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

Good drilling update announced today:

=========================================

Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, announces an update on the drilling of the the Eugene Island A-6 development well, which was spudded on 16 September 2007.

The well has penetrated the sandstone of the primary target at a measured depth of 15,112 feet, continues to be drilled beyond the primary target and currently stands at a measured depth of 15,612 feet. The Company has completed gamma ray/resistivity logs on the primary target sand which, in conjunction with hydrocarbon shows from the primary target sand, provide the Company with compelling evidence that the primary target sand will be commercially productive and should exceed pre-drill expectations. In order to penetrate additional exploratory zones without risking the integrity of the primary target sand, the Company is currently sidetracking and casing the well.

It is emphasised that until full logging of the primary target sand is completed, no final conclusions can be drawn.

Further announcements will be made at the appropriate time.

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 team 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 evidence of the presence of commercial hydrocarbons in the primary objective of our first well in the drilling programme is an excellent result even though the well has been challenging to drill. Whilst we remain optimistic that we will find additional hydrocarbon deposits in the deeper sections of the well, the presence of hydrocarbons in our primary target should make this drilling project a commercial success. '

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 15 years experience within the sector.

"Further announcements will be made at the appropriate time."
Any idea on the estimated time, please?

They don't specify exactly when that announcement would be. In their short time on AIM, Leed have been releasing newsworthy updates roughly every month. Progress at A-6 seems to be good, so next update could be before the end of this month.

Additionally, Leed have production assets which generate ongoing income, so there may be an update regarding their status.

Quote from Robert Adair, Leed Chairman:

"The acquisition of the Eugene Island properties brought production and additional cash flow to the Company, in addition to high quality exploration prospects with major upside. The Eugene Island 183 A-6 well, which was spudded on 16 September, is the first step in unlocking that potential. If successful, the well is expected to significantly grow the Company's production and profitability and will be the first of several wells in the field."

I didn't know if you had an idea how long the "full logging of the primary target sand" is likely to take to complete.

Not sure. I'm looking through Leed's plans to see what tasks they have which may take place prior to the logging. Once the logging is underway, it shouldn't take long to complete or analyse.

Update: I can't find any specifics on the logging, however In the update of 4 Dec, LDP said:
"The drilling results of the Eugene Island 183 A-6 well are expected in the near future. If this well is successful, it is expected that the Company will experience significant reserve growth and production will increase both substantially and in the near term. Facilities are already in place to handle any production. Assuming a successful first well and dependent on test results, Leed will likely perform additional drilling at Eugene Island to further define the extent of reservoirs, to accelerate production or to evaluate other prospects."

Coverage on Energy Current: http://www.energycurrent.com/index.php?id=2&storyid=7966

... and on Sharecast: http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=1841272

Yesterday's announcement noted in The Times: "Leed Petroleum edged up 1.25p to 37p after it said that drilling in its Bay of Mexico field showed strong evidence of oil. The shares had been hit by delays in the drilling programme."

Up 5% this morning.

Largest volumes since October. Second largest volumes since listing.

ValueMax;
Looks very impressive.
Theirs a statement, "and should exceed pre drill expectations",now that sounds
exciting. The depth of the well and time taken suggests a very expensive hole,so from that statement i would expect if it turns out to be correct ,it will be quite a
significant amount of oil?
Now i've tried in vain, to discover what the pre drill expectations were,so could you help on this point please?
tia
cyril

On Leed Petroleum's website, you can get access to the admission document.

For the Eugene Island blocks, Leed state:
=====================================
The company's net attributable proved and probable reserves total 24.5 BCFE at Eugene Island. Total proved reserves of 960 MBO and 3,371 MMCF are estimated, by Collarini, to remain, as of June 1, 2007. Of these, 396 MBO and 429 MMCF are proved producing, 33 MBO and 36 MMMCF are proved behind pipe, and 531 MBO and 2,906 MMCF are proved undeveloped. In addition, there are 2,434 MBO and 16,729 MMCF of probable reserves, and 6,546 MMBO and 118,450 MMCF of possible reserves. The reserves were determined by pore-volume and performance analysis. Details by reservoir are located in the appendix. The expected life of the proved reserves, based on current economic projections, is over 8 years. The expected life for all reserve categories combined is over 16 years.
==============================================

... and for block 183, well A-6, the estimated values from the admission document are: 1196Mbbl and 7056MMcf.

... so if they can prove those values from A-6, the total proved reserves of gas will treble and the total proved reserves of oil will double.

If they exceed them, then even better.

Max thanks, very positive reading, looks a good punt to me.
cyril

Me too. Good to have production already - this will limit any downside - plus good potential from the exploration.

I'm planning to add a summary of all LDP's assets to the header, similar to the IPL thread, but there are so many I've not had time to do it yet!

I managed to access the admission document yesterday, i was going to read over the weekend,unfortunately tonight its coming up as a damaged file.
cyril

Did you buy some, Cyril?

Yes i bought a some not as many as i would have liked,had to sell others to
release funds. Doing very well this am, up over 12% at 41.25p,news shouldn't
be to far off now?
cyril

Flying now, up over 17% to 43p.
cyril

It's up a lot today. I've not seen any new news or tips. Not sure what has prompted the sudden rise.