Leed Petroleum Picks Up Eugene Island, Ship Shoal Blocks in GOM

Lease 208: Central GOM
(Click to Enlarge)

Leed Petroleum has been confirmed as highest bidder on two leases in the Central Gulf of Mexico Minerals Management Services ("MMS") Lease Sale 208.

The MMS has confirmed that Leed was the highest bidder on Eugene Island Block 133 and Ship Shoal Block 197. Final award of these leases is subject to a geological review by the MMS to confirm adequacy of the bid values. MMS reviews have generally been completed within approximately four months of the sale, and the Company expects to receive approval of its bids within this timescale. A further announcement will be made by Leed in due course.

The Company placed bids of US $350,567 for Eugene Island Block 133 and US $575,456 for Ship Shoal Block 197.

The two blocks are adjacent to blocks subject to the Scouting Agreement that existed with Byron Energy Pty. Ltd., and as such these blocks are now subject to an area of mutual interest agreement between the companies which grants Byron the right to acquire up to 25% of the Company's working interest in both blocks.

Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented, "Our technical team investigated numerous opportunities that we believed could create significant shareholder value, and we are very pleased to be the highest bidder on our two highest ranked lease sale blocks. The leases are adjacent to Leed's existing lease holdings in the Ship Shoal 201 and South Marsh Island 8 fields and compliment the company's development plans for these fields adding to the depth of our inventory and providing operational synergies."

"Once fully awarded Leed will have an interest in 18 blocks in the Gulf of Mexico with a balanced portfolio of low risk development and exploration interests. We believe that the new lease blocks contain additional resources, which will in time be converted to reserves through our planned drilling programs."

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