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've taken the liberty to copy a piece of research by one of the most respected
ameteur posters around.

It's worth remembering we have some excellent exploration assets in addition to our 'development' assets.

Depending on pay and porosity we can never be sure what each well may produce.
I'm hoping that somwehere into the future some of our new wells might hit bumper pay like some of those listed below. I've summarised these taking some from Sranmals notes/other Gulf operators websites/history. Of course we have to allow for dry wells and smaller producers from time to time, but looking over a lot of which has been discovered to date - potential exists for some excellent flow rates - and anything similar in the future could transform this company at a stroke. I've combined both oil/gas rates to give total boepd/well.

Leed Petroleum blocks Eugene Island 172/183/184.
Currently being developed and producing.
A-6 well 2095 boepd .
A-7 well - Awaited.
A-8 Spudding imminent.
A-2S/T likely Q4.

Other Flow rates at Eugene Island.
Block 97 (McMoran) No 1 well 2,666 boepd.
Block 193 (McMoran) No 3 well 10,000 boepd.
Block 193 (Texaco) No 1 well 9,950 boepd.
Block 182 (Newfield) well at 2,830 boepd.
Block 10 (Contango + partners) Dutch 1 + 2 wells combined = 10,530 boepd (5265 av per well).
Dutch 3 well (25/7/07) = 5666 boepd.
Block 11 (Contango + partners) Mary Rose 4 well 3633 boepd. Mary Rose 1 & 3 combined are producing 18,830 boepd.
-------------------------------------------------

Leed Petroleum blocks East Cameron 317/318.
Currently producing and awaiting further development + exploration.

Other flow rates at East Cameron.
Block 334 (not sure of the operator - taken from Sranmal note/links).
E-2 well 6094 boepd.
E-1 well 11,766 boepd.
F-1 well 4,823 boepd.
Block 347 (Anadarko) No1 well 3,723 boepd.
-------------------------------------------------

Leed Petroleum Ship Shoal blocks 201/205.
Exploration drilling on block 205 after surveys.
'Development' and exploration drilling planned on 201.

Other operator flow rates at Ship Shoal.
Block 189 - 1 well at 5168 boepd.
Block 206 - 1st well at 4166 boepd.
Block 206 - 2nd well at 2600 boepd.
Block 361 Agate field (Anadarko 1999) 1160 boepd.
---------------------------------------------

Leed Petroleum South Marsh blocks 5/6/8.
Substantial low risk exploration potential on blocks 5/6.
Block 8 acquired 1st July 2008 - CEO quote - "identified several solid exploratory and low risk re-development opportunities on this lease. We are actively planning wells that will test these strong prospects.

Other operator flow rates at South Marsh.
Block 288 CA-6 well at 5,000 boepd.
Block 288 CB-5 well 3,666 boepd.
Block 212 (McMoran) FR-1 well 17,000 boepd.
Block 212 (McMoran) FR-2 well 6,333 boepd.
------------------------------------------------

Leed Petroleum Main Pass blocks 57/64/65/115.
Currently producing and awaiting further development on B64/65.
Low risk exploration drilling planned for B115.

Flow rates can be seen via Leed docs.
Brigham Exploration right next door on Main Pass block 66 - SL 18826 #1 well at 7600 feet from 100 ft total pay = 2500 - 3333 boepd this month
------------------------------------------------------

Leed Petroleum West Cameron block 106.
Awaiting development.

Other operator flow rates at West Cameron.
Block 110 No 16 well 2,280 boepd.
-----------------------------------------------
Leed Petroleum Grand Isle Blocks 95/100.
Awaiting "development" drilling.

Other operator flow rates at Grand Isle.
Spinnaker Exploration on Grand Isle 52 - 1 well at 3750 boepd
Anadarko had block 116 (from 1998) and the Hickory field discovery total volumes were 15,000 oil and 50,000 boe gas/day.
-------------------------------------------------
Leed Petroleum Sorrento field.
Awaiting development drilling
--------------------------------------------
cyril

Hoping the last post + that of sranmel's post 113, bring's home the potential of this company?
cyril

Released today 2 major holders cross threshold, which at 1st looks like a reduction,
closer inspection reveals that Scottish widows actually increased their holdings. Its simply the increased shares in issue are responsable for around 0.4% reduction,
according to my calculations?
cyril

The recent placing caused a dilution of the shareholdings by approx 9%, meaning that the percentage of the company held by today's notifiers was reduced across the trigger points for the notification announcement (4% and 5% boundaries).

Scottish Widows previously held 10,111,497 shares (4.028%) and now hold 10,200,298
(3.695%) in LDP.

