1 April 2008	Oil & Liquids (mmbbls)	Gas (bcf)	Total (mmboe)
1P Reserves	3.85	47.2	11.7
2P Reserves	7.87	97.22	24.1
3P Reserves	16.25	322.39	70.0

The next independent reserve report is expected to be published by 31 March 2009

Asset Summary

Operations Map

Oil Price

Assets:Eugene Island (blocks 172, 183, 184)A-6 well flowing at 498 boepd (374 boepd working interest). Awaiting recompletion from primary zone during Q1 2009. A-7 well flowing at 2177 boepd (1623 boepd working interest). Well originally tested at approx 4000 boepd, but water level have been increasing. A-8 well flowing at 2557 boepd (1918 boepd working interest).Grand Isle (blocks 95, 100) Assessing seismic data, finalising well plansShip Shoal (block 201) Commencing operations during 2009. Fast tracking drill of wells 1 and 2.South Marsh Island (blocks 5, 6) Block 6 due to be drilled in first half of 2009. Installing platform and pipeline.Sorrento Dome Drilling plans finalised. Seeking drilling rig for well 13-1. LDP news - RSS Feed

Good drilling update announced today:

=========================================

Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, announces an update on the drilling of the the Eugene Island A-6 development well, which was spudded on 16 September 2007.

The well has penetrated the sandstone of the primary target at a measured depth of 15,112 feet, continues to be drilled beyond the primary target and currently stands at a measured depth of 15,612 feet. The Company has completed gamma ray/resistivity logs on the primary target sand which, in conjunction with hydrocarbon shows from the primary target sand, provide the Company with compelling evidence that the primary target sand will be commercially productive and should exceed pre-drill expectations. In order to penetrate additional exploratory zones without risking the integrity of the primary target sand, the Company is currently sidetracking and casing the well.

It is emphasised that until full logging of the primary target sand is completed, no final conclusions can be drawn.

Further announcements will be made at the appropriate time.

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 team 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:

'The evidence of the presence of commercial hydrocarbons in the primary objective of our first well in the drilling programme is an excellent result even though the well has been challenging to drill. Whilst we remain optimistic that we will find additional hydrocarbon deposits in the deeper sections of the well, the presence of hydrocarbons in our primary target should make this drilling project a commercial success. '

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 15 years experience within the sector.

"Further announcements will be made at the appropriate time."
Any idea on the estimated time, please?

They don't specify exactly when that announcement would be. In their short time on AIM, Leed have been releasing newsworthy updates roughly every month. Progress at A-6 seems to be good, so next update could be before the end of this month.

Additionally, Leed have production assets which generate ongoing income, so there may be an update regarding their status.

Quote from Robert Adair, Leed Chairman:

"The acquisition of the Eugene Island properties brought production and additional cash flow to the Company, in addition to high quality exploration prospects with major upside. The Eugene Island 183 A-6 well, which was spudded on 16 September, is the first step in unlocking that potential. If successful, the well is expected to significantly grow the Company's production and profitability and will be the first of several wells in the field."

I didn't know if you had an idea how long the "full logging of the primary target sand" is likely to take to complete.

Not sure. I'm looking through Leed's plans to see what tasks they have which may take place prior to the logging. Once the logging is underway, it shouldn't take long to complete or analyse.

Update: I can't find any specifics on the logging, however In the update of 4 Dec, LDP said:
"The drilling results of the Eugene Island 183 A-6 well are expected in the near future. If this well is successful, it is expected that the Company will experience significant reserve growth and production will increase both substantially and in the near term. Facilities are already in place to handle any production. Assuming a successful first well and dependent on test results, Leed will likely perform additional drilling at Eugene Island to further define the extent of reservoirs, to accelerate production or to evaluate other prospects."

Coverage on Energy Current: http://www.energycurrent.com/index.php?id=2&storyid=7966

... and on Sharecast: http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=1841272

Yesterday's announcement noted in The Times: "Leed Petroleum edged up 1.25p to 37p after it said that drilling in its Bay of Mexico field showed strong evidence of oil. The shares had been hit by delays in the drilling programme."

Up 5% this morning.

Largest volumes since October. Second largest volumes since listing.

ValueMax;
Looks very impressive.
Theirs a statement, "and should exceed pre drill expectations",now that sounds
exciting. The depth of the well and time taken suggests a very expensive hole,so from that statement i would expect if it turns out to be correct ,it will be quite a
significant amount of oil?
Now i've tried in vain, to discover what the pre drill expectations were,so could you help on this point please?
tia
cyril

On Leed Petroleum's website, you can get access to the admission document.

For the Eugene Island blocks, Leed state:
=====================================
The company's net attributable proved and probable reserves total 24.5 BCFE at Eugene Island. Total proved reserves of 960 MBO and 3,371 MMCF are estimated, by Collarini, to remain, as of June 1, 2007. Of these, 396 MBO and 429 MMCF are proved producing, 33 MBO and 36 MMMCF are proved behind pipe, and 531 MBO and 2,906 MMCF are proved undeveloped. In addition, there are 2,434 MBO and 16,729 MMCF of probable reserves, and 6,546 MMBO and 118,450 MMCF of possible reserves. The reserves were determined by pore-volume and performance analysis. Details by reservoir are located in the appendix. The expected life of the proved reserves, based on current economic projections, is over 8 years. The expected life for all reserve categories combined is over 16 years.
==============================================

... and for block 183, well A-6, the estimated values from the admission document are: 1196Mbbl and 7056MMcf.

... so if they can prove those values from A-6, the total proved reserves of gas will treble and the total proved reserves of oil will double.

If they exceed them, then even better.

Max thanks, very positive reading, looks a good punt to me.
cyril

Me too. Good to have production already - this will limit any downside - plus good potential from the exploration.

I'm planning to add a summary of all LDP's assets to the header, similar to the IPL thread, but there are so many I've not had time to do it yet!

I managed to access the admission document yesterday, i was going to read over the weekend,unfortunately tonight its coming up as a damaged file.
cyril

Did you buy some, Cyril?

Yes i bought a some not as many as i would have liked,had to sell others to
release funds. Doing very well this am, up over 12% at 41.25p,news shouldn't
be to far off now?
cyril

Flying now, up over 17% to 43p.
cyril

It's up a lot today. I've not seen any new news or tips. Not sure what has prompted the sudden rise.

Max i can only think that its a week since the last RNS and perhaps logging
results due in the very near future?
cyril

The 15% rise here today relates to a whole lot more against the general market.
Along with OEX +3%, 2 of the few to end up blue, slightly surprised DGO lost a
little ground late on,due i expect to profit taking in dodgy times?
cyril

Dropped back to a touch under 40p today. Hopefully results from A-6 next week.

http://www.investegate.co.uk/Article.aspx?id=200801280701156289M
cyril

$0.23m !!! Cheap as chips. If I'd known the blocks were that cheap, I might have had a go myself! I wonder if the value reflects the risk?

Leed to acquire Challenger Minerals interested in Main Pass.
http://www.investegate.co.uk/Article.aspx?id=200801301540588950M

"The Company's management team knows the Main Pass area very well. This is a
solid, low risk acquisition that, upon completion, will immediately increase the
Company's revenues and reserves."

Positive update on A-6 well

"Initial results of the well exceed the Company's expectations and provide the potential for reserves upgrades."

"Analysis of the logs indicates that the objective sand is thicker and of higher quality than the Company had expected prior to drilling. At the time of admission to AIM, the competent person, an independent reservoir engineering firm, credited the primary zone with 2P* reserves of 824 thousand barrels of oil and 4.8 billion cubic feet of gas. Based on the Company's evaluation of the logs, the Company's internal post-drill reserve estimate for the primary zone exceeds this by one third. Moreover, the Company believes that after the well has produced for a short time the Company's independent reserve auditor will move a substantial portion of the pre-drill estimated 2P* reserves into the 1P* category."

Leed are currently making preparations for production from A-6.

They are also preparing to test the deeper "highly prospective" zone in the same well

Odd trading patterns following the announcement. Spike on day chart caused by the offer briefly hitting 50p with 20% spread before settling back to normal.

Hi Max, almost posted this am my feeling it was about time for some news, but
refained. Missed this news as i was golfing, amazing that trading pattern.I'll be
interested to see how things pan out tomorrow?
cyril

http://www.investegate.co.uk/Article.aspx?id=200802080700415822N
cyril

Since this thread started, the news has been exclusively good with hints about more positive news to come, yet the SP has barely moved.

Today's news is again positive. Yesterday's was very important I feel and I'm surprised that there was no rise. Leed got a brief mention in today's Times, so maybe a few more buyers will prompt a rise today.

Leed Petroleum PLC
28 February 2008

Leed Petroleum PLC
('Leed' or the 'Company')

Drilling Update


Leed Petroleum PLC, the oil and gas exploration and production company focused
on the Gulf of Mexico, announces the successful drilling of the secondary target
zone on the Eugene Island A-6 development well, which was spudded on 16
September 2007.

Analysis of the well logs acquired over the secondary target zone indicate a
productive gas reservoir has been encountered with approximately 51 ft of true
vertical thickness pay.

The encouraging results for the secondary objective are in addition to the
successful drilling of the primary target, which was announced on 7 February
2008. The secondary objective is a new discovery and until further analysis has
been carried out, the Company is not in a position to estimate any reserves
attributable to this zone.

