Leed Petroleum PLC announced an update on the drilling activity at the Eugene Island A-7 well.
As previously announced, after drilling of the original wellbore was completed, electric line logs confirmed the existence of six sands containing a total of 125 feet of true vertical thickness pay. The well has now been sidetracked through four of the six sands encountered in the original wellbore to a measured depth of 15,396 feet. Logging operations in the sidetracked portion of the wellbore have been performed and confirm 124 feet of true vertical thickness of pay in the four sands, which is 56 feet more than that encountered in the original wellbore. Accordingly, in total, the Eugene Island A-7 well has 181 feet of true vertical thickness of pay in all six pay sands.
With drilling now concluded, the Company is working on casing and completing the Eugene Island A-7 well for production from one of the primary targets, which has 41 feet of true vertical thickness pay. The first sale of production from this zone is expected to occur during this quarter of 2008.
Upon establishment of production from the A-7 well, Leed intends to use the Ensco 98 drilling rig at Eugene Island to drill the A-8 well.
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.
Howard Wilson, President and Chief Executive of Leed Petroleum PLC said, "The sidetrack of the A-7 well has been a great commercial success and should add substantial reserves and materially increase Leed's daily production rate once brought on stream during this quarter. Not only did the A-7 well exceed our expectations in each of the two primary objectives, it found commercial reserves in four additional zones. With these results, our technical team is now working diligently to incorporate further low risk development projects from this field into our near-term drilling program".
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