Leed Petroleum Plc, a UK-based oil and gas company that focuses on the Gulf of Mexico, has acquired the Ship Shoal Block 202 from Mariner Energy for $150,000 (£100,000) in cash.
Leed Petroleum Plc, a UK-based oil and gas company that focuses on the Gulf of Mexico, has acquired the Ship Shoal Block 202 from Mariner Energy for $150,000 (£100,000) in cash.
The Ship Shoal 202 lease covers an area of some 20.23 square kilometres and is located in a producing area of the Gulf of Mexico. The lease has four years remaining on its current primary term.
Howard Wilson, president and chief executive of Leed Petroleum, commented: “Ship Shoal 202 will provide Leed with a further low-cost development opportunity on which to broaden our resource and reserve base, and will also establish more production.”
In the six months ending 31 December 2008, Leed Petroleum reported revenues of $15.1 million (£10.2 million) and pre-tax profits of $3.6 million (£2.4 million). Wilson said: “With the global economic conditions continuing to impact, Leed is adopting a cautious approach to our short-term drilling plans, however the Board believes these conditions will present major opportunities to grow the business more rapidly. We therefore look to the future with confidence.”
