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Has one heard of a take-over on the cards for Leed Petroleum ?

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With continued upward demand on Gas and Oil supplies from US and Western Europe

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High level of trading today... Price up over 21 %

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Friday, 8 January 2010 07:33


UK firms told to preserve gas supplies
Friday, 8 January 2010 07:33
As the cold weather continues, in Britain nearly one hundred firms were told to turn off their gas yesterday to help conserve supplies.

The National Grid, which operates Britain's gas network, said the gas supply would be restored today for most of the companies as the UK's critical gas position eases.

The cold spell has caused a surge in demand for gas.

AdvertisementHowever in Britain that surge came as supplies were hit by technical problems which led to a shortfall in gas imported from Norway.

Those Norwegian supplies have now been restored but the shortage yesterday led the National Grid to ask 95 big companies and manufacturers to switch from gas to alternative fuels such as coal and oil.

All the companies concerned have interruptible contracts which allow their supplier to reduce or cut off their gas at times of high demand. In return the firms buy their gas more cheaply.

Also, National Grid has issued two gas alerts so far this week asking customers voluntarily to reduce usage as temperatures have plummeted.

However, Energy UK, which represents the gas suppliers, says there's no threat to households.

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Leed Petroleum PLC



("Leed" or the "Company")





Spudding of A-6 Well at Ship Shoal Block 201





Leed Petroleum PLC (AIM: LDP), the oil and gas exploration and production company focused on the Gulf of Mexico, today announces that the Ship Shoal 201 A-6 well was spudded on 01 February 2010.



The Ship Shoal 201 A-6 well will target one proved undeveloped sand containing audited gross 2P reserves of 2,537 mboe (85% gas) and test two exploratory objectives. The Company owns a 100% working interest and an 80.2% net revenue interest in the well. The well, which will be drilled from the recently acquired Ship Shoal 202 'A' Platform, is planned to a total depth of approximately 13,396 feet. Log results are expected by the end of first quarter 2010.



The Ship Shoal 201 Lease was acquired in the 2007 Central Gulf of Mexico Mineral Management Service Lease Sale 205 and is located 125 miles offshore, southwest of New Orleans, Louisiana in approximately 102 feet of water.



Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented:



"We are pleased to announce the spudding of the Ship Shoal A-6 well which marks the re-commencement of the Company's drilling programme in the Gulf of Mexico.



Along side the development work currently being carried out at Sorrento Dome, we hope that the A-6 well will help to increase the diversity of Leed's producing assets and build upon the previous success of the Eugene Island drilling campaign."

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Leed Petroleum Plc (LDP) Leed Petroleum Plc announced that the evaluation of its recently drilled A-6 well at Ship Shoal Block 201 in the Gulf of Mexico is complete and has tested at a restricted rate of 10.4 MMcfd and 423 bopd. The A-6 well reached its total depth of 13,341 feet on 17 February 2010. Electric line logs confirmed that the well encountered 65 feet of true vertical thickness pay in its primary objective. Independ ent reservoir auditing firm, Collarini Associates of Houston, Texas, attributes net 2P reserves of 1.3 MMboe to the reservoir (84 % natural gas). Net proved reserves are 5.615Bcf of natural gas and 171,000bbl of condensate together with net incremental probable reserves of 0.951Bcf of natural gas and 29,000bbl of condensate. On 4 March 2010, the well was flow tested after initial clean up for 6 hours at a stabilised gross rate of 10.4MMcfd and 423bopd with minimal completion fluid production on a 29/64 choke at a flowing tubing pressure of 2519 psi. The Company has a 100% working interest and an 80.2% net revenue interest in the well. The Ship Shoal 201 A-6 well was drilled from the recently acquired Ship Shoal 202 "A" platform, which will enable the rapid commencement of production, which is expected to occur during Q2 2010. Drilling and completion operations were finished ahead of schedule and within the $9.8m budget allocated for the well.

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With this stock at a 12 month low. This is a buying opportunity.

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May 12 (Reuters) - Independent oil and gas company Leed Petroleum Plc said it expected production volumes to more than double in the fourth quarter ending June 30 following start of production from the Ship Shoal 201 well in the Gulf of Mexico.

The company said the estimated net attributable production for the three months to March 31 averaged 958 barrels of oil equivalent per day (boepd).

The Ship Shoal 201 A-6 well was successfully drilled and completed during the quarter ended March 31, it said. Leed said the well was placed on production on May 6 at a gross rate of 1,615 boepd, which resulted in a material increase in the company's average daily production rate.

Leed's shares were up 15 percent at 5.5 pence at 0715 GMT on Wednesday on the London Stock Exchange (LSE: LSE.L - news) . (Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott

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