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Gulf of Mexico-focused Leed Petroleum (LDP:AIM) has made a gas discovery at its Eugene Island A-6 well.

The company announced that it had successfully drilled the secondary target on the well and, having reached a depth of 15,876 feet, drilling will now continue ahead to the third and final target zone.

CEO Howard says: ‘The results, when we have them, will have a very positive impact on the company and should result in substantial additions to our reserve base. Recomissioning of existing production facilities is nearly finished and production is expected shortly after well completion.’

The share price slicked up around 14% to 40.5p in response to the update.

by: Tom Sieber