News

January 07, 2009

Leed Petroleum Defers 2009 Capital Programme Until Drilling Costs Improve

At a time of great economic uncertainty, investing large amounts of money in any project – whether it is an upstream oil field or a new office block – requires strong nerves.

With oil prices languishing it is little wonder that companies, large and small, are now a little more hesitant to commit the funds that were so freely flowing just a year ago.

AIM-quoted Leed Petroleum showed yesterday that it is taking a more prudent view to the development of its upstream portfolio when it revealed the latest drilling news from its Eugene Island project in the US.

The Eugene Island blocks are located 50 miles offshore, south of Morgan City, Louisiana,...