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

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.