Venture to acquire interest in six gas discoveries

Venture Production has agreed to acquire a package of interests in six proven but undeveloped gas discoveries close to existing infrastructure in the Caister Murdoch System.

Offshore staff

ABERDEEN -- Venture Production has agreed to acquire a package of interests in six proven but undeveloped gas discoveries close to existing infrastructure in the Caister Murdoch System. Estimated recoverable resources net to Venture total 266 bcf and two of the fields to be acquired are anticipated to have field development plans submitted during 2008. The package of assets is being acquired from Tullow Oil plc for a consideration of £35 million in cash at completion.

The blocks include:
- Cygnus (blocks 44/12a and 44/11a, Venture 35%)
- Humphrey (blocks 44/16a and 44/11a, Venture 17.5%)
- Copernicus and Kepler (blocks 44/16b and 44/16c, Venture 35%)
- Garnet (block 44/27a, Venture 31.66%)
- Boulton X and Y (block 44/21e, Venture 100%)

04/03/2008

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