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Leed Petroleum way up on GoM gusher


Published Oct 6, 2008
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Leed Petroleum declares award of lease

The share price of Leed Petroleum soared over 17 percent in the first few minutes of trading in London on a report well A-7 in the Gulf of Mexico’s Eugene Island field flowed 4,012 barrels of oil equivalent per day.

Shareholders appeared cheered by sales from the new well expected to start “imminently”, with an A-8 well being prepared.

Production looks set to come from strata of rock higher up in the well-bore than the full depth of the completed well. The shallower 55-foot sandstone layer flowed a constrained 10.6 million cubic feet of gas per day and 2,245 barrels per day of oil.

Eugene Island blocks lie some 100 kilometres offshore Louisiana in 80 feet of water.

Tags: Leed Petroleum PLC



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