Venture-Operated Goosander Field Goes Onstream

Venture Production PLC

Venture Production plc, the Aberdeen-based UK independent oil and gas production company, said that production has successfully commenced from the Goosander oil field. Goosander is located in Block 21/12 within the Greater Kittiwake Area (GKA), a central North Sea oil production hub operated by Venture.

Goosander has been developed as a sub-sea tieback to the Venture-operated Kittiwake platform utilizing two subsea flowline bundles totaling 12 kilometers in length. The bundles were manufactured and installed by Subsea7 from its construction site in Wick and have been designed and engineered to accommodate future production and water injection wells and the potential for re-use on future subsea tie-backs.

The Goosander discovery well 21/12-3 has been re-entered and completed as a production well and, subject to initial production performance, the drilling of a water injection well is planned for 2007. Estimated gross proven and probable recoverable reserves for the field amount to 15.2 million barrels of oil (MMbo) and initial production rates are in line with expectations. Venture holds a 50% working interest in and acts as operator for Goosander and the GKA as a whole.

"First production from Goosander sees us deliver another important milestone in Venture's 2006 development plan and it is great to be able to announce this news almost a month ahead of schedule," said Mike Wagstaff, Venture's chief executive. "This project brings onstream a sizeable field that was discovered back in 1998 but has remained 'stranded' and undeveloped until today and is another illustration of Venture's operatorship-led strategy in action. This new production from Goosander means the productive capacity of GKA is now at around 28,000 boepd gross, almost three times the average production rate achieved during 2005."