The well has reached a measured depth of 15,876 feet and drilling continues
ahead to the third and final target zone. On completion of the drilling, Leed
will case the remaining section of the A-6 development well and carry out
production tests to determine flow rates. The refurbishment of existing
facilities to accommodate production from the well is in the final stages and
the Company expects to begin producing hydrocarbons shortly after well
completion.

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 team 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 Petroleum PLC, commented:

'We are very pleased with the discovery at our secondary target and continue to
drill ahead to test our final exploratory zone. Re-commissioning of the
existing production facilities is nearly finished and production from this well
is expected to occur shortly after well completion.'

The information contained in this announcement has been reviewed and approved by
Chris Thompson, Manager of Business Development at the Company who is a
reservoir engineer (SPE) with over 15 years experience within the sector.

Max a very pleasing result, this lower level can be classed as a new field. Not
sure the total depth of this well, but hopefully by the end of March it will completed along with testing, and production will follow shortly afterwards.
cyril

Guardian: "On AIM, Leed Petroleum rose following a positive drilling report. The company said it had successfully drilled the secondary target zone on the Eugene Island A-6 well in the Gulf of Mexico. Leed continues drilling to penetrate the third target zone. The news helped Leed's shares climb 5p to 40.50p."

Times: "Leed Petroleum rose 5p to 40p on finding a second gas reservoir underneath the first one it found in the Gulf of Mexico. In a few weeks it will have drilled down to its third target and will start pumping the first reservoir."

In the world's best value investment mag, Shares Magazine (of course), there is an article on Leed Petroleum this week. Go and buy it!

Leeds Eugene Island find
Gulf of Mexico-focused Leed Petroleum (LDP:AIM) has made a gas discovery at its Eugene Island A-6 well.

The company announced that it had successfully drilled the secondary target on the well and, having reached a depth of 15,876 feet, drilling will now continue ahead to the third and final target zone.

CEO Howard says: 'The results, when we have them, will have a very positive impact on the company and should result in substantial additions to our reserve base. Recomissioning of existing production facilities is nearly finished and production is expected shortly after well completion.'

The share price slicked up around 14% to 40.5p in response to the update.

Leed Petroleum PLC
10 March 2008

Leed Petroleum PLC

('Leed' or the 'Company')



Drilling Update and Report on Future Drilling Activity


Leed Petroleum PLC, the oil and gas exploration and production company focused
on the Gulf of Mexico, announces the completion of drilling of the Eugene Island
A-6 development well.

This well targeted one development and two exploratory objectives. Previously,
the Company announced that commercial production was found in the development
and first exploratory objectives.

The second exploratory objective has now been logged. The logs indicate six
feet of (net) pay for this zone which will add only marginally to reserves. The
Company intends to conduct further study over the coming months to determine if
drilling another well to this same reservoir in search of thicker pay is
warranted.

Overall, the A-6 well is a substantial economic success. The Company estimates
that reserves from this well are more than double the pre-drill estimate
prepared by the competent person at the time of admission to AIM. At that time,
the competent person, an independent reservoir engineering firm, credited the
well with total (gross) 2P* reserves of 824 thousand barrels of oil and 4.8
billion cubic feet of gas.

The Company is working on completing the well for production from the first
exploratory target, log results from which indicate 51 ft of true vertical
thickness pay. The first sale of production from this zone is expected to occur
in April 2008.

Upon the establishment of production from the A-6 well, Leed intends to use the
drilling rig at Eugene Island to drill the A-7 well. This well will target two
primary pay zones in a separate fault block of the Eugene Island field.

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 team 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 Petroleum PLC, commented:
'We are very pleased by the results of our first well in the drilling programme.
The A-6 well is a significant commercial result, adding substantial new 2P
reserves and materially increasing Leed's daily production rate once brought on
stream in April.

Our drilling programme will now move to the even more promising Eugene Island
A-7 exploration well, which we are on track to spud in April this year.'



10 March 2008

Covered on Energy Current website.

http://www.investegate.co.uk/Article.aspx?id=200803130701089964P
cyril

Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented:

'We are pleased to have completed this acquisition, which incrementally adds to
our existing revenue and production base in the Main Pass field. This
acquisition will make a positive impact on our operating results and offers Leed
the opportunity to increase its interest in significant exploration potential
existing within the field.'

http://www.investegate.co.uk/Article.aspx?id=200803170703222181Q
cyril

Also this reserves update RNS

"The Company has announced previously that the A-6 well is a substantial economic success, and the Company can now confirm that 2P* audited reserves are more than three times the pre-drill estimate, as opposed to the more than two times the pre-drill estimate announced previously. Progress continues to be made on the completion of this well, and it is expected to begin producing in April 2008 at a rate of approximately 6 million cubic feet of gas and 600 barrels of oil per day."


Great stuff!

Upwards pressure building. Now up 4% today.

EnergyCurrent.com : "Leed's reserves at Eugene Island A-6 are three times estimate"

http://www.energycurrent.com/index.php?id=2&storyid=9479

I've added the schedule published in the last RNS to the header.

Leed are again covered in Shares Mag's Prospector section today.

A-6 tested successfully. Production has begun.

======================================

10 April 2008

Leed Petroleum PLC

('Leed' or the 'Company')

Eugene Island Well Completion and Flow Test


Leed Petroleum PLC, the oil and gas exploration and production company focused
on the Gulf of Mexico, today announces the successful well completion and flow
testing of the Eugene Island A-6 well.


The Company has successfully perforated and commenced production from the deeper
of the two commercial zones intersected by the well. Following an initial 21
hour clean-up flow period, this deeper zone, which had 51 feet of true vertical
thickness net pay, was tested to sales over a 4.5 hour period through a 12/64'
choke at a stable restricted rate of 6.168 MMCFD and 1,146 BOPD with 0 BWPD with
a flowing tubing pressure of 8,513 psia.


After the drilling rig is repositioned in preparation to drill the Eugene Island
A-7 well, the Company plans to return the A-6 well to production and conduct
ongoing well testing to determine the optimum long-term production flow rate for
the well.


Howard Wilson, President and Chief Executive of Leed, commented:


'Commencement of production from the Eugene Island A-6 well is a very
significant milestone for the Company. Results of the well have proven that our
exploration concepts for the property are valid and have lowered the risk
profile of additional prospects in the field, which we intend to pursue.
Production from the well is significant and will greatly increase Company
revenues, particularly in light of the continued high price environment. We are
moving to spud the very promising Eugene Island A-7 well in the coming days. '

From The Times:

======================

Leed Petroleum climbed 2p to 41p after completing its well in the Gulf of Mexico.
The well flowed at a rate that could double the companys overall oil production.
Matrix initiated coverage with a price target of 89p

======================

A-7 spudded on 17 April: http://www.investegate.co.uk/Article.aspx?id=200804180700436138S

Yes a deep well which will take quite a whila to drill,if successful then this will
turn out to one very cheap stock?
cyril
;max if you click on the chain link above the posting box you'll get,http://www.investegate.co.uk/Article.aspx?id=200804180700436138S

http://oilbarrel.com
Look for press releases.
Good write up and for me this undervalued i will increase my holdings as
funds become available.
cyril

It is worth knowing that S/Widows has over the last few months increased its
holdings from 8.5m to 10.1m an increase of 1.6m shares.
cyril

Drilling Update

RNS Number : 1353V
Leed Petroleum PLC
22 May 2008


Leed Petroleum PLC
("Leed" or the "Company")
Drilling Update
23 May 2008
Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announces an update on the drilling activity at the Eugene Island A-7 well.

The Eugene Island A-7 well was spudded on 17 April 2008 and as at 22 May 2008 had reached a measured depth of 13,958 ft. Drilling continues towards the development and exploration objectives and remains on schedule to reach total depth in the third quarter of 2008.

Electric line logs have confirmed that the Company encountered 34 feet of true vertical thickness pay while drilling the Eugene Island A-7 well. The Company had previously identified the formation as a zone of interest but it was not a primary objective of the well. The Company will continue to evaluate this sand as drilling continues toward the primary objectives.

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 Petroleum PLC, commented:

"We are pleased to have found pay in the A-7 well before reaching any of the targeted objectives, which offers potential further upside from the well. While the discovery of this zone is good news, drilling continues and we await the results of the more promising objectives at deeper depths."


For further information:

Leed Petroleum PLC
Howard Wilson, President and Chief Executive +1 337 314 0700
James Slatten, Chief Operating Officer +1 337 314 0700

Matrix Corporate Capital LLP
Alastair Stratton +44 20 7925 3300
Tim Graham +44 20 7925 7852

Pelham Public Relations
Alisdair Haythornthwaite +44 20 7743 6676
Evgeniy Chuikov +44 20 3008 5506

VMax thanks my link doesn't work?
cyril

For anyone looking for a oiler with lots of potential and in a safe country(USA)
here's an excellent and througher article by an experienced and well respected
investor in the section.
http://boards.fool.co.uk/Message.asp?mid=11071685
cyril

hi cyril

i bought at 48p when i saw the rise......another few k to help sp

should be news out soon

Have a look at AEX and the news there today.
Looks very cheap imo when compared with LDP.

Drilling update - 2 more zones found on A-7. :-)

Noticed that the excitables have piled in on ADVFN :-(

Yes - a very big group hug going on over on advfn (love that expression). Having topped up just yesterday, I'm feeling very smug right now.

Well done, Pond Life.

Up 30% today so you must be grinning from ear to ear!

u wrong then relishing after today......i'm up 18p after one day holding!!!!

