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

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.