Leed updates on Eugene Island A-7 well

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 total measured depth of 15,447 feet.

Electric line logs have confirmed that three pay sands have been encountered in this section of the wellbore, in addition to those announced on 23 May 2008 and 5 June 2008, and contain a total of 45 feet of true vertical thickness pay.

Two of these new zones were the two primary objectives of the well, being development and exploration targets.

To date, six sands containing a total of 125 feet of true vertical thickness pay have been encountered in the A-7 well.

In order to maximise flow rates and the recovery of reserves from these three objectives, the Company has commenced a short sidetrack of the lower section of the wellbore.

Completion operations will begin after the well is sidetracked and a further announcement will be made in due course.

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.