Leed Scoops Up Grand Isle 96 Block in GOM
Leed Petroleum has been confirmed as successful bidder in the Central Gulf of Mexico Minerals Management Services Lease Sale 213.
The MMS has confirmed that Leed was the successful bidder on Grand Isle Block 96. The Company bid US $427,699 for the Block which is adjacent to the Company's Grand Isle 95/100 blocks, an amount comfortably within the Company's lease acquisition capital expenditure budget for this year.
Final award of this lease is subject to a geological review by the MMS to confirm the adequacy of the bid value. MMS reviews have generally been completed within approximately four months of the sale, and the Company expects to receive approval of its bid within this timescale. A further announcement will be made by Leed in due course.
In accordance with 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 this block.
Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented, "The Grand Isle 96 Block is adjacent to Leed's existing lease holdings in the Grand Isle Area and compliments the Company's development plans for these assets."
"Once fully awarded Leed will have an interest in 17 blocks in the Gulf of Mexico with a balanced portfolio of low risk development and exploration interests, which will in time be converted to reserves through our planned drilling programs."