Venture is already operator of these fields and the remaining interests acquired comprise a 39.32% interest in Audrey and a 15.00% interest in Ann and Alison, thereby increasing the Company's position to 100% in all three fields. Completion of this acquisition provides the Company with further production volumes and economic upside from the ongoing development of its Southern North Sea gas business.
Following the successful Annabel well announced in September, the Company also announces a positive test of the 49/11a-9 gas well on the Amanda structure, formerly known as 'Annie'.
Well 49/11a-9, which was drilled to a depth of 11,660 feet by Noble Drilling's jackup, Noble Ronald Hoope, intersected approximately 150ft of net gas pay in the Rotliegend Formation and tested gas to surface. Ongoing work suggests that gas in place in the Amanda accumulation is in excess of the pre-drill estimates. Initial well deliverability on test was low but in line with finds from similar wells in the local area. Venture is currently considering options for improving the deliverability of the new gas discovery. These including the drilling of a horizontal sidetrack, a development option that has proved successful in similar discoveries nearby that are now in production.
Future production from Amanda has the potential to be developed via a tie-back to the Venture operated Alison Field. Such a development could be expected to deliver first gas by winter 2005.
Commenting on the news, Bruce Dingwall, Venture's Chief Executive, said 'We are delighted to announce the completion of the remaining interest in the 'A' Fields. This marks a real milestone in our plans to further build our gas basin hub in the Southern North Sea, a business that has the potential to deliver over 200 Bcf of reserves. We have carefully built our position in this area through a string of acquisitions, commercial deals and drilling programs, giving us complete control of the three key producing assets, the associated infrastructure and a number of satellite tie-backs.
Furthermore, the positive result from our step-out drilling of Amanda, when considered alongside 100% ownership and control of the immediate area, adds to our inventory of development projects and illustrates the tremendous value potential that can be created through a well thought out, planned and executed strategy.'
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