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

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