Delays at A-7 and reduced flow from A-6.

RNS Number : 9798B
Leed Petroleum PLC
26 August 2008

Eugene Island Update

Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announces an update on activity at the Eugene Island field.

Since concluding drilling of the Eugene Island A-7 well, the Company has been working on casing and completing the well for production from one of the primary zones. The Company has not been able to produce a consistent flow rate from this zone and extended testing will be required to fully evaluate its potential.

Accordingly, in order to achieve its targeted commercial production from the A-7 well, the Company will move up the wellbore and begin producing from another of the primary zones intersected by the well. If deemed appropriate, the Company will consider returning to the deeper zone in the future. Completion of the shallower reservoir is expected to take approximately six weeks.

In the interim, the Company has performed preliminary work for the Eugene Island A-8 well. The Eugene Island A-8 well will target a superior 'take-point' from the exploration target discovered by and currently producing through the A-6 well.

Since commencement of production from the secondary exploration target of the A-6 well, an extended flow test has been conducted, with the results of this test corroborating the Company's reserve estimates. The A-6 well began to make sand during the test, and while this reservoir continues to produce, the Company has reduced the flow rate to ensure operational safety. The curtailed gross test rate during August to date has averaged 988 BOEPD. Following completion of the A-8 well, the A-6 well will be recompleted as a long term producer from its primary zone, as has always been the Company's intention. It is anticipated that production rates for the A-6 will then return to previously announced levels.

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 Petroleum PLC, commented:
'We remain very confident that the A-7 well will perform to our expectations. It is unfortunate that we have experienced this delay, however, the long term development and acceleration programme for the Eugene Island 183/184 field remains on track. In addition to reserves scheduled to be produced from the A-7 well, the A-8 will develop existing reserves discovered during the current drilling programme as well as test at least one exploratory target.'

Alas, such are the risks with such companies. It still looks a good investment on a longer term basis? imho
cyril

seems to be just a delay mainly..........president comment seems re-assuring

Hurricane Gustov looking serious,could cause a lot of damage and what effect on the price of oil?
Theirs a tropical storm brewing named Hanna north of Puerto Rico and heading
NWNorth.
cyril

and russia threatening to turn tap off to europe on monday......threat alone will be damaging

Results due tomorrow. They will be split to illustrate the 'old and new' Leed - ie. the company before and after production from A-6. Likely to be a profitable period - anything over 5m would be good. Look out for updates on A-6 flow rate (is it back up over 1000boepd?) and A-7 testing.

Of course, nomatter how good the results may be, who has the cash to make any significant purchases?

Annoying that the spread is over 10%. My guess is that tomorrow's results will be positive but the SP rise will be less than 10% and quite possibly a fall given the current market conditions. Who knows!?!

Excellent results and aimo another company at bargain basement value, with its AGM for the 29th Oct. Chairmans comments say it all for me.

Final Results

Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, is pleased to announce its audited results for the 12 months to 31 March 2008 and for the 3 months to 30 June 2008.

This statement covers the 15 month period from 1 April 2007 to 30 June 2008 following the change of year end from 31 March to 30 June.

HIGHLIGHTS:

Operational

43.1% increase in 1P reserves to 8.7 MMBOE from admission to AIM to 1 April 2008

30.3% increase in 2P reserves to 20.6 MMBOE from admission to AIM to 1 April 2008

202% increase in average net daily production to 1,606 BOEPD for the three months ended 30 June 2008 as compared to the year ended 31 March 2008

Successful drilling campaign on Eugene Island

Drilled, completed and commenced production from the Eugene Island A-6 well

Drilled the A-7 well encountering 181 feet of net pay in six sands

Financial

Significant increase in operating revenue:

68% increase to US$12.8 million for the year ended 31 March 2008 as compared to the year ended 31 March 2007

US$15.2 million for the three months ended 30 June 2008

Company moved into profit in the three month period ended 30 June 2008:

Operating loss of $14.1 million for the year ended 31 March 2008

Operating income of $8.0 million for the three months ended 30 June 2008

Loss attributable to shareholders of $14.7 million for the year ended 31 March 2008

Income attributable to shareholders of $2.0 million for the three months ended 30 June 2008

Corporate transactions

Successfully raised US$96.9 million and admitted to trading on AIM

Eight acquisitions substantially increasing asset portfolio

Post balance sheet events

Completed drilling of the Eugene Island A-7 well

Sale by Leed of 25% of its interest in Eugene Island assets pursuant to an option exercise yielded US$16.3 million

