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Leed “moves on” to review GoM rigs


Published Dec 1, 2008
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Ensco 85

The stock of Louisiana-based Leed Petroleum shot up eight percent early Monday after the company’s Gulf of Mexico A-8 well proved commercial oil and gas.

A newly explored reservoir structure and a better location to empty the reservoir found by a previous well, A-6, were shown to be productive. Eugene Island blocks 100 kilometres offshore Lousiana are known to be prolific.

Electric line logs confirmed the penetration of three pay sands of a total 155 feet of “true vertical thickness pay”.

Leeds’s existing platform will now empty the A-6 well from the A-8 proven area and the Ensco 98 rig will be released while the company “reviews the Gulf of Mexico rig market” ahead of drilling more wells in 2009.

Company boss Howard Wilson said his Eugene Island holdings had now “delivered the Company into a profit” for the quarter.

“But it is now time for the Company to move on and develop additional fields in the portfolio and diversify the production base,” Wilson said.

Tags: Leed Petroleum PLC




   

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