Leed Petroleum PLC, the oil and gas exploration and production company focused on the Gulf of Mexico, announced the successful drilling of the secondary target zone on the Eugene Island A-6 development well, which was spudded on Sept. 16, 2007.
Analysis of the well logs acquired over the secondary target zone indicate a productive gas reservoir has been encountered with approximately 51 ft of true vertical thickness pay.
The encouraging results for the secondary objective are in addition to the successful drilling of the primary target, which was announced on 7 February 2008. The secondary objective is a new discovery and until further analysis has been carried out, the Company is not in a position to estimate any reserves attributable to this zone.
The well has reached a measured depth of 15,876 feet and drilling continues ahead to the third and final target zone. On completion of the drilling, Leed will case the remaining section of the A-6 development well and carry out production tests to determine flow rates. The refurbishment of existing facilities to accommodate production from the well is in the final stages and the Company expects to begin producing hydrocarbons shortly after well completion.
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 team has built an inventory of development projects and exploration targets across the Eugene Island Block 183/184 field.
Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented, "We are very pleased with the discovery at our secondary target and continue to drill ahead to test our final exploratory zone. Re-commissioning of the existing production facilities is nearly finished and production from this well is expected to occur shortly after well completion."
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