Leed Petroleum is the "Oil & Gas Stock To Watch" in this week's shares mag. At time of printing, they have LDP as a buy at 44p - so well done to whoever authored that article.

its not often shares mag has a good tip......i dont even read it these days due to woeful tips a few years ago.....and that was when market was good

Hi everyone, just back on line having been off since Tuesday. What great news, 3
zones of over 80ft and still the primary objective to go, seems sometime next month is likely? Also of importance is the 2000bopd from Well-6 which gives us
some excellent revenue.
cyril

do u think sp will keep rising this month cyril? remember oil will go to 150$

Scot, market unsettled at this minute so until it quitens down who knows? I believe the result of the primary target(due next month) will have a lot of effect on the SP,fngers crossed but still a good company with some great assets and only
recently won at auction two more blocks.
cyril

good increase today......this should rise just on oil price alone

going even higher! come on cyril, smell the money

come on cyril.....stop working, its almost 5pm.....u must be about last british person working in uk, lol, haha.

sp hit 72p at 1 point but still a great day.....count your cash tonight cyril

Scot iv'e been out making the most of my retirement, on the golf course.
Nice to see the company bring noticed and with it the SP.
cyril

Another good day for Leed shareholders. I am planning to get the header updated with all the latest details but busy with work so could take a few days.

Well today gave a good example of that the market doesn't go up in a straight line,
proably a fair bit of profit taking. The importent thing to remember is the fundamentals are (more than) good, so keep faith and come the year end, just
rewards will be there?
aimho
cyril

jes, at this rate it will be 49p again prior to announcement....i was 72p at 1 point on monday, now its 60p only 2 days later....this share is volatile

I had hoped we might get a bit back today, but the persistent seller is still there in the background feeding the market with stock and selling into any strength.

http://www.oilvoice.com/n/Leed_Petrolium_Provides_Golf_of_Mexico_Drilling_Update/4569930f.aspx
cyril

"The Company (LDP) is planning to run casing to the current depth, and drill ahead to penetrate the primary objectives. Drilling remains on schedule to reach total depth in the third quarter of 2008."
Might see the sp drift a little now imo, until next drilling update. Tricky to know where the support level is for a top up.

its drifted 10p or more already/ it cant go much further as it will be a screaming buy

Scot i normally work on a 25/33% rerating after the hot money has left,think that
might be a little harsh but we could see something close to the mid 50's?
aimho
cyril

bit of good news to get this back up to 70p plus again

This is what i believe you mean?
http://www.investegate.co.uk/Article.aspx?id=200806171542479284W
cyril

http://www.investegate.co.uk/Article.aspx?id=200806200700031495X
Another cracking update.
cyril

This company is building a very nice portfolio of assets and in the coming months will imo see some excellent rewards via the SP.
http://www.investegate.co.uk/Article.aspx?id=200807010700129453X
cyril

Just cann't believe theirs so little interest in this company whose assets are in the US of A, "WHAT DO THEY HAVE TO DO" ?
This really is a great company in the making and will be adding to the 2000bopd,
"within this quarter".
cyril

RNS Number : 2062Y
Leed Petroleum PLC
03 July 2008

Drilling Update


Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announces an update on the drilling activity at the Eugene Island A-7 well.

As announced by the Company on 20 June 2008, after drilling of the original wellbore was completed, electric line logs confirmed the existence of six sands containing a total of 125 feet of true vertical thickness pay. The well has now been sidetracked through four of the six sands encountered in the original wellbore to a measured depth of 15,396 feet. Logging operations in the sidetracked portion of the wellbore have been performed and confirm 124 feet of true vertical thickness of pay in the four sands, which is 56 feet more than that encountered in the original wellbore. Accordingly, in total, the Eugene Island A-7 well has 181 feet of true vertical thickness of pay in all six pay sands.

With drilling now concluded, the Company is working on casing and completing the Eugene Island A-7 well for production from one of the primary targets, which has 41 feet of true vertical thickness pay. The first sale of production from this zone is expected to occur during this quarter of 2008.

Upon establishment of production from the A-7 well, Leed intends to use the Ensco 98 drilling rig at Eugene Island to drill the A-8 well.

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 Petroleum PLC, commented:

'The sidetrack of the A-7 well has been a great commercial success and should add substantial reserves and materially increase Leed's daily production rate once brought on stream during this quater. Not only did the A-7 well exceed our expectations in each of the two primary objectives, it found commercial reserves in four additional zones. With these results, our technical team is now working diligently to incorporate further low risk development projects from this field into our near-term drilling programme'.

Max i think our 6000bopd end of year is very very conservative considering this latest update?
Here's to a "gift horse"
aimho
cyril

It depends how A-8 goes. A-6 is producing around 2000, plus there are several other assets producing lesser amounts but totalling somewhere close to 1000. A-7 hopefully similar to A-6, so we could be at 5000 once it starts producing.

6000bopd certainly looks very achievable.

Also look out for significant reserve updates in the coming weeks.

And in other good news (for Leed), oil is now over $145:BBC News - Oil Prices Reach New Record High

I just couldn't resist and topped up a few more,this to me is a no brainer?
cyril

More good news from LDP. Pity this is such a bad, mad market or we would have been a lot higher by now.

The A D V F N site has thrown me off. So I moved over here. Same user name.

Would you care to tell us MAM posters the reason why, or best left alone?
Forewarned is forearmed & all that!!! :o)

Nil PD; Welcome, nothing to serious i hope?
cyril

The "A" site appears to be down. BTW, hello everyone, haven't checked in at moneyam for yonks, so have just read this whole thread. Seems a whole lot "calmer" over here than on the other site (I'm the author of that MF post a few months ago, I have the same username on MF, here and the other site).

stranmal:> The other site is down - nor sure how long so followed you over for a look. Where to you see LED going - they have certainly appear to have had success with this last well but I have not yet been able to put a likely figure on production.

Hi niceonecyril: dunno but it's still down, as sranmal says (he started the LDP thread on "A" site). The down time on A D N F V could indicate a major failure!

Hi sranmal!

Wasn't me who started the thread on the A site, that was chopsy!

re. A-7 production: With the sidetrack, they've encountered thicker sands. With a 41 ft pay sand to produce from, I'd be happy with something like 1,500 boepd, although anything over 1,000 boepd would be significant in the current pricing climate. Note that the mix of oil:gas may not be the same as A-6, from my research, the 50:50 mix in the A-6 is exceptional, I've seen ranges from all gas to 50:50 splits in my research of other wells in the region.

Let's hope that when A-7 comes on, we can move up over previous high and the presistant seller moves his selling price higher.

Hello folks. It's nice to be a popular thread for a change, even if its only because that other site has crashed!

Pugugly, the most likely production level is around 5000boepd once A-7 goes live, assuming a similar output to A-6.

sranmal; welcome and hope to see you posting a lot more, as your experiance in
the oil field would be most valued.
cyril

Ooops, sorry! Was it MTA then?

Nil Pd - not even MTA(!), have started a few though - IEC, PANR, EEL (now defunct), AEY.

Thanks for the kind words folks.

That was it PANR. I am (temporarily) completely out of PANR, so I haven't visited that thread for a while.

Anyway, sorry for O/T. When was the next event expected here at LDP, was it A8 or was it possible access to extra financing? Without being able to refer to the many excellent summaries on N D A V F I forget...

another AVDNF refugee. What's up at t'other site anyway?

hope they haven't gone bankrupt!

christ, even the bloody stockwatch on moneyam is down n 'all

:(

Ah - this is where everyone is today then!

Damn! Too many of us using the free time on Stockwatch reduces shared time to - zero!

I pay for full access! Quite happy actually, it's not the fault of the guys at moneyam, i suspect its the data provider

Stockwatch is working fine for me. I pay for MAM level 2 though.

Nil Pd, A-8 won't start until A-7 has commenced production, so confirmation that A-7 is producing will come first. Reserves upgrade likely this quarter too. Financing isn't really a big issue unless an imminent acquisition is planned.

Various things expected soon:

- A-7 flowrate and hook-up
- A-8 spud
- Possible reserves update
- Extra financing(?), possible significant increase (IPO financing was secured on production, with gas hedges in place. With significantly increased production and gas price, if new financing is secured on same terms, ie. production, significantly higher funds may be made available with current revenue generation of Company). Something else to think about - with major ramp up of cashflow, could they get by without raising too much money?
- Rig(s) contract - current rig only contracted for A-8. Also, may need to ramp up drilling schedule to satisfy drilling commitments on certain blocks.
- Possible revised drilling schedule, adding in 2 recent blocks.

Thanks sranmal and ValueMax. I'll save the summary (only recently joined in with LDP so I need to gather these kind of data - can't remember it all - as I did for MTA, PANR, etc).

VM:> Thansk

moving up today

I'm hoping that sranmal does not mind me copying his research document as its
an excellent read.
http://www.mediafire.com/?gs3audzpwzy
cyril

No probs cyril!

Howard declined to say just what the A-7 is likely to produce. We have written that some clues can be gleaned from the A6, well here the net pay from one zone was 51 feet. The six zones from the A-7 well contain a total of 125 feet of true vertical thickness pay.
Although he refused to be drawn Howard did say it was reasonable to assume that A-7 should perform as well as A-6 if not better. We should have some firm figures together with some reserves upgrades towards the back end of August. Next, Leed will drill the A 8 well and also a sidetrack to the A2 well which is only one of the Eugene Island wells not to be a producer thus far. This will bring the Eugene Island programme to en end, although the wells are expected to have a 20 year life, and Leed will have a 75 per cent interest in them.

