Executive Summary
Leed Petroleum PLC’s principal business is the exploration, development and production of oil and gas. Leed’s focus is the Gulf of Mexico region of the United States.The Company operates its business through its subsidiaries, Leed Petroleum Inc. and Leed Petroleum LLC. Through Leed Petroleum LLC, the Group currently has working interests in 17 Outer Continental Shelf (OCS) Gulf of Mexico leases as well as leases in one onshore field located in South Louisiana, USA.
Company History
2008 drill results:
RNS - 06/10/08 - Eugene Island A-7 Well - 4,012 BOEPD (Gross)
RNS - 28/08/08 - Eugene Island A-6 Well - 988 BOEPD (Gross) - reduced whilst drilling A7 & A8 wells
RNS - 05/06/08 - Eugene Island A-6 Well - 2,095 BOEPD (Gross)
Current Events
Currently drilling the Eugene Island A-8 well which was spudded 06/10/08 - expected to reach target depth Q1 2009,
http://www.investegate.co.uk/Article.aspx?id=200810090700144353F
Business Model
The Company will also seek to grow through a three-tiered acquisition strategy:
- participation in Gulf of Mexico US Minerals Management Services (MMS) lease sales, primarily in the central Gulf of Mexico region
- identifying and purchasing under-exploited assets from other large independent oil and gas companies; and
- partnership arrangements on acreage owned by other large independent oil and gas companies to explore or develop reserves that would otherwise not be produced.
Products/Services
Segments/Customers
Production/Operations
The Group holds operating interests in Eugene Island Block 183 and the southern half of Eugene Island Block 184, the Grand Isle Assets, the South Marsh Island Assets, the Sorrento Field Asset and the Ship Shoal Asset as well as non-operating interests in the East Cameron Assets, the Main Pass Assets and Eugene Island Block 172 and the northern half of Eugene Island Block 184.
Distribution/Routes to Market
Market & Competition
The offshore oil and gas industry in the Federal part of the Gulf of Mexico contributed approximately 21 per cent. of the United States' natural gas production (just under 5 trillion cubic feet) and approximately 30 per cent. of the United States' oil production (570 million barrels) in 2002.
The offshore areas of the United States are estimated to contain significant quantities of resources in yet-to-be-discovered fields. MMS estimates of oil and gas resources in undiscovered fields on the OCS (2006, mean estimates) total 86 billion barrels of oil and 420 trillion cubic feet of gas. These volumes represent about 60 per cent.…
