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

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

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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

I'm not sure who is worse off here Balerboy, I made a mistake and paid 4.2626 not 5 1/2p last July, 500 so they are worth approx. 160. You and I seem to have made some bery big mistakes but Hey Ho. You didn't happen to buy BDEV in 2009 for 144.50, or Woburn Energy in 2007 for 90p - did you? (consolidation i.e. Blackrock) and the list could continue but I won't go down that road. OHHHHHHHH SHRIIIIIIIIIIIT. I suppose there a lot of comments like 'stupid bitch' but there we go don't need to hear, I am well aware of that myself.

i did and i have bdev at 140p and sitting here now waiting and watching......very sad
Also bought TW. at same time and doing the same with that!!!lol

Both of the above - yeah done similar too....but not this one - how come sp is a ski-slope, with Oil at all-time highs?
Has management gone on holiday for the last year?
Brief tell-tale will do,.....sp looks like there are real financial problems.....anyone?

3ms - well you never know whats round the corner - look at wet today - i thought that was never gonna go anywhere then south african goverment finally making a decision of sorts & last couple of days up she goes - now i have a dilemma with wet - do i buy back in on the spike and risk getting locked in or leave it entirely because i was a fan of wet sometime ago - it was good for trading and if the deal in SA comes off that in itself is good but could go global with their proven technology and make wet massive - will be watching carefully there - the same with ntog in the doldrums for an age then up she goes - so never give up hope - (unless its ldp -LOL LOL!!! that was a joke btw!) i'm doing ok at the moment but my real danger is myself - been over confident when doing well then make a bad decision or 2 (3, errrm maybe 4 LOL) but yep doing ok and i am sure you will too apart from yell!! (another joke!)

rrl - stick with it dudess - puntland, trini, goerg. derisked much by texas et cetera

got some more rkh today but i would not recommend buy for rkh (i know why did i buy it then!) because i am prepared to lose big there equally make big as it is quite a risk if turns out to have no more finds - but you have had some bad luck would not want to add to it if rkh only find water

bb - ouch! 15p - you could probably buy ldp for that now and have change!! lol - good for trading though - gl

hangon - basically ldp in debt needs to be settled by 31/3/11 and a principal payment of $12M usd is required, likely firesale of some / all assets actual & potential imo, cost more at many sites to produce than what they sell it for, effectively all assets (or a lot of them) probably up for sale unless another deal can be cut - much more to it than that but just some of the problems -

extract today's rns:


'The Company announced on 23 December 2010 that it had commenced a strategic review process and had retained Macquarie Tristone (Macquarie Capital (USA) Inc.) as financial advisor to assist with this review. It was further announced that Macquarie Tristone would undertake a review of a broad range of strategic options, including but not limited to divesting some or all of the Company's oil and natural gas assets, securing a new bank credit facility and / or other potential transactions such as a merger with another company. The Company also announced, on 25 November 2010, certain amendments to its credit facility with its bank, UniCredit Bank AG ("UniCredit"), which require the Company to make a principal payment of US$12 million on or before 31 March 2011. '

ldp i believe values itself at around $240m but likely to get only $50m if they can find a buyer - market cap btw nowhere near

after saying all this ldp may strike a deal and get a result no matter how unlikely - if so watch the sp fly - maybe not to 5p but double or more today's levels?

Oh! Many thanks for posting that. The noose does not seem a good idea (someone might miss me). Would not mind loosing 100 or so and I shall be watching the sp. Heart goes out to balerboy on this one as well as............................. umpty dumpy other disheartenly things that we must if honest be in.

as I said was only a punt of 110 so no loss had it been 10000 that noose might have round my banister ....lol happy days.,.

...Round your bannister....? Are you trying to impress 3m, bigboy? ;o)

NO!! it's because I'm a short ass and can't reach the chandelier.,.