Leed hits hydrocarbons in US GOM, production via subsea tieback expected within the year

Leed Petroleum announced that the Ship Shoal 201 A-6 well has reached its total depth. The interpretation of well logs confirms the presence of hydrocarbon pay in line with pre-drill expectations.

The Ship Shoal A-6 well was spudded on Feb. 1, 2010, and reached a total measured depth of 13,341 feet on Feb. 17, 2010. Electric line logs have confirmed that the well encountered a total of 65 feet of true vertical thickness pay in the primary sand. The Company plans to test the well from the primary sand shortly and is currently evaluating reserves attributable to the sand, the results of which evaluation will be announced in due course.

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 in order to expedite commencement of production, which is expected to occur during the 2nd quarter of 2010.

Ship Shoal Block 201 is located 125 miles offshore, southwest of New Orleans, Louisiana in approximately 102 feet of water. The

"We plan to continue execution of our focused Gulf of Mexico strategy by developing several high quality projects over the next 12 months which we believe will add material new 2P reserves and provide production diversity across multiple fields," said Howard Wilson, president and chief executive of Leed Petroleum. 

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