5th Oct 2007 07:00
Leed Petroleum PLC05 October 2007 LEED PETROLEUM PLC ("Leed" or the "Company") Successful Participation in MMS Lease Sale London, 5 October 2007 - Leed Petroleum PLC, an oil and gas exploration andproduction company focused on the Gulf of Mexico, today announces that theCompany has been confirmed as highest bidder on two leases in the Central Gulfof Mexico Mineral Management Services ("MMS") Lease Sale 205. The MMS has confirmed that Leed was the highest bidder on Ship Shoal Block 201and Main Pass Block 115. Final award of these leases is subject to a geologicalreview by the MMS to confirm adequacy of the bid amounts. In previous leasesales, MMS reviews have been completed within approximately four months of thesale and the Company expects to receive approval of its bids. A furtherannouncement will be made by Leed in due course. Ship Shoal Block 201 in particular attracted significant interest and was a verycompetitive block. The Company placed bids of US$1.57m for Ship Shoal Block 201and US$0.23m for Main Pass Block 115. 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 both blocks. Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented: "Our team, working with Byron, investigated numerous lease block opportunitiesavailable for sale to find blocks that we believed could create significantshareholder value. We were the highest bidder on two of these blocks, includingthe promising Ship Shoal 201 block, in what was a very competitive lease sale.This is an excellent result. These assets compliment our existing portfolio andfit into our growth strategy of increasing production and shareholder valuethrough the drilling of lower risk exploitation, exploration and developmentopportunities." Enquiries:Leed Petroleum PLC +1 337 314 0700Howard Wilson, Chief Executive 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 three subsidiaries3/4LPUS Inc., LPH LLC and LP LLC.Through LP LLC, the Group holds operating interests in Eugene Island Block 183and the southern half of Eugene Island Block 184, the Grand Isle Assets, theSouth Marsh Island Assets, the Sorrento Field Asset and the Ship Shoal Asset aswell as non-operating interests in the East Cameron Assets, the Main Pass Assetsand Eugene Island Block 172 and the northern half of Eugene Island Block 184. The Eugene 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. Information contained in this announcement may include "forward-lookingstatements" which are based on current expectations and assumptions and involveknown and unknown risks and uncertainties that could cause actual results,performance or events to differ materially from those expressed or implied insuch statements. It is believed that the expectations reflected in thesestatements are reasonable, but they may be affected by a number of variableswhich could cause actual results or trends to differ materially. Eachforward-looking statement speaks only as of the date of this announcement.Except as required by the AIM Rules, the London Stock Exchange or by law, theCompany disclaims any obligation or undertaking to release publicly any updatesor revisions to any forward-looking statements contained herein to reflect anychange in the Company's expectations with regard thereto or any change inevents, conditions or circumstances on which any such statement is based. Information contained in this announcement cannot be relied upon as a guide tofuture performance. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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