Howard pointed out that Eugene Island is only one cornerstone for the company. Additional non producing operated properties include 100 per cent working interests in two blocks in the Marsh Island area, two blocks in Grand Isle and a number in the Main Pass

Number : 0661A
Leed Petroleum PLC
28 July 2008


Leed Petroleum PLC
("Leed" or the "Company")
Placing and Subscription


Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announces the completion of a placing ('the Placing') of 14,500,000 new ordinary shares of 5 pence each in the Company ('Placing Shares') and a subscription ('the Subscription') of 10,500,000 shares of 5 pence each in the Company each, at a price of 60 pence per ordinary share, to raise 15 million before expenses. The Placing Shares were placed by the Company's broker Matrix Corporate Capital LLP with institutional clients and both the Placing and Subscription were oversubscribed.




Together with the US$16.4 million received from Byron Energy Pty Ltd, the net proceeds of the Placing and Subscription will be used to reduce borrowings and continue the drilling programme which in the short term involves the completion of the Eugene Island 183 A-7 well, the drilling and completion the Eugene Island 183 A-8 well and drilling and completion the Eugene Island 182 A-2 Side Track.




The new ordinary shares will rank pari passu in all respects with the existing ordinary shares in the Company. Application will be made for the new ordinary shares to be admitted to trading on AIM, and it is expected that admission will become effective and dealings in the new ordinary shares will commence at 8:00 a.m. on 5 August 2008. Following the Placing and Subscription there will be 276,020,767 ordinary shares in issue.




Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented:




'In light of current market conditions, the Company is delighted that the fundraising was oversubscribed. The funds raised will enable the Company to reduce its borrowings and continue to deliver on its Gulf of Mexico strategy. We expect continued good results from our Eugene Island drilling programme, and from there, the Company will move on to drill our other assets .'




29 June 2008
cyril

A great achievement in current markets. Getting that sort of fundraising away at minimal discount and to have it oversubscribed shows just what a solid outfit these are. The pending reserves upgrade couldn't have done it any harm :-)))

PL i must agree, its a great achievement. Hoping for news from A-7 in the
near future, which could help get rid of the overhang of the seller and really allow
the SP to find its true value?
cyril

Good to hear it was oversubscribed. Puts a strong base under the current share price. Slightly disappointed they went for dilution rather than debt.

Looks like the market likes it,testing highs and a 50k trade at 69.75p.
cyril

I've taken the liberty to copy a piece of research by one of the most respected
ameteur posters around.

It's worth remembering we have some excellent exploration assets in addition to our 'development' assets.

Depending on pay and porosity we can never be sure what each well may produce.
I'm hoping that somwehere into the future some of our new wells might hit bumper pay like some of those listed below. I've summarised these taking some from Sranmals notes/other Gulf operators websites/history. Of course we have to allow for dry wells and smaller producers from time to time, but looking over a lot of which has been discovered to date - potential exists for some excellent flow rates - and anything similar in the future could transform this company at a stroke. I've combined both oil/gas rates to give total boepd/well.

Leed Petroleum blocks Eugene Island 172/183/184.
Currently being developed and producing.
A-6 well 2095 boepd .
A-7 well - Awaited.
A-8 Spudding imminent.
A-2S/T likely Q4.

Other Flow rates at Eugene Island.
Block 97 (McMoran) No 1 well 2,666 boepd.
Block 193 (McMoran) No 3 well 10,000 boepd.
Block 193 (Texaco) No 1 well 9,950 boepd.
Block 182 (Newfield) well at 2,830 boepd.
Block 10 (Contango + partners) Dutch 1 + 2 wells combined = 10,530 boepd (5265 av per well).
Dutch 3 well (25/7/07) = 5666 boepd.
Block 11 (Contango + partners) Mary Rose 4 well 3633 boepd. Mary Rose 1 & 3 combined are producing 18,830 boepd.
-------------------------------------------------

Leed Petroleum blocks East Cameron 317/318.
Currently producing and awaiting further development + exploration.

Other flow rates at East Cameron.
Block 334 (not sure of the operator - taken from Sranmal note/links).
E-2 well 6094 boepd.
E-1 well 11,766 boepd.
F-1 well 4,823 boepd.
Block 347 (Anadarko) No1 well 3,723 boepd.
-------------------------------------------------

Leed Petroleum Ship Shoal blocks 201/205.
Exploration drilling on block 205 after surveys.
'Development' and exploration drilling planned on 201.

Other operator flow rates at Ship Shoal.
Block 189 - 1 well at 5168 boepd.
Block 206 - 1st well at 4166 boepd.
Block 206 - 2nd well at 2600 boepd.
Block 361 Agate field (Anadarko 1999) 1160 boepd.
---------------------------------------------

Leed Petroleum South Marsh blocks 5/6/8.
Substantial low risk exploration potential on blocks 5/6.
Block 8 acquired 1st July 2008 - CEO quote - "identified several solid exploratory and low risk re-development opportunities on this lease. We are actively planning wells that will test these strong prospects.

Other operator flow rates at South Marsh.
Block 288 CA-6 well at 5,000 boepd.
Block 288 CB-5 well 3,666 boepd.
Block 212 (McMoran) FR-1 well 17,000 boepd.
Block 212 (McMoran) FR-2 well 6,333 boepd.
------------------------------------------------

Leed Petroleum Main Pass blocks 57/64/65/115.
Currently producing and awaiting further development on B64/65.
Low risk exploration drilling planned for B115.

Flow rates can be seen via Leed docs.
Brigham Exploration right next door on Main Pass block 66 - SL 18826 #1 well at 7600 feet from 100 ft total pay = 2500 - 3333 boepd this month
------------------------------------------------------

Leed Petroleum West Cameron block 106.
Awaiting development.

Other operator flow rates at West Cameron.
Block 110 No 16 well 2,280 boepd.
-----------------------------------------------
Leed Petroleum Grand Isle Blocks 95/100.
Awaiting "development" drilling.

Other operator flow rates at Grand Isle.
Spinnaker Exploration on Grand Isle 52 - 1 well at 3750 boepd
Anadarko had block 116 (from 1998) and the Hickory field discovery total volumes were 15,000 oil and 50,000 boe gas/day.
-------------------------------------------------
Leed Petroleum Sorrento field.
Awaiting development drilling
--------------------------------------------
cyril

Hoping the last post + that of sranmel's post 113, bring's home the potential of this company?
cyril

Released today 2 major holders cross threshold, which at 1st looks like a reduction,
closer inspection reveals that Scottish widows actually increased their holdings. Its simply the increased shares in issue are responsable for around 0.4% reduction,
according to my calculations?
cyril

The recent placing caused a dilution of the shareholdings by approx 9%, meaning that the percentage of the company held by today's notifiers was reduced across the trigger points for the notification announcement (4% and 5% boundaries).

Scottish Widows previously held 10,111,497 shares (4.028%) and now hold 10,200,298
(3.695%) in LDP.

Delays at A-7 and reduced flow from A-6.

RNS Number : 9798B
Leed Petroleum PLC
26 August 2008

Eugene Island Update

Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announces an update on activity at the Eugene Island field.

Since concluding drilling of the Eugene Island A-7 well, the Company has been working on casing and completing the well for production from one of the primary zones. The Company has not been able to produce a consistent flow rate from this zone and extended testing will be required to fully evaluate its potential.

Accordingly, in order to achieve its targeted commercial production from the A-7 well, the Company will move up the wellbore and begin producing from another of the primary zones intersected by the well. If deemed appropriate, the Company will consider returning to the deeper zone in the future. Completion of the shallower reservoir is expected to take approximately six weeks.

In the interim, the Company has performed preliminary work for the Eugene Island A-8 well. The Eugene Island A-8 well will target a superior 'take-point' from the exploration target discovered by and currently producing through the A-6 well.

Since commencement of production from the secondary exploration target of the A-6 well, an extended flow test has been conducted, with the results of this test corroborating the Company's reserve estimates. The A-6 well began to make sand during the test, and while this reservoir continues to produce, the Company has reduced the flow rate to ensure operational safety. The curtailed gross test rate during August to date has averaged 988 BOEPD. Following completion of the A-8 well, the A-6 well will be recompleted as a long term producer from its primary zone, as has always been the Company's intention. It is anticipated that production rates for the A-6 will then return to previously announced levels.

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 Petroleum PLC, commented:
'We remain very confident that the A-7 well will perform to our expectations. It is unfortunate that we have experienced this delay, however, the long term development and acceleration programme for the Eugene Island 183/184 field remains on track. In addition to reserves scheduled to be produced from the A-7 well, the A-8 will develop existing reserves discovered during the current drilling programme as well as test at least one exploratory target.'

Alas, such are the risks with such companies. It still looks a good investment on a longer term basis? imho
cyril

seems to be just a delay mainly..........president comment seems re-assuring

Hurricane Gustov looking serious,could cause a lot of damage and what effect on the price of oil?
Theirs a tropical storm brewing named Hanna north of Puerto Rico and heading
NWNorth.
cyril

and russia threatening to turn tap off to europe on monday......threat alone will be damaging

Results due tomorrow. They will be split to illustrate the 'old and new' Leed - ie. the company before and after production from A-6. Likely to be a profitable period - anything over 5m would be good. Look out for updates on A-6 flow rate (is it back up over 1000boepd?) and A-7 testing.

Of course, nomatter how good the results may be, who has the cash to make any significant purchases?

Annoying that the spread is over 10%. My guess is that tomorrow's results will be positive but the SP rise will be less than 10% and quite possibly a fall given the current market conditions. Who knows!?!

