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

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.