LONDON -- Leed Petroleum has been awarded the West Cameron block 106 lease from the Central Gulf of Mexico Lease Sale 206 for $1.2 million.
The West Cameron block is located approximately 160 mi (257 km) southwest of New Orleans, in 40 ft (12 m) of water. The company has identified drilling opportunities on the block, and intends to add these projects to its drilling schedule as soon as feasible.
The West Cameron block 106 lease will be held for an initial five-year primary term during which the company will have the right to explore and produce hydrocarbons. Once production is established from the lease, the lease will be held by production until 180 days after the cessation of production.