25th UK Seaward Licensing Round Award
November 14 2008 - 2:00AM
UK Regulatory
RNS Number : 1510I
Venture Production plc
14 November 2008
14 November 2008
VENTURE PRODUCTION plc
25th UK Seaward Licensing Round Award
Venture Production plc ("Venture" or "the Company"), the Aberdeen headquartered UK independent oil and gas production company, is
pleased to announce that it has been awarded 15 new licence interests in the UK 25th Seaward Licensing Round. In each case Venture has been
awarded a traditional licence and in 12 of these licences it will be the operator. The Company will be driving a programme of technical
review and seismic re-processing across the new portfolio and on two of the new blocks it has already made firm commitments to drill a well
by the end of 2012. The new acreage covers both gas and oil prospects in 9 blocks and part-blocks across the southern North Sea and 6
across the central North Sea. Venture was successful in 15 out of its 20 licence applications. In addition, a total of 7 other
applications in the southern North Sea area have not been finalised, pending further environmental consideration.
In keeping with Venture's model that targets discovered but as yet undeveloped accumulations, four of the licences contain wells that
have previously found oil or gas. The Company's sub-surface team, working in conjunction with its partners, has prioritised those licence
blocks that it considers to have both the greatest untapped potential and are close to existing infrastructure. In many cases Venture has
control over the potential export route, thereby increasing the probability that any drilling success will rapidly lead on to field
development and new production.
Venture has a track record of rapidly capitalising on licence round awards. In February 2007, as part of the 24th Licence Round, Venture
was awarded the licence to operate block 49/10b containing the Stamford gas discovery. After a successful appraisal/development well this
year this new field is due onstream in early 2009. In the 22nd Licence Round Venture was awarded the licence to operate block 48/15b and,
after extensive seismic reprocessing, plans to drill an exploration well targeting the Andrea prospect have been put in place for the first
quarter 2009.
A full list of the licences awarded to Venture and its co-venturers is shown in the notes below and a map illustrating the blocks
involved can be found on the Company's website (www.venture-production.com).
Mike Wagstaff, Chief Executive, said:
"We are delighted to have made a highly successful application for additional UKCS acreage in this latest licensing round. This is by
some margin our most active participation in a licence round and the result strengthens our UK position. As a committed North Sea player
with the balance sheet and access to services and equipment required to follow-on through on licence awards, it is right that we play a
leading role. Securing 15 out of the 20 blocks we targeted means we've picked up several additional opportunities in and around our
existing core areas and the new portfolio of interests contains a significant number of discovered but under-appraised accumulations. This
success provides us with a fresh range of relatively low risk targets to drill over the next few years. In particular, we are excited by
the award of Block 22/1a next to the newly onstream Chestnut field."
ENDS
Contact
Mike Wagstaff, Chief Executive
Rod Begbie, Corporate Development Director 01224 619 000
Iain Bartholomew, Technical Manager
Patrick Handley, Brunswick 0207 404 5959
John MacDonald, Weber Shandwick (Scottish Press) 01224 806 600
Notes:
Licence Awards
Licence Operator Co-venturer(s) Licence Obligation Licence Notes
Type
Central North Sea
21/20c Dana Petroleum (50%) Venture (50%) 1 contingent well Traditional Greater Kittiwake
Area
21/20e Dana Petroleum (50%) Venture (50%) Drill-or-drop Traditional Greater Kittiwake
Area
22/26b Talisman (50%) Venture (50%) Reprocess 3D seismic Traditional West Central Graben
22/1a Venture (85%) MPX (15%) Re-process 3D Traditional Adjacent to Chestnut
seismic,
1 firm well,1
contingent well,
22/19c Venture (85%) MPX (15%) Re-process 3D Traditional East Central Graben
seismic,
1 firm well
29/9c Venture (85%) MPX (15%) Re-process 3D Traditional Adjacent
seismic, toAcorn/Beechnut
1 contingent well
Southern North Sea
43/22b Venture (90%) Volantis(10%) Drill-or-drop Traditional Potential extension
of Carna prospect
43/28 Venture (60%) Ithaca (30%), Drill-or-drop Traditional Potential extension
Volantis (10%) of Morpheus prospect
43/29 Venture (60%) Ithaca (30%), Drill-or-drop Traditional Potential extension
Volantis (10%) of Hypnos prospect
44/26b Venture (90%) Volantis (10%) Drill-or-drop Traditional CMS core area
44/26c Venture (90%) Volantis (10%) Drill-or-drop Traditional CMS core area
44/28a Venture (90%) Volantis (10%) Drill-or-drop Traditional Greater Markham Area
48/7e Venture (90%) Volantis (10%) Drill-or-drop Traditional Along trend of
*A*-fields
48/7f (split) Venture (90%) Volantis (10%) Drill-or-drop Traditional Along trend of
*A*-fields
49/3 Venture (90%) Volantis (10%) Drill-or-drop Traditional Greater Markham Area
This information is provided by RNS
The company news service from the London Stock Exchange
END
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