Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented:
" At the time of the Company's listing on the AIM market of the London Stock Exchange, Leed stated its intention to focus on the development and exploitation of its Gulf of Mexico portfolio, commencing with the opportunities the Company has at Eugene Island Blocks 183 and 184. I am pleased that we have taken the first steps to develop our non-producing reserves at Eugene Island by securing the rig contract. We plan to commence drilling operations in September"
Leed operations are predominantly concentrated in the Gulf of Mexico. The Company operates through three subsidiaries„oLPUS Inc., LPH LLC and LP LLC. Through LP LLC, the Group holds operating interests in Eugene Island Block 183 and the southern half of Eugene Island Block 184, the Grand Isle Assets, the South Marsh Island Assets, the Sorrento Field Asset and the Ship Shoal Asset as well as non-operating interests in the East Cameron Assets, the Main Pass Assets and Eugene Island Block 172 and the northern half of Eugene Island Block 184.
The Eugene Island Assets (other than Block 172), the East Cameron Assets and the Main Pass Assets are producing fields located off the coast of the state of Louisiana in the Gulf of Mexico.
Leed has built a portfolio of producing and prospective assets primarily located in the Gulf of Mexico which are estimated by Collarini Associates to have, net to Leed, 4,011mbbls of proven and probable reserves of oil and liquids and 70,671mmcf of proven and probable reserves of gas.
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