Venture & Dana Get Approval for Gadwall Field Development

Venture Production reports that the UK Department of Trade and Industry has given its approval for the development of the Gadwall oil field. Gadwall is located in Block 21/19 within the Greater Kittiwake Area ('GKA'), a central North Sea oil production 'hub' operated by Venture.

Gadwall will be developed as a sub-sea tie back to the Kittiwake platform utilising a single producer/injector pair of wells. The discovery well on the Gadwall field, 21/19-6, was originally drilled in 1996 by Shell and suspended for subsequent re-use. Completion of the suspended well as a producer is expected to take place in the fourth quarter of 2004 and, subsequent to production performance, drilling of a water injection well is planned during 2005.

Estimated proven and probable recoverable reserves for the field amount to 7.3 MMboe with first production from the field scheduled for the first quarter of 2005.

Commenting on the news, Mike Wagstaff, Chief Executive said:

'Together with Dana, our partner in GKA, we are delighted to announce the DTI's go-ahead of development of the Gadwall field, the first major incremental project in the GKA hub since we took over operatorship in late 2003. This fast track development of a 'stranded' discovery is a prime example of the implementation of Venture's strategy, utilizing existing wells and infrastructure to both accelerate the timing and reduce the cost of developing smaller fields in the North Sea. Field development approval represents another significant milestone in delivering our 2004 program, which is expected to lead to a step change in Venture's production from early 2005 onwards'.

  • The Base Case water flood development is expected to deliver a peak annual average oil production rate of approximately 6,000 barrels of oil equivalent per day ('boepd').
  • The expected development life is 10 years, with cumulative production of 6.6 million barrels of oil and 4.4 billion cubic feet of gas.
  • The development of the field commenced with design and procurement in 1Q 2004.
  • The drilling and subsea activity is scheduled for 4Q 2004 using the Transocean 704 rig that came on hire to Venture on Wednesday 22 September for a period extending through to mid-2006. Following the Gadwall production well completion, the Sedco 704 will move to the Mallard field, where the existing Mallard water injection well will be sidetracked to a new location designed to optimize future recovery of oil from the Mallard field.

  • The tie back involves a 75 m tie-in to the existing Mallard production flowline plus a 3km umbilical to Mallard. The water injection well tie in point will be installed as part of the production well tie in work enabling injection to commence as soon as the water injection well is completed. No modifications will be required to the Kittiwake platform.
  • First oil is anticipated by mid-February 2005 with water injection to be added by Q4 2005.
  • The Greater Kittiwake Area ('GKA'), including Gadwall, is jointly owned by Venture Production plc and Dana Petroleum (50% each) and contains the producing Kittiwake and Mallard fields.

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