Excellent results and aimo another company at bargain basement value, with its AGM for the 29th Oct. Chairmans comments say it all for me.

Final Results

Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, is pleased to announce its audited results for the 12 months to 31 March 2008 and for the 3 months to 30 June 2008.

This statement covers the 15 month period from 1 April 2007 to 30 June 2008 following the change of year end from 31 March to 30 June.

HIGHLIGHTS:

Operational

43.1% increase in 1P reserves to 8.7 MMBOE from admission to AIM to 1 April 2008

30.3% increase in 2P reserves to 20.6 MMBOE from admission to AIM to 1 April 2008

202% increase in average net daily production to 1,606 BOEPD for the three months ended 30 June 2008 as compared to the year ended 31 March 2008

Successful drilling campaign on Eugene Island

Drilled, completed and commenced production from the Eugene Island A-6 well

Drilled the A-7 well encountering 181 feet of net pay in six sands

Financial

Significant increase in operating revenue:

68% increase to US$12.8 million for the year ended 31 March 2008 as compared to the year ended 31 March 2007

US$15.2 million for the three months ended 30 June 2008

Company moved into profit in the three month period ended 30 June 2008:

Operating loss of $14.1 million for the year ended 31 March 2008

Operating income of $8.0 million for the three months ended 30 June 2008

Loss attributable to shareholders of $14.7 million for the year ended 31 March 2008

Income attributable to shareholders of $2.0 million for the three months ended 30 June 2008

Corporate transactions

Successfully raised US$96.9 million and admitted to trading on AIM

Eight acquisitions substantially increasing asset portfolio

Post balance sheet events

Completed drilling of the Eugene Island A-7 well

Sale by Leed of 25% of its interest in Eugene Island assets pursuant to an option exercise yielded US$16.3 million

Secondary fundraising in August 2008 raised US$29.1 million in gross proceeds

Commenting, Howard Wilson, Chief Executive of Leed Petroleum, said:

'The Company has accomplished its objectives of reaching financial stability, building a substantial inventory of high quality drilling projects, implementing strategic acquisitions of producing assets containing high quality development and exploratory opportunities, and achieved significant increases in reserves, production rates and revenue. We are now poised to move ahead and expand our development and exploration programmes to other areas of our inventory. The stage is set for 2009 to be a tremendous year for Leed'

cyril

Leed Petroleum posts FY loss, Q1 profit; sees 'tremendous' 2009

LONDON (Thomson Financial) - Leed Petroleum Plc. posted a full-year loss and
first-quarter profit -- following the change of year end from March 31 to June
30 -- and said the stage is set for 2009 to be a tremendous year for the
company.
For the twelve months to March 31, 2008, it reported a pretax loss of $19.96
million on revenue of $12.79 million and a profit of $3.23 million on revenue of
$15.15 million for the three months to June 30, 2008.
It also reported a 43.1 percent increase in 1P reserves to 8.7 MMBOE and a
30.3 percent increase in 2P reserves to 20.6 MMBOE from AIM admission to April
1, 2008. Average net daily production rose 202 percent to 1,606 BOEPD for the
three months to June as compared to the year ended March 31, 2008.
"We look forward with great excitement to the coming year, with all the
resources in place to substantially increase reserves and production, and
provide solid revenue growth ... We are confident we will deliver results," said
chairman Robert Adair.
tf.TFN-Europe_newsdesk@thomsonreuters.com
ms1/jro/ind/ak

Also a summing up by an astute investor of oil,

Had a good look through the results which were presented very comprehensively.

Company moved into profit in quarter to June 2008.
Will consider paying a dividend in future.
Substantial cash/borrowings available since June of $44.3m & $29.3m = $73.6m.
Revenues to June quarter were $15.2m (compared to half year 2007 of $5.5m).
A-7 production expected shortly (states -very close to production).
A-8 to spud October (1-4 weeks).
If A-7/8 successful +A6 recompleted from main zone - should contribute to $30m - $45m per quarter at lower oil price by year end.
P2 reserves at Ship Shoal 201/Sorrento and Grand Isle to be drilled this coming year.
Intend to expand the asset base even further (acquistions).
Reserves net of all burdens - (ie Royalties etc/3rd part interest) = 20.6 mmboe P2 and 62.7 mmboe P3.
Reserves upgrade to be published by end March.
GrandIsle P2 development described as being another significant step change for the company.
States 2009 to be a tremendous year.

Very pleased - looks extremely well positioned for serious growth - generating substantial revenues per quarter and new wells to come on stream from P2.
cyril

Leed Petroleum may not be such a tiddler for too long after the oil group reported a maiden annual profit, having been listed for a little over a year. During the 15-month period the company, up p to 27p, has made eight acquisitions, the largest being Eugene Island, in the Gulf of Mexico, where it has successfully drilled two wells.

The Times
cyril

I would expect to see a jump in the share price today from the good results of well A7 but with the market expecting to open 4.4% lower it might not happen.

Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, is pleased to announce that testing on the A-7 well in the Eugene Island field has achieved rates that equate to 4,012 barrels of oil equivalent per day, based on a conversion factor of 1 barrel of oil to 6 thousand cubic feet of gas. The sale of production from this well is expected to commence imminently.

On 26 August 2008, Leed announced that in order to achieve its targeted commercial production from the A-7 well, the Company would move up the wellbore and begin producing from another of the zones intersected by the well, with the initial completion still accessible for future testing.

The Company has now successfully completed in the shallower sand, which has 55 feet of true vertical thickness net pay. Whilst on clean-up flow, the well tested over a six hour period through a 22/64' choke at a restricted rate of 10.6 million cubic feet of gas per day, 2,245 barrels of oil per day and 128 barrels of water per day with a flowing tubing pressure of 6,159 pounds per square inch absolute. The restricted rate was due to capacity constraints of temporary testing equipment required for use while the well was on clean-up flow.

Leed has also commenced preliminary work on the Eugene Island A-8 well and is currently preparing to spud this well.

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 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 Petroleum PLC, commented:

'We are very pleased that the A-7 well has demonstrated the ability to perform to our expectations and believe that it was worth the wait. The Eugene Island 183/184 field has been instrumental in transforming Leed's financial position and the A-7 result is a great start to what we expect to be a tremendous financial year.'

What would this have done for the SP had the markets been normal?
cyril

Just 6% for over 4000 bopd extra on a company worth just £90m reflects the market today, with a little bottle and a lot of patience this will give excellent returns?
aimho
cyril

I agree Cyril.

For me, it's all about the entry point now. The future looks excellent for Leed.

Operational Update
Leed Petroleum PLC, the oil and gas exploration and production company focused
in 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'.

"Significant contribution to Leed's future financal performance"
cyril

"We look forward with great excitement to the coming year, with all the resources in place to substantially increase reserves and production, and provide solid revenue growth. Our operational programme provides us with a great mix of higher and lower risk exploration objectives as well as low risk development plays across multiple fields. We are confident we will deliver results."

Robert Adair
Chairman

Good article in Investors Chronicle, positive on Leed:

SharesMag... any plans for an article?

AGM today at 2pm. List of resolutions here.

Drilling update

Leed reports 3rd back to back drilling success in Gulf of Mexico

Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, announces that the Eugene Island A-8 well has reached its total depth and has encountered commercial hydrocarbons in the two primary well targets.

The Eugene Island A-8 well was spudded on 6 October 2008 and reached a total measured depth of 15,470 ft on 25 November 2008. The primary objectives of the A-8 well were a superior 'take-point' from the exploration target discovered by and currently producing via the A-6 well, as well as to test one exploratory zone. Electric line logs have confirmed that the Company encountered three pay sands, containing a total of 155 feet of true vertical thickness pay.

The Company is currently casing and completing the Eugene Island A-8 well for production from the deeper objective, which has 96 feet of true vertical thickness pay. First production from this zone is expected to occur by the first quarter of 2009.

Following the completion of the A-8 well, Leed plans to release the Ensco 98 drilling rig. The Company is reviewing the Gulf of Mexico rig market and making plans to drill currently undeveloped properties in the Company's portfolio during 2009.

In addition, once production from the A-8 well has been completed and the drilling rig is off location, the Company intends to implement its plan to re-complete the A-6 well from the existing platform as a long term producer from the well's primary zone.

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:

'The drilling programme at Eugene Island has been a great success for Leed. It has proven transformational in terms of the Company's developed reserves, production and revenue base and delivered the Company into a profit during the three months ended 30 June 2008.

We plan to return to drilling at Eugene Island at a later date as there are numerous exploration and development projects still to be drilled in this prolific, low risk area. But it is now time for the Company to move on and develop additional fields in the portfolio and diversify the production base.

The success at Eugene Island clearly demonstrates the excellent risk-reward profile for our shareholders, with the ability to add material value at relatively low risk and cost. This strategy will be replicated throughout our other properties, which will enable significant value to be generated in the short to medium term.'

Another excellent drilling result which shows what a great companu it is.
cyril

Not much use with above results...LDP keeps going ever lower ... now 16p.

Not like you to be negative hlyeo????
cyril

Today ended up as a rise for once.

Leed are funded through the next 12 months, reserves are due to be updated by end of Q1 and A-8 is due to come online shortly. The only pain point is the ever reducing price of oil.

Happy New Year Max, looking good, news of well-8 close could explain the rise today coupled with it being grossly oversold.
cyril

Still in this and holding, what with this and EO. .....too much to take in for the first trading day of 2009 !.

Happy New Year. folks.

Nice surprise over the last few days. It's been due a good rise for a while.

