Leed Petroleum updated on the drilling activity at the Main Pass 64 #1 sidetrack well.
As previously announced on August 24, 2010, the Company elected to participate with operator, Medco Energi US LLC (the "Operator") in the Main Pass 64 #1 sidetrack well. The well was spud on August 23, 2010, and reached a total measured depth of 8,086 feet on September 19, 2010. Electric line logs have confirmed that the wellbore encountered three pay sands, containing a total of 71 feet of true vertical thickness pay, including 48 feet of true vertical thickness pay in the field's primary pay zone. Results of this well are in line with pre-drill expectations.
The Operator is currently casing and completing the well for oil production from the primary pay zone. As previously stated, first production from this zone is expected to occur early in the fourth quarter of 2010.
The Company owns a 25% non-operated working interest and a 19.18% net revenue interest in the well. The well is presently on track to be drilled and completed for the budgeted cost of approximately US $5,400,000 (US $1,350,000 net to Leed).
The Main Pass 64 field, which contains numerous oil and gas reservoirs, was discovered in 1982. The majority of the oil production has come from the field's primary pay zone which has been subjected to a successful water flood pressure maintenance program.
The Main Pass 64/65 field is located four miles offshore, southeast of New Orleans, Louisiana in approximately 30 feet of water.
Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented, "We are pleased that the initial results from the Main Pass 64 #1 sidetrack well are in line with our pre-drill reserve and drilling budget expectations and look forward to getting this additional long life oil production online in the near future."
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