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Leed waits for "favourable" rig rates


Published Jan 6, 2009
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Gulf of Mexico

LeedPetroleum used the occasion of announcing new sales of gas to say it was deferring its 2009 capital expenditure programme until drilling rig and service rates are "reflective of oil and gas pricing and the economic environment is more favourable to new drilling".

Leed has no planned license commitments during the first half of 2009 other than one well on South Marsh Island block 6, so the company has released the Ensco 98 rig and now has no contracted drilling rig or associated cost.

Meanwhile, an "inexpensive completion" will help reserves recovery from two well zones.

"We will use the substantial revenue stream created by these wells to strengthen our balance sheet while we await rig and service rates to normalise and commodity prices and general economic conditions to improve," company chief exec Howard Wilson said.

Tags: Leed Petroleum PLC



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