Eugene Island A-8 Completion and Well Test and Deferment of Drilling

Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, today announces the successful well completion and flow testing of the deepest pay zone in the Eugene Island A-8 well. This zone, which as previously announced, has 96 feet of true vertical thickness net pay, was tested over a 91 hour period through a 22/64th' choke at a stable restricted gross rate of 6.5 mmcfd and 1,469 bopd (2,557 boepd) with 8 bwpd with a flowing tubing pressure of 7494 psia. The well continues to flow, and the Company is selling production.

The Company intends to defer its 2009 capital expenditure programme until drilling rig and service rates are reflective of oil and gas pricing and the economic environment is more favourable to new drilling. Leed has no planned license commitments during the first half of 2009 other than one well on South Marsh Island block 6. Accordingly, the Company has released the Ensco 98 rig and now has no contracted drilling rig or associated cost.

The A-8 well will recover the remaining reserves previously associated with the A-6 well from a superior take point to that of the existing A-6 well completion. Therefore, in accordance with Leed's field development plans, the Company will cease producing from the current zone in the A-6 well and will execute a relatively inexpensive re-completion of the A-6 well as a long term producer from that well's primary zone.

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:

'I am very pleased that we have finished our first round of drilling at Eugene Island with three successful wells, all of which are now on commercial production. We will use the substantial revenue stream created by these wells to strengthen our balance sheet while we await rig and service rates to normalise and commodity prices and general economic conditions to improve. When timing is appropriate, we will re-commence our drilling programme to exploit our substantial untapped inventory of projects and develop additional fields in order to diversify our production base. In the meantime, we will not be resting on our success at Eugene Island but rather building on it as we continue our search for high quality assets to fold into the portfolio and work up additional projects on our existing properties.'

Looks like a short time reduction in output, for long term gain?
Disappointed no reference to A-7 well.
cyril

As far as we know, A-7 is unchanged and producing at around 4000boepd, bringing the total current production from Eugene Island to around 6000boepd, excluding A-6 from the figures until it is recompleted.

I think the company are sensible in reducing costs while oil price is low and rig price high.

Hopefully A-8 will not encounter the same problems A-6 had from the reservoir.

I've updated the header with the A-8 flow info.

For anyone interested in an RSS feed of the latest Leed news releases, I've added the orange button at the bottom of the header. It works for me in Firefox, but I've not tested with IE/Chrome/Safari etc, so let me know if it works. It should add a 'live' bookmark to your browser which updates whenever Leed release news.

Max
Your IT skills are way ahead of mine, i really like the set up and yes it does work.

Todays news has gone down like a lead balloon, pity as its actually good,
unfortuately the market will take sometime to cotton on. Failure to give out
flow rates on A-7 to me gave the wrong signals out, i'm wondering what those
who wrote this latest release are thinking?
cyril

A-6 producing at GROSS AVERAGE OF 498 BOEPD (374 BOEPD ON A WORKING INTEREST BASIS)

A-7 producing at GROSS AVERAGE OF 2,177 BOEPD (1,623 BOEPD ON A WORKING INTEREST BASIS). HIGHER THAN EXPECTED WATER PRODUCTION HAS RESULTED IN THE WELL PRODUCING AT A LOWER RATE THAN ORIGINALLY TESTED.

A-8 flowing at GROSS RATE OF 2,557 BOEPD (1,918 BOEPD ON A WORKING INTEREST BASIS). THE WELL PRODUCTION IS STABLE WITH NEGLIGIBLE WATER BEING OBSERVED.


Sorry about the caps, I copied directly from today's RNS.

Nice to see reserves up almost 20% and 3700+bopd,some concern, A-6 now A-7
although A-8 is ok? The reserves i believe covers the M/Cap so we're accumilating cash which in todays market can't be bad.
cyril

Understandable concerns however the causes of the problems at A-6 and A-7 are different so it's not a consistent issue across the asset.

A-6 flowing again, 1750 boepd.

Yes now what that will do for the SP, in this market is anyone's guess? As a long
term investment i'm happy with cash that this will accumilate, prior to further future drilling.
cyril

In this market, who knows

But this market won't last forever, and Leed are well set to rise longer term. Minimise costs for the rest of Q1 and Q2 will allow them to maximise their profits despite the low oil price.

And if the oil price recovers to ~$70 this year... Leed will be in a really fantastic position.

For a M/Cap of just 56.6m.

Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, announces an update on production and the operational capacity at the Eugene Island and non-operated East Cameron and Main Pass fields. For the three months ended 31 March 2009, the Company booked net oil and gas sales volumes of 118,113 bbls and 782,731 Mscf attributable to the Eugene Island field which equates to an average gross sales rate of approximately 4,600 BOEPD.

Eugene Island Field Production

Average Eugene Island production for the quarter was affected by gas compressor repair and maintenance, gas sales pipeline availability and the A-6 well being shut-in for approximately 4 weeks during the well recompletion.

The Company has recently received notice from Transcontinental Gas Pipe Line Company, LLC ('TGPL') stating that the pipeline system is experiencing high utilisation of services, pipeline maintenance and various compressor station maintenance activities. These have resulted in reduced operating flexibility, and TGPL has advised that this situation may continue for the next several weeks.

The operational difficulties being experienced on the TGPL pipeline system have affected Leed's ability to sell its production from the Eugene Island field with approximately five days of associated shut-in during April 2009 and two days to date in May 2009. Prior to these difficulties, due to a combination of natural decline and operational constraints, the field was producing at a gross rate of 5,000 BOEPD and is currently producing at this rate.

Non-Operated Properties

Leed has previously announced that the non-operated East Cameron field, in which Leed holds a 25% working interest, is shut-in because of hurricane related damage to a non-company owned pipeline that carries gas from the Gulf of Mexico to an onshore treatment facility. Recently, further damage has been discovered on the pipeline, which will further delay the restoration of production. Historically, East Cameron represents a small proportion of Leed's production volumes.

Production at the Company's Main Pass field was curtailed during the quarter due to a lack of field gas necessary to lift oil out of the wellbores. The Operator is addressing this issue. Main Pass also represents only a small proportion of Leed's production volumes.

Further Updates

The Company will provide additional information on the status of its Eugene Island and East Cameron fields as appropriate.

cyril

news out on this one today and seem to be making a move north........keep it up..

RNS Number : 1393Z
Leed Petroleum PLC
16 September 2009




For immediate release


16 September 2009



Leed Petroleum plc


("Leed" or the "Company")


Operations update


Leed reports successful flow test at Sorrento Salt Dome, onshore Louisiana


Leed Petroleum plc (AIM:LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, today announces the successful flow testing of the onshore Louisiana Sorrento Dome United Lands "14-1" Well, which the Company plans to return to production.


The Sorrento Dome field is located in Ascension Parish, Louisiana, approximately 50 miles northwest of New Orleans. The field was discovered by Gulf Refining Company in 1929 and was primarily developed by Texaco during the 1950s. To date, the field has produced 750 BCF and 5,000 MBO. Leed acquired a 100 per cent. operated working interest in a portion of the Sorrento Dome field in April 2007 including the shut-in United Lands 13-1 and 14-1 wells and associated facilities .


The 14-1 well (Leed: net working interest 100%), was shut-in during 2006 following various attempts to isolate water production. Leed's previous plans involved drilling a sidetrack of the well, however, a water saturation log was run in the well during July 2009, which showed significantly higher hydrocarbon saturation in the vicinity of the perforations than previous logs run during 2004 and 2006. A flow test was subsequently conducted through the existing facility over four days and a stable but restricted flow rate of 1.3 mmcfd (217 boepd), 1785 bwpd, 644 ftp on a 30/64th to 32/64th choke was established for an extended 3 day period. Bottom hole pressure gauges confirmed stable flowing bottom hole pressures during the flow period.


Leed plans to convert the existing temporarily abandoned United Lands 11-1 well to a salt water disposal well and install a new gas sales meter on location prior to restoring production from the United Lands 14-1 well.


The work is planned over the coming months with production scheduled to commence early Q1 2010.


Howard Wilson, President and Chief Executive of Leed, commented:


"The successful flow test of the 14-1 well at the Sorrento Dome Field is the first step after the Eugene Island drilling program towards an increased and diversified production base.


The project will require minimal capital outlay and low operating expenses will be incurred once production is established. We expect to commence gas sales in time to take advantage of the historically higher winter natural gas prices. We are very pleased to be able to restore production from the 14-1 well, which has enabled the Company to accelerate production whilst removing capital costs from the project."


For further information please contact:


Leed Petroleum PLC




Howard Wilson, President and Chief Executive


+1 337 314 0700

James Slatten, Chief Operating Officer


+1 337 314 0700






Matrix Corporate Capital LLP




Alastair Stratton


+44 20 3206 7204

Tim Graham


+44 20 3206 7206






Buchanan Communications Ltd




Ben Willey


+44 20 7466 5118

Bobby Morse


+44 20 7466 5151

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 17 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 18 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 produced per day


mmcfd - million cubic feet of gas produced per day


bwpd - barrels of water per day


ftp - flowing tubing pressure



This information is provided by RNS
The company news service from the London Stock Exchange

END

Should be a bit of profit in this, I had it on my watch list at around 20-21p so if it climbs back to those levels very nice.

