RNS Number : 0378Z
Venture Production PLC
15 July 2008
15 July 2008
VENTURE PRODUCTION plc
Successful Barbarossa Gas Well
Venture Production plc (*Venture*), the Aberdeen based UK independent oil and gas production
company, today announces that it has
successfully sidetracked and tested well 47/9c-11x to appraise the Barbarossa gas field.Barbarossa is located in Block 47/9c in the
southern North Sea on acreage operated and 90% owned by Venture.
Barbarossa was last drilled in 1982 by the 47/9b-4 well which encountered a 113 foot thick
gas bearing Rotliegendes age reservoir.Subsequent reinterpretation work concluded that the original well bore was probably severely
damaged while drilling and this restricted the
test rates.
The vertical section of this new well (47/9c-11) was spudded by the Noble Julie Robertson
jack-up rig in February 2008 and, following
confirmation of good quality Rotliegendes reservoir, a decision to sidetrack was taken in
mid-April. This sidetrack has now been
successfully drilled and completed and stabilised test rates in excess of pre-drill
expectations were achieved. Rates of 40 million standard
cubic feet per day (*MMscfpd*) gross were produced through a 96/64* choke with a tubing head
pressure of over 1,000 psi.
The well will now be completed as the field production well with plans for the Barbarossa
field to be developed as a subsea tie-back jointly
with the nearby Channon discovery (Blocks 47/8c and 47/3h, Venture 54%, operator), which was
tested at stabilised rates of up to 55 MMscfpd
gross, with rates limited by well test equipment during the third quarter of 2007. Combined
recoverable reserves from Channon and Barbarossa
are 70 to 80 billion cubic feet (*Bcf*) net to Venture, with a combined well potential from
both fields of circa 80 MMscfpd net to Venture.
A field development plan is in preparation and, subject to conclusion of ongoing
discussions with host platform operators, first gas
from the combined development is planned for 2009. Initial production rates are dependant on
available system capacity, which are also the
subject of ongoing commercial discussions.
Commenting on the news, Mike Wagstaff, Chief Executive said:
*Confirming a new near-term gas field development of this size is very good news not only for
Venture, but also for the UK, as we strive to
maximise recovery of our offshore gas reserves. We started acquiring our interests in Channon
and Barbarossa in 2005 and, through a series
of deals with both large and small North Sea players, created the option to drill and tie-back
these two opportunities. With the outlook for
gas prices having improved considerably since we drilled the Channon discovery well last year
we now have a very attractive joint
development lined up for delivery next year.*
ENDS
Contact:
Mike Wagstaff, Chief Executive
John Murphy, Chief Operating Officer
Rod Begbie, Corporate Development Director 01224 619000
Patrick Handley, Brunswick 0207 404 5959
John MacDonald, Weber Shandwick (Scottish press) 01224 806600
Notes to Editors:
Barbarossa
* Lies wholly within Block 47/9c
* Discovered in 1982 by well 47/9b-4 by the British Gas Council
* Subsequently relinquished and relicensed under Promote terms by Corsair Petroleum
Ltd and Nido Petroleum (UK) Ltd in 2004.
* Venture acquired a 90% working interest in licence P.1241 (covering block 47/9c) in
January 2007, via a farm-in deal with EnCore
Oil plc, targeting 30-35 Bcf of gross reserves.
* The Barbarossa well was successfully drilled and tested by Venture in July 2008 at a
higher than anticipated rate of 40 MMscfpd
with reserves in line with pre-drill expectations.
* The field will be jointly developed with Channon with first gas targeted in 2009.Both fields will be developed as single well
subsea developments utilising the existing wells.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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