Leed Not Distracted by Preliminary Discovery, Drills on in GOM
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 by the Ensco 98 jackup on April 17, 2008 and as at May 22, 2008 had reached a measured depth of 13,958 feet. Drilling continues toward the development and exploration objectives and remains on schedule to reach total depth in the third quarter of 2008.
Electric line logs have confirmed that the Company encountered 34 feet of true vertical thickness pay while drilling the Eugene Island A-7 well. The Company had previously identified the formation as a zone of interest but it was not a primary objective of the well. The Company will continue to evaluate this sand as drilling continues toward the primary objectives.
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.
"We are pleased to have found pay in the A-7 well before reaching any of the targeted objectives, which offers potential further upside from the well," said Howard Wilson, president and chief executive of Leed. "While the discovery of this zone is good news, drilling continues and we await the results of the more promising objectives at deeper depths."