B/boy i sold out of these several months ago,they have had problems,some due to hurricane damage which i believe is still not resolved? With the hurricane season
upon them, could be a problem(but much is in the SP). Having said that it has a lot of potential and will imo come good,just a lot of patience may be required.
cyril

please advice.
i placed my order this morning with barclays stockbrs. quote and deal. message from brokers " problem occured please contact us or our brokers can only execute this order at best at 5.75p. i ignored it and place my order again" quote and deal" the same message came up. at the same time i was looking at live streaming. and the price was 5.75p with 0%spread, so i clicked buy and my order was executed that moment at 7p. was i a victim to high frequency trading or some thing else. it seems very odd. surely not MIFID!!! what do you think???
i have contacted bstock and still waiting for a reply

Sorry can't help,although i believe theires a 20 min delay i've cancelled and had an order cancelled so if you notified then within that time you may have a case to pull out of sale?
Wwhy not ask on the ttalk to yourself thread as it seems to be well read
maYbe someone may know what to do?
Search for under nowt.
cyril

thanks,
see the price stockbroker displayed was 5.75p all happened in nano second i clicked buy the next think i know they bought it at 7p instant 30% loss

I've got Leeds on my live streaming as I am a holder and at one point yesterday morning the offer was 7p and the bid was 5.75p. It lasted a minute or two which I suspect your order was executed.

kuzemko thats rough on you,but it should work out,as 6000bopd expected by end of year and 11k end if 2011?
cyril

thanks for the worlds of support. i'm little bit angry with myself cause i had" limit" order at 5p. and i cancelled it. i never buy stocks with "at best" orders.i have a feeling it is something to do with frequency traders. if that system get full go ahead retail crowd will suffer.

words

LDP presents quite an interesting investment prospect. It's had the sharp drop of late with a partial recovery off the bottom, but a lot of the uncertainty regarding its financial situation and operational delays may already be factored into the sp.

As the last operational update stated, Q2 net attributable production is up by 45% to 1391 boepd from Q1 958 boepd. However, operational issues still leave that short of previous expectations, with costs being incured to resolve those same issues.

Although the Company was in danger of a 'technical default' with their existing credit facility, they've now renegotiated that and still have a cash balance to address some of the issues required to bring up production.

We should be getting news any day (it was expected in early july according to the last update) for Sorrento Dome 14-1 to recommence production at around 217 boepd. Assuming it successfully comes back online, that should bolster sentiment and of course add to revenues.

We can also expect news in mid august for Main Pass 64 to come back on line.

Of course Eugene Island Well A-8 would contribute significantly to overall production, currently around 369 boepd gross from the Mid Tex zone, once the well can be recompleted to the T1 zone.
LDP still have the other Eugene Island producing assets ie Wells A-1, A-3, A-4 & A-5 as well as the Ship Shoal A-6 well producing consistently at around 1617 boepd gross (1297 boepd net).

As the May rns stated, the Deep Horizon incident doesn't have any impact on their current Eugene Island / Ship shoal operations and would only impact Marsh Island block 8 if a drilling suspension is in place when operations commence there, which wasn't previously scheduled until Q3 anyway.

The issue for PI's is whether this presents a viable investment proposition. I believe a lot of negative sentiment and uncertainty has already been built into the current sp, hence the initial drop from after the July 1st RNS.

We have very near term news due with Sorrento Dome and production expected to increase with remedial work bringing the other shut in wells back on line. A lot of the cash expenditure of late would have been used on accomplishing that end, with the existing credit facility now having been renegotiated, albeit at a higher cost.

A factor to bear in mind is that the Company do have proven assets, which may present a possibility of a takeover action, if future cash positions transpire to be more challenging.

Is the Company a good investment at current levels?

Howard Wilson, President and Chief Executive says in the latest news release - ""While we are happy with the quarter over quarter improvement in production, we expect cash flows to improve as the Company continues to execute its work program in this financial year."

Investor Chronicle said: "during January this year net attributable gas and oil production topped 1,000 barrels of oil a day. This figure could soon double and provide the company with more cash flow to drill 74 per cent of its reserves that are proven and probable but, as yet, undeveloped."

If people believe those sentiments to be an accurate reflection of how things look to transpire, it would suggest a good opportunity to secure the share at a price which should appreciate strongly. If not, they'll have to weigh a downside scenario from current levels.

It does look like many investors are watching this closely!

09:51GMT 24Aug2010-Leed Petroleum surges on well boost

------------------------------------------------------

Shares in Leed Petroleum gain as much as 23 percent after the Gulf of Mexico oil explorer says its oil reserves will likely be boosted by a sidetrack well which will enable further development of the Main Pass oil field.

'Going forward, given that Main Pass has been a steady contributor to Leed's overall production we believe this to be a positive,' says Brewin Dolphin analyst Tracy Mackenzie.

Mackenzie adds that she has placed her target price under review whilst the implications of the cost of the sidetrack well and the impact on timings of other projects are ascertained.

To read more, please click on

Reuters messaging rm://sarah.young.thomsonreuters.com@reuters.net

asset rich company if they can improve production

interesting time to buy now..

lol...............

this is similar to ray - price dropped to 1.5 odd and then became a 10 bagger. This is n oil producer with assets in excess of 10p per share. Worth a punt

Want a laugh, I paid five and a half pence for those, does that sound about right for me, no wonder I am worrying about RRL HAHA!!

3m - what have you been doing dudess!! 5p here - i am very sorry to hear that - although ldp may survive and at the price earlier good i can not see 5p here for a time - rrl - not in the slightest bit worried there - my only worry is a good topping up sp with rrl - long term see that 50p - 5p here would be a serious concern - you might want to consider selling the lot at next spike and put into rrl, rrr, ggg, sxx (1 yr + for max payback) and some others - ldp at this price is a day trade - even if ldp survives the bank may not see 5p for a long while as some of there sites cost more than what they make - only a good price earlier today imo - gl

Cheers gibby - nearly everything I have apart from (rrl) is crap at the moment, together with the state of the country and the weather but we are still breathing, that is the main thing. Hope you are all doing better than myself - you must be as you would all have hung your boots up by now. A noose is looking good for me - only joking.

you should worry 3m i bought 110's worth some time ago at.........15p those were the days.....shan't see that again...lol

I'm not sure who is worse off here Balerboy, I made a mistake and paid 4.2626 not 5 1/2p last July, 500 so they are worth approx. 160. You and I seem to have made some bery big mistakes but Hey Ho. You didn't happen to buy BDEV in 2009 for 144.50, or Woburn Energy in 2007 for 90p - did you? (consolidation i.e. Blackrock) and the list could continue but I won't go down that road. OHHHHHHHH SHRIIIIIIIIIIIT. I suppose there a lot of comments like 'stupid bitch' but there we go don't need to hear, I am well aware of that myself.

i did and i have bdev at 140p and sitting here now waiting and watching......very sad
Also bought TW. at same time and doing the same with that!!!lol

Both of the above - yeah done similar too....but not this one - how come sp is a ski-slope, with Oil at all-time highs?
Has management gone on holiday for the last year?
Brief tell-tale will do,.....sp looks like there are real financial problems.....anyone?

3ms - well you never know whats round the corner - look at wet today - i thought that was never gonna go anywhere then south african goverment finally making a decision of sorts & last couple of days up she goes - now i have a dilemma with wet - do i buy back in on the spike and risk getting locked in or leave it entirely because i was a fan of wet sometime ago - it was good for trading and if the deal in SA comes off that in itself is good but could go global with their proven technology and make wet massive - will be watching carefully there - the same with ntog in the doldrums for an age then up she goes - so never give up hope - (unless its ldp -LOL LOL!!! that was a joke btw!) i'm doing ok at the moment but my real danger is myself - been over confident when doing well then make a bad decision or 2 (3, errrm maybe 4 LOL) but yep doing ok and i am sure you will too apart from yell!! (another joke!)

rrl - stick with it dudess - puntland, trini, goerg. derisked much by texas et cetera

got some more rkh today but i would not recommend buy for rkh (i know why did i buy it then!) because i am prepared to lose big there equally make big as it is quite a risk if turns out to have no more finds - but you have had some bad luck would not want to add to it if rkh only find water

bb - ouch! 15p - you could probably buy ldp for that now and have change!! lol - good for trading though - gl

hangon - basically ldp in debt needs to be settled by 31/3/11 and a principal payment of $12M usd is required, likely firesale of some / all assets actual & potential imo, cost more at many sites to produce than what they sell it for, effectively all assets (or a lot of them) probably up for sale unless another deal can be cut - much more to it than that but just some of the problems -

extract today's rns:


'The Company announced on 23 December 2010 that it had commenced a strategic review process and had retained Macquarie Tristone (Macquarie Capital (USA) Inc.) as financial advisor to assist with this review. It was further announced that Macquarie Tristone would undertake a review of a broad range of strategic options, including but not limited to divesting some or all of the Company's oil and natural gas assets, securing a new bank credit facility and / or other potential transactions such as a merger with another company. The Company also announced, on 25 November 2010, certain amendments to its credit facility with its bank, UniCredit Bank AG ("UniCredit"), which require the Company to make a principal payment of US$12 million on or before 31 March 2011. '

ldp i believe values itself at around $240m but likely to get only $50m if they can find a buyer - market cap btw nowhere near

after saying all this ldp may strike a deal and get a result no matter how unlikely - if so watch the sp fly - maybe not to 5p but double or more today's levels?

Oh! Many thanks for posting that. The noose does not seem a good idea (someone might miss me). Would not mind loosing 100 or so and I shall be watching the sp. Heart goes out to balerboy on this one as well as............................. umpty dumpy other disheartenly things that we must if honest be in.

as I said was only a punt of 110 so no loss had it been 10000 that noose might have round my banister ....lol happy days.,.

