LONDON (Thomson Financial) - Venture Production Plc and Encore Oil Plc have
found gas in the Barbarossa appraisal well in the North Sea, the companies said.
The hole, known as 47/9c-11x, flowed gas at a rate of up to 40 million
standard cubic feet a day, exceeding their pre-drill expectations.
The companies plan to develop Barbarossa as a single well sub-sea tieback
jointly with the nearby Channon discovery with first gas planned for 2009.
Venture is the operator of the project with a 90 percent stake, while Encore
owns the remaining 10 percent.
Combined recoverable reserves from Channon and Barbarossa are 70 billion to
80 billion cubic feet, with a combined well potential from both fields of around
80 million standard cubic feet per day, both net to Venture.
"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," said Mike Wagstaff, Venture chief
executive.
monicca.egoy@thomsonreuters.com
mbe
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