Cygnus field appraisal exceeds pre-drill expectations

Venture Production has successfully tested well 44/12a-3 to appraise the Cygnus gas field.

Offshore staff

ABERDEEN, UK -- Venture Production has successfully tested well 44/12a-3 to appraise the Cygnus gas field. Venture has a 48.75% interest in the field.

The appraisal well was drilled by the jackupNoble Ronald Hoope and had three primary objectives: to prove the presence of the Leman reservoir in the eastern part of the field, to assess reservoir quality and fluid content of the primary Leman reservoir, and to test the deeper Carboniferous reservoir as a secondary target. The well tested the Carboniferous reservoir at equipment constrained flow rates of 32 MMcf/d gross. A well test was also performed on the Leman reservoir which flowed at low rates in line with pre-drill expectations, the company says.

The well confirmed the presence of gas in both the primary Leman and secondary Carboniferous reservoir intervals, and encountered a gas water contact consistent with Fault block 1, confirming pre-drill estimates of gas in place volumes. The quality of the Leman reservoir was in line with the company's pre-drill expectations while the Carboniferous reservoir interval substantially exceeded expectations. The likely gross incremental reserves in the Carboniferous section of this fault block are expected to be in excess of 100 bcf (16.6 MMboe).

A further appraisal well to test another fault block in the north eastern part of the field is due to be drilled immediately following completion of this well. A field development plan for the first phase of the field is currently in preparation with sanction expected this year, with first gas in late 2010 or 2011. Subsequent development of the field will depend on the results of the second appraisal well and field performance, the company says.

02/10/2009

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