...Round your bannister....? Are you trying to impress 3m, bigboy? ;o)

NO!! it's because I'm a short ass and can't reach the chandelier.,.

StockMarketWire.com
Shares in Leed Petroleum (LON:LDP) soared after it announced it had taken a 17.5% interest in Manas Coal Limited Liability Co.

Manas's main activity is the exploration and development of coking coal resources and deposits within the Kyrgyz Republic.

Leed has advanced a sum of 750,000 to Manas by means of a loan.

Leed will also issue 166,666,667 ordinary shares to existing shareholders in Manas at a price of 0.15 pence per share, with an aggregate value of 250,000, together with 166,666,667 warrants to subscribe for new ordinary shares in Leed at a subscription price of 0.15 pence per share, in consideration for a 17.5% share in Manas, which is being acquired from certain existing shareholders in Manas.

Leed will have the right to participate in further fundraising rounds undertaken by Manas up to an agreed threshold amount and shall have the right to appoint a director to the board.

">

One that has gone well at last.

Not for me it hasn't DC. First bought 11730 for 4.6p each in July 2010 - consolidation on 22.6.2011, now own 1173 shares at 42.6258 each - how well is that? Sick as a parrot. At least it didn't go bust.

Sorry to hear that 3 monkies. My brother gave me the tip while on hols. He purchased
some for me a couple of days ago and sold before i got home today.In and out.

Good for you.

I also question some of mine have fallen such a %, will they ever recover. Can only hope.

dc not a bad day here for you???

I wish gibby. Sold them out sept. Starting to get annoying having a lot of money
locked up and missing this 50% rise. This is easy money being missed.

Made a very good profit then.

sorry to hear that dc - but at least you made profit at the time - strong danger of peeps being locked in here - i keep seeing a 48p target mentioned!!! money to be made here for sure as already have however this is quite a complex situation - gl

Going well today. cant win them all. :-(((((((((((

Yes i can just a small punt.

Crazy in profit 54% up.

In and out, started to fall.

http://www.moneyam.com/action/news/showArticle?id=4283757

well done on the punt dc - wonder what will happen tomorrow - mad rush maybe as only half a day??????????

more kerrrrrrrrrrchinnnnnnnggggggggggggggggggggggggg?????

have a good evening

Just given the christmas tree a hair cut (chop up) watch a bit of tv now . Good evening gibby. Will be ready for tomorrow (xtr) looks interesting as well.

0.25

+0.05 (+25.00%)

morning dc - nice one the tree!! interesting here again today - i wonder if any profit taking before cob - or onwards and upwards further????

some profit taking has started i see - also noted vir has gone up in sympathy....

0.22

+0.02 (+10.00%)

profit taking continues wonder how far down will be on the day @ 12:30?

lol what a yoyo day - blue again :-))!

up again - vir should follow at some point........

satisfactory day at the office :-)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))

in fact other office at vir too :-)))))))))))))))))))))))))))))))))))))

gla

Share Price Movement
RNS
RNS Number : 7313V
Leed Petroleum PLC
17 January 2012



17 January 2012

Leed Petroleum Plc



("Leed" or the "Company")



Share Price Movement





The Board of Leed, the natural resource focused investment company, has noted the recent movement in the Company's share price.



The Board would like to confirm that all relevant corporate information relating to the Company has been announced to the market.





Enquiries:









Leed Petroleum Plc


Peter Redmond
(+44) 771 8660727




Libertas Capital


Sandy Jamieson
(+44) 20 7569 650




Rivington Street Corporate Finance Limited


Dru Edmonstone
(+44) 20 7562 3350

John Levinson
(+44) 20 7562 3357

Could be an interesting opening in the morn!!

lol yes - almost a certainty - should be entertaining!!! :-)))))

by fluke i have sold all i had lol - should be a chance to buy back lower - much lower hopefully

i fell another ............ kerrrrrrrrrrrrrrrchinnnnnnnnnnnnnngggggggggggggggg moment here soon....

gla

sorry typo feel not fell

Agree Gibby. Very nice fluke though!

Not so flukey on VIR though I still have that as expected more gains to flow through tomorrow from todays LDP even if LDP stalled - so dependent on the morning will make the decision for me there and of course here - but still good day today thats for sure

LDP starting to bounce

what a day with more news expected????

well loooking at the trades and the buys v sells thought i better have a few. Oh silly me.,.

Viridas announces that it has sold 592,666,667 ordinary shares in Leed Petroleum plc ("Leed") at an average price per share of 0.48 pence or for an aggregate consideration of £2,869,200.

Leed is a natural resources company listed on AIM which has an investment in Manas Coal Limited Liability Company, the main activity of which is the exploration and development of coking coal resources and deposits within the Kyrgyz Republic.


Following this sale, Viridas will continue to hold 166,666,667 warrants to subscribe for new ordinary shares at a subscription price of 0.15 pence per share.


Nicholas Lee, Chairman said:


"Given the increase in the valuation of Leed, and the strong interest in the company being shown by a range of investors, Viridas has decided to sell the majority of its holding in order to make funds available for other investment opportunities. I continue to believe that Leed represents an exciting investment opportunity and so Viridas has decided to retain both a financial interest in Leed and I will also continue as a director of the company.


I firmly believe that Viridas' strategy is capable of creating significant value for shareholders as demonstrated by the substantial return made from its investment in Leed. In addition, I see the current interest in Leed as being an endorsement of our initial investment decision and a strong indication that Leed is set for an exciting future."

interesting day so far

good time to buy imo for a quick large profit b4 xmas :-))))
gla

Are you having a laugh gibby - I will have to live until I am 200yrs of age to get my money back. Just wondering how many millions of shares I would have to buy to get the b. awful price I am at now after their wonderful consolidation down to a reasonable level. However gl to all that are in at this price if they ever come right and sad for all of us who got into the trap. Consolidations should be made illegal as far as I am concerned and don't want any comments on that.

3ms - i agree with you todays sp is awful for anyone in at the old former prices - however at todays price i believe we have just seen bottom - have heard from a trusted city source friend that now (28th lol) is the time to buy as due some upside shortly before year end - i have bought some reasonably sized sums in anticipation gl whichever you decide and have a great weekend ldp aside

come off it gib, stop getting us excited......or your on the wrong thread.,.

baler - yeee of little faith - not long to end of year now :-)
gl

lol hope and wish your right. :)

not good


Leed Resources PLC
Manas Coal LLC
RNS Number : 0590U
Leed Resources PLC
27 November 2013





Leed Resources plc

("Leed")

Update in relation to Manas Coal LLC



As shareholders will be aware, Leed made an investment amounting to £957,000 for a shareholding in Manas Coal LLC ("Manas") which holds a coal exploration licence at Kok Kiya in the Kyrgyz Republic. The purpose of the investment was in part to finance a scoping study which would be a precursor to a larger exploration and work programme. The study was commenced and preliminary results received by the Company. However, during 2012, Manas was not able to complete its programme, having not raised the additional resources as required. In August 2012, Manas was notified that another party held a licence over part of the Kok Kiya licence area in conflict with Manas, a licence for that area having apparently been granted to more than one party. Manas was, however, confident that the full licence area would be returned to it in due course and that in any event the remaining area contained a sizeable and viable coal resource. Leed was subsequently informed that plans for the financing of Manas were advancing in conjunction with a further transaction which would result in the project being quoted on the AIM Market. In November 2012, the Manas licence at Kok Kiya expired but Manas was successful in obtaining a renewal of the licence area not under dispute to November 2015.



While Manas has pursued its claim for the restoration of the full licence area through the Kyrgyz courts, it has been unable to obtain a favourable judgment through a number of hearings. Meanwhile work on the remaining area has remained on hold pending resolution of the licence dispute. Manas has not carried out any exploration or other work on the remaining licence area.



The Board of Leed has become concerned at the apparent lack of further progress. The financing of Manas and the AIM quotation referred to above has not proceeded and, although Manas has maintained a local presence and continues to believe that the legal rectification of the licence dispute remains in due course likely, there has evidently been little other activity and the minimum expenditure obligations set out under the licence terms have not been met. It has become difficult recently to obtain reliable management or financial information and there appears now to be little dialogue between the principal stakeholders. When the investment was considered at the time of Leed's Report and Accounts for the year ended 30 June 2012, the Directors relied on Manas' opinion that the full licence area would be restored to Manas and that the remaining area in any case had a valuable and viable coal resource. It was also assumed that, in those circumstances, resources would be made available to Manas to enable it to move the project forward.



The Board of Leed has held a number of discussions with the management and shareholders of Manas in the recent past with a view to their securing additional funding for the project and bringing about renewed cooperation and momentum; but these discussions have to date had no result. Leed has been informed that Manas does not currently have sufficient resources to carry out its work programme or maintain an effective local operating team, nor does it have immediate prospects of funding. The project has always been dependent on raising further finance to carry out an exploration and development programme. In view of the lack of progress or significant funding over the past twelve months, the Board of Leed has given careful consideration to its investment and has come to the conclusion at this time that it should make a full provision for impairment against the investment in Manas in Leed's forthcoming results and accounts for the year ended 30 June 2013. The Board will keep the matter under review in the event that further resources in the future become available to Manas.



The Directors greatly regret this outcome, as it remains the case that there is likely to be a significant coal resource within the licence area now held by Manas, but the inability of Manas to take matters forward or to bring to bear even the minimum expenditure obligations under the licence leaves the Board with little alternative.

buy off current sp for fast gain :-)

I'm in!