Leed Petroleum updates GoM drilling

Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announces an update on the drilling activity at the Eugene Island A-7 well.

The Eugene Island A-7 well was spudded on 17 April 2008 and has reached its second casing setting point at a measured depth of 14,815 ft. Electric line logs have confirmed that the Company encountered two additional pay sands, each containing 23 feet of true vertical thickness pay, in this section of the wellbore. To date, three commercial sands containing a total of 80 feet of true vertical thickness pay have been discovered in the A-7 well. None of these three zones were primary objectives in the well.

The Company is planning to run casing to the current depth, and drill ahead to penetrate the primary objectives. Drilling remains on schedule to reach total depth in the third quarter of 2008.

Meanwhile, production at the Eugene Island A-6 well has remained stable since the initial flow testing, announced on 10 April 2008. The Company is pleased to confirm that since being placed on production, the average restricted flow rate has been stable at 2,095 BOEPD.

Source : http://www.leedpetroleum.com/