Venture acquires A fields, makes Amanda prospect discovery

Venture Production has acquired the remaining equity interests in the producing Audrey, Ann, and Alison (A fields) gas fields in the southern North Sea from First Oil Expro Ltd.


Venture Production has acquired the remaining equity interests in the producing Audrey, Ann, and Alison (A fields) gas fields in the southern North Sea from First Oil Expro Ltd.

Venture, which already operated all three fields, acquired 39.32% interest in Audrey and 15% interest in Ann and Alison. The acquisition increases the company's position to 100% ownership in all of the A fields.

Venture also has tested the 49/11a-9 gas well on the Amanda structure, formerly known as Annie. The jack-up rig Noble Ronald Hoope drilled well 49/11a-9 on Amanda to 11,660 ft. The well intersected 150 ft of net gas pay in the Rotliegend formation and tested gas to surface. Gas in place in the Amanda accumulation exceeds the pre-drill estimates. Initial well deliverability on test was low, but in line with finds from similar wells in the local area.

Venture is considering options for improving the deliverability of the new gas discovery, including drilling a horizontal sidetrack, which has proved successful in similar producing discoveries.

Venture will develop Amanda via a tie-back to the Venture-operated Alison field and will deliver first gas by winter 2005.

12/22/03

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