Venture to fund Cyngus-adjacent seismic survey

Under a farm-in agreement with PA Resources UK and Spyker Energy SAS (Spyker), Venture Production will gain a 60% working interest in UKCS blocks 43/9, 43/10, and 44/6 in exchange for funding a 3D seismic survey over the acreage.

Offshore staff

ABERDEEN, UK -- Under a farm-in agreement with PA Resources UK and Spyker Energy SAS (Spyker), Venture Production will gain a 60% working interest in UKCS blocks 43/9, 43/10, and 44/6 in exchange for funding a 3D seismic survey over the acreage. Following the farm-in PA will hold a 32% working interest; Spyker will hold an 8% working interest.

PA will operate the seismic survey, which is scheduled to begin in September. The survey will focus on the Kennett lead, northwest of the undeveloped Cygnus gas field. Following the survey, Venture will assume operatorship of the blocks.

“Following the success of both our 2009 appraisal wells on Cygnus we are very pleased to have the opportunity to expand our acreage in the adjoining area,” says Mike Wagstaff, chief executive of Venture. “The 3D seismic information we plan to acquire will both enhance our understanding of Cygnus’s regional setting and examine an exploration lead that could yield a 2010 exploration drilling target.”

08/24/2009

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