Leed Petroleum has acquired the Ship Shoal Block 202 lease from Mariner Energy, Inc., for a gross consideration of US $150,000.
The Ship Shoal 202 lease covers an area of approximately 20.23 square kilometers and is located in a very prolific area of the Gulf of Mexico. The lease has four years remaining on its current primary term, in which Leed intends to develop it into a further producing asset.
The lease is adjacent to the Ship Shoal 201 Block, which Leed already owns and operates. The 201 lease is a high potential block, with predominantly oil bearing prospective reservoirs and is a low cost development opportunity for the Company.
In accordance with an area of mutual interest agreement arising under the Company's pre-existing scouting agreement with Byron Energy Pty. Ltd. ("Byron"), Byron will have the right to acquire up to 25% of the Company's working interest in the block (the "Option Right"). Byron Energy has informed the management of Leed that it intends to participate in the transaction, with a proposed gross interest of 25%, thus leaving Leed with a remaining 75% interest in Block 202. Further details of this participation will be announced shortly.
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