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Date: Tuesday 26 Aug 2008

LONDON (ShareCast) - Shares in Leed Petroleum fell after the oil exploration firm said it has experienced a delay at the Eugene Island A-7 well.

The group said since concluding drilling of the Eugene Island A-7 well, it has been working on casing and completing the well for production from one of the primary zones.

"The company has not been able to produce a consistent flow rate from this zone and extended testing will be required to fully evaluate its potential," said the group.

In order to achieve its targeted commercial production from the A-7 well, Leed will move up the wellbore and begin producing from another of the primary zones intersected by the well.

"We remain very confident that the A-7 well will perform to our expectations. It is unfortunate that we have experienced this delay, however, the long term development and acceleration programme for the Eugene Island 183/184 field remains on track," said president and chief executive Howard Wilson.

Leni Gas & Oil, which has a direct interest in Eugene Island A-7 well through its 28.94% holding in Byron Energy, also noted the delay and said it anticipated the well will come on stream in the near future.

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