Venture Production plc, the Aberdeen-based UK independent oil and gas company, on Monday announced a farm-in to exploration acreage in the southern North Sea.
Under the terms of a Farm-In Agreement with PA Resources UK Ltd ('PA') and Spyker Energy S.A.S. ('Spyker') Venture will pay 100% of the costs of a 3D seismic survey to be commenced in September 2009 in exchange for a 60% working interest in UKCS blocks 43/9, 43/10 and 44/6. Following the farm-in PA will hold a 32% working interest and Spyker will hold an 8% working interest in the same acreage.
The seismic survey will be operated by PA with operatorship being transferred to Venture thereafter. The initial focus of the seismic will be the Kennett lead which lies to the north west of the large undeveloped Cygnus gas field in which Venture holds a 48.75% working interest.
Commenting on the news, Mike Wagstaff, Chief Executive said:
"Following the success of both our 2009 appraisal wells on Cygnus we are very pleased to have the opportunity to expand our acreage in the adjoining area. The 3D seismic information we plan to acquire will both enhance our understanding of Cygnus's regional setting and examine an exploration lead that could yield a 2010 exploration drilling target."
Blocks 43/9, 43/10 and 44/6 were awarded in the 24th Licensing Round under license P1529. The Kennett lead lies in block 43/10 approximately 20km to the north-west of Cygnus
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