Secondary fundraising in August 2008 raised US$29.1 million in gross proceeds

Commenting, Howard Wilson, Chief Executive of Leed Petroleum, said:

'The Company has accomplished its objectives of reaching financial stability, building a substantial inventory of high quality drilling projects, implementing strategic acquisitions of producing assets containing high quality development and exploratory opportunities, and achieved significant increases in reserves, production rates and revenue. We are now poised to move ahead and expand our development and exploration programmes to other areas of our inventory. The stage is set for 2009 to be a tremendous year for Leed'

cyril

Leed Petroleum posts FY loss, Q1 profit; sees 'tremendous' 2009

LONDON (Thomson Financial) - Leed Petroleum Plc. posted a full-year loss and
first-quarter profit -- following the change of year end from March 31 to June
30 -- and said the stage is set for 2009 to be a tremendous year for the
company.
For the twelve months to March 31, 2008, it reported a pretax loss of $19.96
million on revenue of $12.79 million and a profit of $3.23 million on revenue of
$15.15 million for the three months to June 30, 2008.
It also reported a 43.1 percent increase in 1P reserves to 8.7 MMBOE and a
30.3 percent increase in 2P reserves to 20.6 MMBOE from AIM admission to April
1, 2008. Average net daily production rose 202 percent to 1,606 BOEPD for the
three months to June as compared to the year ended March 31, 2008.
"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 ... We are confident we will deliver results," said
chairman Robert Adair.
tf.TFN-Europe_newsdesk@thomsonreuters.com
ms1/jro/ind/ak

Also a summing up by an astute investor of oil,

Had a good look through the results which were presented very comprehensively.

Company moved into profit in quarter to June 2008.
Will consider paying a dividend in future.
Substantial cash/borrowings available since June of $44.3m & $29.3m = $73.6m.
Revenues to June quarter were $15.2m (compared to half year 2007 of $5.5m).
A-7 production expected shortly (states -very close to production).
A-8 to spud October (1-4 weeks).
If A-7/8 successful +A6 recompleted from main zone - should contribute to $30m - $45m per quarter at lower oil price by year end.
P2 reserves at Ship Shoal 201/Sorrento and Grand Isle to be drilled this coming year.
Intend to expand the asset base even further (acquistions).
Reserves net of all burdens - (ie Royalties etc/3rd part interest) = 20.6 mmboe P2 and 62.7 mmboe P3.
Reserves upgrade to be published by end March.
GrandIsle P2 development described as being another significant step change for the company.
States 2009 to be a tremendous year.

Very pleased - looks extremely well positioned for serious growth - generating substantial revenues per quarter and new wells to come on stream from P2.
cyril

Leed Petroleum may not be such a tiddler for too long after the oil group reported a maiden annual profit, having been listed for a little over a year. During the 15-month period the company, up p to 27p, has made eight acquisitions, the largest being Eugene Island, in the Gulf of Mexico, where it has successfully drilled two wells.

The Times
cyril

I would expect to see a jump in the share price today from the good results of well A7 but with the market expecting to open 4.4% lower it might not happen.

Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, is pleased to announce that testing on the A-7 well in the Eugene Island field has achieved rates that equate to 4,012 barrels of oil equivalent per day, based on a conversion factor of 1 barrel of oil to 6 thousand cubic feet of gas. The sale of production from this well is expected to commence imminently.

On 26 August 2008, Leed announced that in order to achieve its targeted commercial production from the A-7 well, the Company would move up the wellbore and begin producing from another of the zones intersected by the well, with the initial completion still accessible for future testing.

The Company has now successfully completed in the shallower sand, which has 55 feet of true vertical thickness net pay. Whilst on clean-up flow, the well tested over a six hour period through a 22/64' choke at a restricted rate of 10.6 million cubic feet of gas per day, 2,245 barrels of oil per day and 128 barrels of water per day with a flowing tubing pressure of 6,159 pounds per square inch absolute. The restricted rate was due to capacity constraints of temporary testing equipment required for use while the well was on clean-up flow.

Leed has also commenced preliminary work on the Eugene Island A-8 well and is currently preparing to spud this well.

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 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 Petroleum PLC, commented:

'We are very pleased that the A-7 well has demonstrated the ability to perform to our expectations and believe that it was worth the wait. The Eugene Island 183/184 field has been instrumental in transforming Leed's financial position and the A-7 result is a great start to what we expect to be a tremendous financial year.'

What would this have done for the SP had the markets been normal?
cyril

Just 6% for over 4000 bopd extra on a company worth just £90m reflects the market today, with a little bottle and a lot of patience this will give excellent returns?
aimho
cyril

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