Venture Announces Barbarossa Farm-In
Venture Production plc, the Aberdeen-headquartered UK independent oil and gas production company, said that it has signed and completed an agreement with Nido Petroleum (UK) Ltd ('Nido') and Corsair Petroleum Ltd ('Corsair') to farm-in to the Barbarossa discovery in Block 47/9c in the Southern North Sea. Barbarossa adjoins Venture's Channon exploration prospect in blocks 47/3h and 47/8c.
Barbarossa was discovered by well 47/9b-4 in 1982. In 2004 a Promote license was awarded to Nido and Corsair. EnCore Oil plc ('EnCore') is in the course of acquiring Nido.
A single well development is planned targeting approximately 30-35 Bcf of gross reserves (29-32 Bcf net to Venture). Under the terms of the farm-in deal:
--Venture will pay 100% of well costs in exchange for a 90% working interest in License P.1241 (covering Block 47/9c); --Venture will be appointed operator; --Venture has the drilling rig Noble Julie Robertson contracted until the fourth quarter of 2008 and has committed a slot in this program to drill an appraisal/development well on the Barbarossa discovery. This well is anticipated to be drilled in late 2007 or early 2008.
Commenting on the news Mike Wagstaff, Chief Executive of Venture said:
"We are very pleased to have added the Barbarossa discovery to our portfolio of development prospects. This offers Venture the opportunity to high grade the Noble Julie Robertson's drilling program and potentially to generate development synergies with our Channon exploration prospect. This is a lower-risk opportunity with potential for a further phase of development to be examined. It demonstrates the value that can be added as an efficient development and production operator with access to financial and offshore resources in an expensive market for the acquisition of onstream producing assets. It also demonstrates the effectiveness of the UK Government's promote licensing system in generating drilling on undeveloped 'stranded' discoveries."
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