Venture Strikes New Gas Field

By MARK SMITH

SHARES in Venture Production gushed up 3.5per cent yesterday after the independent Scottish oil and gas firm said it had found gas in the Barbarossa appraisal well in the southern North Sea.

The field, known as 47/9c-11x, produced gas at a rate of up to 40 million standard cubic feet a day, exceeding pre-drill expectations, the company said.

Abderdeen-based Venture said Barbarossa will be developed jointly with the nearby Channon field, and that the first gas was expected in 2009.

Venture is the operator of the project with a 90per cent stake, while London-headquartered partner Encore Oil owns the remaining 10per cent.

Channon produced up to 55 million standard cubic feet a day during testing work last year.

Venture yesterday said that the combined recoverable reserves from Channon and Barbarossa were anticipated at between 70 billion and 80 billion cubic feet and that together the well potential from the fields was around 80 million standard cubic feet per day.

Mike Wagstaff, Venture’s chief executive, said: “With the outlook for gas prices having improved considerably since we drilled the Channon discovery well last year, we now have a very attractive joint development lined up for delivery next year.”

Venture shares yesterday climbed 8.5p to close at 791p.

Originally published by Newsquest Media Group.

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