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

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.