Venture disappointed by Andrea gas exploration well results

Results from the Andrea gas exploration well in block 48/15b in southern North Sea are at the low end of pre-drill estimates, according to Venture Production.

Offshore staff

ABERDEEN -- Results from the Andrea gas exploration well in block 48/15b in southern North Sea are at the low end of pre-drill estimates, according to Venture Production. The well was designed to test the Leman sandstone, and gas was discovered in the upper sands. However, results indicate that the reservoir is tight and is unlikely to flow without stimulation, the company says. The lower sand appears to be water wet, based on an initial analysis of the logs, although the tight nature of the reservoir makes interpretation of the exact gas/water contact difficult. The well will now be suspended pending further analysis of well logs and core samples.

The tight nature of the reservoir is likely to constrain recoverable reserves, the company says. Consequently, any development of Andrea would most likely be in conjunction with the nearby Ensign field.

“We have already added significantly to our reserves base this year and while the Andrea result is disappointing after initial positive indications, our success with the five previous wells we have already drilled in 2009 puts us in a great position to continue to grow our production over the next few years,” says Mike Wagstaff, Venture chief executive.

The jackup Noble Julie Robertson drilled the well to a total measured depth of 10,200 ft (3,108 m).

07/21/2009

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