byron is a private Australian company, incorporated in 2005. Since its incorporation, Byron has operated as an oil & gas exploration, development and production company focused on opportunities in the Gulf of Mexico and the USA
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