Leed successfully drills Eugene Island well

Leed Petroleum has successfully drilled a primary target zone on the Eugene Island A-6 well. According to the company, initial well results exceed expectations and indicate possible reserves upgrades.

Offshore staff

LONDON -- Leed Petroleum has successfully drilled a primary target zone on the Eugene Island A-6 well. According to the company, initial well results exceed expectations and indicate possible reserves upgrades.

The Eugene Island A-6 development well was spudded in September 2007 and the company successfully sidetracked and ran casing to 15,335 ft (4,674 m) which is 120 ft (37 m) below the primary target sand. Logging of a section of the wellbore has been performed and the results confirm the primary target sand has 56 ft (17 m) of net true vertical thickness pay.

Leed currently is preparing to drill ahead to penetrate additional exploratory zones. On completion of the additional exploratory drilling, Leed intends to carry out production tests to determine flow rates for the well.

Refurbishment of existing facilities to accommodate production from the A-6 well has already begun, and the company expects to begin producing hydrocarbons from the well soon after the well is completed.

The Eugene Island blocks are 50 mi (80 km) offshore, south of Morgan City, Louisiana, in the Gulf of Mexico, in approximately 80 ft (24 m) of water.

02/07/2008

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