Through the recent completion of a farm-in agreement with Ithaca Energy Limited, Venture will increase its equity interest in the Carna exploration prospect from 40% to 60% upon drilling of a well planned for Q4 2008 and payment of an additional contribution to well costs over and above its pro-rata equity share.
Simultaneously Venture has agreed a swap of part of its interests in 43/21b with part of EWE Aktiengesellschaft's interests in block 43/22c.
As a result of the two deals, Venture's interest in the Carna prospect will increase from 40% to 56%. Venture will also assume operatorship of both blocks and take control of well planning and design. Venture estimates that Carna contains between 85 and 200 Bcf of gross recoverable reserves, and it was one of the principal near-term opportunities identified as part of the acquisition of WHAM Energy announced in August 2007.
Venture has reached agreement with Hannu Exploration Limited, a wholly owned subsidiary of MPX Limited, to farm-in to 60% of its 100% equity in Blocks 100/4 and 110/9b containing the Marram gas discovery in the Morecambe Bay area of the East Irish Sea.
Venture's equity will be earned when an appraisal well is drilled as part of a multi-operator campaign planned for the East Irish Sea during 2008 or 2009. Marram is estimated to contain gross recoverable gas reserves of between 50-90 Bcf gross and lies within 25 kilometers of four potential off take routes. The discovery lies on trend with both the producing Hamilton and Lennox fields and was established by an 84 foot gas column of high quality Triassic reservoir proven through exploration well 100/4-1 drilled in 1993. The blocks in which Venture will acquire its interest also have exploration prospectivity and contain up to six additional Sherwood Sandstone exploration leads.
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