Venture Fires Up Stamford Gas Production in UKCS
Venture has successfully brought the Stamford gas field into production. Stamford lies in Block 49/10c and has been developed via a single subsea production well tied back to the Venture-operated Markham J6A platform, the hub for Venture's Greater Markham Area ("GMA") operations.
The well is expected to produce at an initial rate of 18 - 20 million cubic feet per day ("MMcfpd") and recover 12 - 20 billion cubic feet ("Bcf") of gas with a mid-case of 16 Bcf. Venture has a 100% interest in the Stamford field having been awarded license P1477 covering block 49/10c in the 24th UK Offshore Licensing Round in February 2007.
Development of the Stamford field was identified as a GMA upside opportunity during the acquisition of CH4 Energy in 2006. The rapid development of the field further leverages Venture's investment in the GMA hub over and above the success of the initial Chiswick development. With the first two Chiswick wells performing very well, work is ongoing to develop up to three additional Chiswick fault blocks.
In addition, the Noble Julie Robertson rig will shortly spud the Kew appraisal well which, if successful, will
present another opportunity to develop additional gas across the Markham infrastructure. Venture also expects to spud the first appraisal well into the Cygnus accumulation, a potential gas producing field acquired in April 2008, within the next few days.
Commenting on the news, Mike Wagstaff, Chief Executive said, "We have brought Stamford into production almost exactly 14 months after project sanction which is a tremendous achievement in what has been a very tight market for offshore services. This development of additional and previously 'stranded' gas reserves
across the Markham platform further illustrates the value that can be created by a focused operator with the requisite resources and financing. We look forward to developing the further potential surrounding the Greater Markham Area and maximizing gas production from the area."
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